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: An automatic deferral for 3 months for all eligible CommBank customers. Before the end of the first three months, CBA will contact customers so they can opt-in for a further three months. Do I have to ‘opt-in’? For the April to June 2020 deferral: No - CBA has automatically opted-in all eligible business and community customers to have their loan repayments automatically deferred for April to June 2020. They will communicate directly with eligible customers by the end of March – there is no need to get in touch with CBA directly to arrange a 3-month deferral. For the July to September 2020 deferral: CBA will contact customers around the end of their initial deferral to let them know how they can extend their loan repayment deferral for another three months if they need to. 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. For amortising (principal and interest) loans, CBA will extend the loan term at the end of the deferral period so that repayments are in line with what is currently being paid, regardless of any interest rate changes during the deferral period. After the end of the deferral period, interest rates and repayments may change in accordance with the contract. For interest only loans, CBA will add the deferred interest and any fees to the principal of the loan balance at the end of the deferral period. This amount won’t need to be repaid until the maturity of the loan. Interest repayments will recommence after the end of the deferral period in line with the contract. 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.
Up to $5,000,000
Suncorp is offering the following support for eligible small and medium business customers impacted by COVID-19 Up to six-month deferral of principal and interest repayments (interest will be capitalised, and the term of your loan will be extended, unless otherwise advised) Change from principal and interest repayments to interest only repayments for up to 12 months (the term of your loan will be extended) Six-month deferral of instalments on equipment finance facilities (the term of your chattel mortgage or lease will be extended, and on chattel mortgages your interest will be capitalised) Waiving merchant rental and a minimum monthly fee for up to 6 months If you would like to apply for this support, and have less than $3 million in business debt, submit your request online or talk to your relationship manager
To support their business customers through this challenging environment, Westpac is offering an unsecured 3-year term loan up to $250,000 to eligible business customers with a turnover of less than $50M. This offer will be available with a 6-month repayment deferral, with interest to be capitalised. No establishment fees or monthly account keeping fees apply. Other fees and charges may apply. Applications are available between now and 30 Sept 2020 to both existing and new Westpac customers. Who's eligible? In order to apply, your business must meet the eligibility requirements as follows: Businesses with an annual turnover of less than $50 million The business must be a tax resident of Australia that is based, registered and operating in Australia Both existing Westpac customers and new customers are eligible Loans must be used to support current and upcoming cash flow needs Loans must be used for business purposes only Loans cannot be used to refinance drawn facilities with Westpac or any other lender The total sum of your unsecured loans (including those from other financial institutions) relating to COVID-19 relief must not exceed $250,000. How do I apply? If your business has more than $3 million in existing Westpac business lending, contact your Relationship Manager. Otherwise, you can apply in one of the following ways: If you are an existing Westpac customer, you may already be conditionally approved for up to $75,000 in unsecured funds with Business Advance. If this is the case, sign in to Westpac Live Online Banking to apply online. It generally takes less than 3 minutes. Eligibility and credit criteria apply.
Up to $250,000
Eligible Westpac business customers who need help with managing their cash flow can defer principal and interest payments of business term loans, equipment finance facilities and equipment loans, for six months.Eligibility for payment relief The deferred payment period applies to eligible business connections impacted by COVID-19:with total business exposure of less than $10 million per customer group;and includes commercial property customers, who commit to supporting their tenants throughout the six-month period payment deferral period by ensuring that tenants affected by COVID-19 can continue to operate from their premises even if they are unable to pay their rent;where the business is operated in Australia with less than 20% foreign ownership;and for those customer's above $3 million total business exposure, with current facilities that have not been in arrears in the last 90 days.Please note that: interest deferred will be capitalised: any current fixed rate period will also be extended by 6 months at that fixed term rate;and your loan term will be extended by at least 6 months.Contact your Relationship Manager or apply online.