CBA extends support to Victorian customers hit by lockdown

  • By Elizabeth Fry

Commonwealth Bank today unveiled an expanded package of financial support for its Victorian customers who have been affected by the latest Covid lockdown.  

Short-term repayment deferrals are available for retail customers affected by the latest lockdown in Victoria. This is in addition to CBA’s coronavirus hardship support package, which includes, accessing available funds in a redraw or offset account, restructuring a home loan, switching to a fixed mortgage rate, and relief for those who are struggling with repayments. 

As for the bank’s business customers hurt by the current lockdown, they will be able to take advantage of a raft of measures including CBA loans provided through the federal government-backed SME loan recovery scheme. 

This offers eligible businesses loans up to $5 million with variable interest rates from as low as 2.6 percent per annum for secured loans and 2.85 percent per annum for secured loans with a repayment holiday from 12 months. Unsecured loans are available with rates from 3.25 percent and 3.75 percent with a repayment holiday from 12 months. 

Other measures include repayment deferrals on asset finance and eligible business loans, a refund of merchant terminal fees for up to 90 days, a waiving of fees and notice periods on cash deposit and farm management deposit accounts, and specialised tailored support for larger business customers. 

SME customers resilient 

“We know the latest lockdown will have an impact on the Victorian business community and we’ve been speaking to our customers to understand how they are faring and if they need assistance. Our business customers have demonstrated great resilience throughout the pandemic, and we’re committed to doing what we can to help them through this lockdown period and beyond,” said CBA chief Matt Comyn. 

“We have a range of measures to help businesses to free up cash flow and provide some certainty, whether it's through loan deferrals, fee refunds, or new low-cost funding through the SME recovery loan scheme.  

“As well as helping to deliver vital cash flow and provide peace of mind during this challenging time, these funds have allowed many businesses to adapt and innovate their operations, such as transitioning online. 

Comyn said the CBA has provided a lot of support for the Victorian customers since the pandemic hit and urged any customer in financial difficulty to contact the bank.