For personal customers impacted by the latest lockdown in Victoria, short-term repayment deferrals are available. Business customers will be able to take advantage of a range 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% 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.
CBA's CEO Matt Comyn said: "Our thoughts are with our Victorian customers and the broader community as they enter into their second week of lockdown. We want to assure any of our customers who need assistance during this difficult time that we have measures in place to support them including short-term repayment deferrals. Our teams are here to help them and can tailor solutions to suit their different circumstances.
"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.
"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."
Retail customer support
The availability of short-term repayment deferrals is in addition to CBA's coronavirus hardship support package, which include:
- 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).
CBA has also introduced a freeze on forced sales until September 2021 this year for eligible customers impacted by the COVID-19 pandemic who are struggling with repayments.
Business customer support
For our small and medium businesses customers who are impacted by the current lockdown, other measures of help include:
- Repayment deferrals on asset finance and 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; and
- Specialised tailored support for larger business customers.
Any businesses that need support, especially those in Victoria, are encouraged to call 1800 314 695 or reach out to their dedicated CommBank Relationship Manager.
