lockdown banks
Those impacted by the lockdowns and severe restrictions are eligible for support. Image: Canva.
  • All have offered home home loan deferrals
  • CBA has extended moratorium on foreclosures until Feb 2022
  • Loan deferrals offered to most small businesses

As much of the country deals with extended and new lockdowns, banks across Australia have announced support for both personal and business customers.

The big four– Commonwealth, Westpac, NAB and ANZ – have all offered deferrals for both home and business loans.

Commonwealth Bank

Commonwealth Bank (CBA), has announced that customers impacted by the latest restrictions will be able to stay in homes until at least February 2022 by extending the moratorium on any foreclosures if customers are not in a position to meet loan repayments.

Additionally, customers in affected areas can access a two-month deferral on home loan repayments.

“We believe extending our freeze on any foreclosures will give those customers who are again impacted by COVID-19 more time to get back on their feet, and reassurance that they can remain in their home this Christmas and into next year,” said Matt Comyn, CBA CEO.

“This is a critical time for all of us to pull together and support the communities most heavily impacted by the latest COVID-19 outbreak and the resulting lockdowns.”

Matt Comyn, CBA

CBA’s freeze on foreclosures was originally intended to last until September this year.

Westpac

The Westpac CEO, Peter King, announced small businesses with total committed exposure of up to $3 million on a case-by-case basis will be able to defer loan repayments for three months along with loan terms extended to assist with cash flow.

Affected home loan customers can access a range of support, including repayment deferrals for up to three months.

“We recognise many of our customers need assistance following the increased lockdowns across Australia. We want customers to know there are a broad range of options to help businesses and individuals through this challenging period.”

Peter King, Westpac CEO

“The population being vaccinated is the key to getting back to a more normal way of life, so Westpac will continue to do what we can to support this roll out in coming months,” Mr King added.

ANZ

ANZ has announced hardship support for businesses with lending of less than $3 million and a turnover of less than $5 million. This includes up to 60 days of deferral in repayments.  In terms of home loans, ANZ said retail customers are eligible for temporarily reduced or paused home loan payments “with arrears capitalised at the end of the assistance period”.

“We know this is a challenging time for many people in these current lockdowns and we understand our customers will likely need some financial assistance,” said ANZ CEO, Shayne Elliot.

“We are ready to step up and help our customers again. We have an experienced team and a range of financial support measures for a variety of situations, as we know each customer’s circumstances are different.”

NAB

NAB has committed to three-month repayment deferrals for small businesses – using the lending less than $3 million and turnover below $5 million metric – for loans in good standing.

NAB has committed to home loan deferrals on a month-by-month basis.

“We know these measures will have an impact on families, businesses and the economy and we continue to be there for our customers just as we have through every other lockdown.

“We know every situation is different and our business bankers are checking in with customers to see how they are doing and what help they might need for their situation.”

Like Mr King, Mr McEwan used a statement to reiterate calls for the population to get vaccinated.

“Getting more Australians vaccinated is the only way out of repeated lockdowns and is the key to unlocking greater freedoms and a more normal life for all of us.”

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