CBA extends customer COVID-19 support measures

Commonwealth Bank Chief Executive Officer Matt Comyn today (17 July 2021) announced an expanded package of support measures for home loan customers offering those significantly impacted by the latest COVID-19 related lockdown restrictions access to a two-month deferral on their home loan repayments.

CBA will make available from Monday a home loan deferral of two months for impacted customers, especially those in the Fairfield, Liverpool and Canterbury-Bankstown Local Government Areas (LGAs) of Sydney, New South Wales, and in the construction and discretionary retail sectors.

“I want to assure all of our customers across Australia who are today facing tighter restrictions that support is available right now,” said Mr Comyn.

“Australians have responded well to the pandemic over the last 18 months and we will do so again as we face into this next phase of restrictions. If you need help please visit https://www.commbank.com.au/latest/coronavirus.html

“We have measures in place to support you during this difficult time, including short-term repayment deferrals for home loan and small business customers. Our teams are here to help and can tailor solutions to suit your different circumstances.”

This new deferral arrangement is in addition to measures announced last week to support retail and business customers.

Last week, CBA announced eligible small business customers with a better business loan of up to $3 million, will be offered a repayment holiday of up to three months in order to provide them with cash flow relief if their business has been significantly impacted by the pandemic.

“This offer is in addition to the current range of COVID-19 support measures we are offering to impacted customers, ranging from fee waivers on merchant terminals to options that allow eligible businesses access to additional credit,” said Mr Comyn.

CBA branches will remain available for our customers, with COVID-safe procedures in place. Reduced hours of 10am-2pm will apply in the heavily impacted LGAs in Sydney, Fairfield, Liverpool and Canterbury-Bankstown. Please visit commbank.com.au/info for branch opening hours.

The range of assistance measures for customers include:

Retail customer support

  • Two month home loan repayment deferral;
  • Accessing money you may have available in redraw in your eligible loan;
  • Restructuring your home loan debt;
  • Switching to a Fixed Rate home loan;
  • Reducing your repayments to the minimum monthly repayment amount; and
  • Using money in your Everyday Offset (if available to you).

Business support measures

  • Repayment deferrals on eligible business loans;
  • A refund of merchant terminal fees for up to 90 days for eligible customers;
  • A waiving of fees and notice periods on Cash Deposit and Farm Management Deposit accounts for eligible customers;
  • Specialised tailored support for larger business customers; and
  • 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% p.a. for secured loans, and from 2.85% p.a. for secured loans with a repayment holiday from 12 months. Unsecured loans are available with rates from 3.25% p.a., and from 3.75% p.a. with a repayment holiday from 12 months.

Any businesses that need support, are encouraged to visit https://www.commbank.com.au/support/emergency-assistance.html or reach out to their dedicated CommBank Relationship Manager.

Mr Comyn added: “Our communities have shown how resilient they can be but we know that it is important to assure them that the country’s banks, including CBA, stand ready to help them with a series of financial support measures including lending and individually tailored assistance.

“It is our hope that these support measures go some way in helping our customers as we all navigate our way through this pandemic.”

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