Finance, insurance and banking services
Sydney, New South Wales 2000 Australia
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CBA will automatically defer BetterBusiness Loan and Equipment Loan principal and interest repayments for eligible business and community customers with total lending limits up to $5 million in April, May and June 2020.
CBA will contact customers around the end of their deferral to confirm whether they need a further three-month deferral in line with the ABA loan deferral arrangements.
What is available?
Automatically deferring all principal and interest repayments on BetterBusiness Loan and Equipment loan repayments for a period of up to 6 months. This 6 month period includes:
Do I have to ‘opt-in’?
What are the implications?
During the deferral period, deferred interest and any fees will be added to the outstanding balance in accordance with the contract and capitalised over the remaining term of the facility.
The total amount of interest payable will be more than it would have been under the original contract term if payments are deferred.
After the deferral period, CBA will reinstate the regular direct debits. They will communicate these exact arrangements with customers, including how they can continue to make loan repayments should they wish to.
How do I ‘opt-out’?
All eligible CommBank business customers have been opted-in to the April to June 2020 deferral. The repayment amount will be set to $0 for payments due, with any direct debits paused.
If you make repayments yourself, you are no longer required to do so.
CBA will communicate with customers about how they can make repayments if they do not wish to be covered by the auto-enrolment.
How do I get in contact?
CBA will contact eligible customers directly before the end of March. CBA is doing their very best to support you and acknowledge that it’s a rapidly changing environment.
CBA is working around the clock to ensure they have dedicated teams of specialist bankers to help you through the Covid-19 crisis and to respond to your queries.
CBA's online accounts are available so you can work remotely and get access 24 hours a day through NetBank, CommBank app or through CommBiz.
CBA encourages any customer that needs help to contact them. If you have a Relationship Manager they will be able to assist you, or you can speak with their dedicated Business Financial Assistance team on 13 26 07 who are available 24/7.
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