Bank Concessions for Coronavirus

On March 20, the Australian Banking Association announced that banks will offer businesses who have been impacted by the outbreak, a six-month deferral for business loan repayments. It was also indicated that this deferral could extend to residential loans if needed and on a case-by-case basis. For the most up to date information, see the Australian Banking Association website


ANZ is offering financial support to its business customers who have been affected by COVID-19. This includes: 

  • Suspending interest repayments. 
  • Providing early access to term deposits without incurring break fees. 
  • Providing access to additional credit (subject to approval). 
  • Business customers are advised to contact ANZ or their relationship manager if they have been affected by COVID-19. 

Retail customers can get help with the following: 

  • Customers can access their accounts 24 hours a day through the ANZ app and online banking if they’re unable to visit a branch. 
  • You are advised to contact ANZ if you are experiencing financial hardship 

These responses are being continuously reviewed as the situation evolves. 

Commonwealth Bank

CommBank has implemented initiatives to support their business customers affected by the COVID-19 outbreak in the following ways: 

  • Deferring repayments on business loans and overdraft products for 90 days, as well as repayments and fee waivers for some products. 
  • Additional resourcing and extended hours are being added to ensure quicker commercial lending decision time. 
  • Merchant terminal fees for impacted customers will be waived for 90 days. 
  • Deferring repayments some finance loans e.g. vehicle and equipment. 
  • Early redraw fees on business term deposit accounts are being waived (including Farm Management Deposit accounts). 
  • Establishment fees and excess interest on Temporary Excess products are being waived. 

CommBank is supporting personal customers by: 

  • Keeping branches open and ensuring that their staff are fit and well to serve you. 
  • Providing 24 hour account access through the CommBank app and NetBank so you can manage your money at any time. 
  • Providing a Financial Assistance Team to talk to over the phone from 8am – 9pm Monday to Friday and 9am – 2pm on Saturday.


Westpac has introduced several initiatives to help business customers financially impacted by COVID-19. These include: 

  • Fee free redraws. 
  • Business Loan deferred repayments by up to three months. 
  • The option to extend Business Loan terms by up to three months. 
  • Restructuring and consolidating loans. 
  • Access to term deposit funds without reduction in interest rate. 
  • Deferred payments for Business Credit Cards. 
  • Business Financial Counselling access. 
  • Merchant terminal rental fee waivers for up to 3 months. 


NAB has announced that they will offer a six-month hold on mortgage repayments to those customers who have been impacted by the COVID-19 outbreak. 

NAB is also offering support services including the suspension of repayments of interest in some cases, a reduction of the loan amount or waiving fees. It’s business customers can help with the following initiatives: 

  • Deferral of business loan repayments for up to 3 months, assessed on a case by case basis. 
  • Extension of a business loan term by a period of up to 3 months, where individual circumstances warrant. 
  • Support to restructure existing business loans, including equipment finance. 
  • Business credit card deferred repayments. 

NAB also advises any customer experiencing hardship to get in touch with their banking manager so they can discuss their situation. 


Suncorp Bank is offering customers and businesses the following relief assistance options: 

  • The opportunity to defer scheduled loan repayments on a case by case basis, including interest only. 
  • Existing loan rearranging with the waiver of establishment fees. 
  • Waiving early withdrawal fees for customers who want to withdraw from term deposits, including Farm Management Deposits. 
  • Working capital assistance. 
  • No interest rate increases.