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Finance and Accounting

ANZ: COVID-19 Support Package

Summary

ANZ announced an unprecedented support package for small business and home loan customers with the potential to inject $6 billion into the Australian economy and assist in the recovery from the current COVID-19 crisis. Details: Decrease variable interest small business loan rates in Australia by 0.25%pa, effective from 27 March 2020. All impacted customers can request a six-month payment deferral on loan repayments for term loans, with interest capitalised. Making available temporary increases in overdraft facilities for 12 months. A reduction by 0.80%pa to a new two and three-year fixed rate of 2.59%pa for secured small business loans up to $1 million, effective 3 April 2020. The six-month payment support is available to all ANZ’s small and medium business customers. For a customer with $1m in lending, the support equates to $40-$50k of working capital. If all ANZ’s small and medium customers were to take up the offer of a payment deferral, more than $2.5 billion would be freed-up for businesses to continue operating and employing staff during this time.  
ANZ announced an unprecedented support package for small business and home loan customers with the potential to inject $6 billion into the Australian economy and assist in the recovery from the current COVID-19 crisis.

Details:
  • Decrease variable interest small business loan rates in Australia by 0.25%pa, effective from 27 March 2020.
  • All impacted customers can request a six-month payment deferral on loan repayments for term loans, with interest capitalised.
  • Making available temporary increases in overdraft facilities for 12 months.
  • A reduction by 0.80%pa to a new two and three-year fixed rate of 2.59%pa for secured small business loans up to $1 million, effective 3 April 2020.
The six-month payment support is available to all ANZ’s small and medium business customers. For a customer with $1m in lending, the support equates to $40-$50k of working capital.

If all ANZ’s small and medium customers were to take up the offer of a payment deferral, more than $2.5 billion would be freed-up for businesses to continue operating and employing staff during this time.
 
ANZ: COVID-19 Support Package ANZ: COVID-19 Support Package P459 https://www.savvysme.com.au/marketplace/images/detailed/1/blob_6ajq-ic.png 0.000000 2020-08-13