CommBank, Westpac, ANZ and NAB expand COVID support during 2021 lockdowns

By Olivia Gee · · 2 min read
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Unused NAB ATM during COVID as bank support measures are announced during 2021 lockdown..

Banks have begun rolling out renewed support this week for customers facing financial hardship as a result of COVID-19 lockdowns and restrictions. 

Australian Banking Association (ABA) chief executive Anna Bligh said “customers can rest assured that their bank will have their back” as lockdowns continue. The organisation has put forward a range of assistance measures banks can choose to adopt for their customers, including mortgage holidays, account fee waivers and business banking loan repayment deferrals.

So far, the big four banks have each announced continuations or additions to their own COVID support measures. Here are the details for each.

Commonwealth Bank 

CommBank is offering a suite of assistance options for everyday customers, including:

  • 2-month home loan deferrals 
  • Restructuring your home loan debt and the option to switch to a fixed rate loan
  • Reducing minimum monthly mortgage repayments
  • Extra assistance managing credit card and personal loan debt

For their business customers CBA is offering:

  • 3-month repayment holidays on loans up to $3 million for small businesses
  • Waivers on merchant terminal fees and some deposit account fees & notice periods
  • Options to access additional credit

CBA customers can access COVID assistance here.

Westpac

There are general support options for personal banking customers at Westpac, including:

  • Loan repayment deferrals and reductions for set time periods, plus loan term extensions
  • Borrowing interest rate reductions
  • Fee waivers

Westpac’s business customers can access more specific support services, which include:

  • Temporary interest-free overdrafts up to $15,000 for a maximum of 45 days (small businesses only)
  • Repayment deferrals for small businesses on equipment and auto finance loans, plus loan term extensions
  • Monthly credit card payments & interest fees paused for three months for eligible small business customers

Westpac customers can access COVID assistance here , and business support here.

ANZ 

ANZ is focusing on support for home loan customers plus restructuring of personal loans and credit card limits. Their mortgage management measures are:

  • Reducing your repayments to the minimum amount
  • Offering the switch to interest-only repayments for a set period

For their business customers, ANZ is continuing to offer loans to small businesses via the government’s SME Loan Guarantee Scheme and other tailored financial assistance.

ANZ customers can access COVID assistance here.

NAB

The specific everyday personal banking support announced by NAB covers:

  • Home loan deferrals (reassessed on a monthly basis)
  • Refunds of merchant terminal fees for up to 3 months
  • Waivers for fees and notice periods on Cash Deposit and Farm Management Deposit accounts for up to 3 months

NAB business customers can expect support in the form of:

  • 3-month loan deferrals and loan term extensions for small businesses
  • Access to business recovery loans (up to $5 million with a secured loan or $250,000 with an unsecured loan)

NAB customers can access COVID assistance here .

Head to our guide on how COVID could impact your finances for all the current details on government and bank support, as well as other news connected to the pandemic.

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Last updated 30 October 2024 Important disclosures and comparison rate warning*

Home loan comparisons on Mozo

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  • Fixed Home Loan

    • Owner Occupier
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    Interest rate
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    Fixed 2 years
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    Initial monthly repayment
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    Go to site

    Competitive fixed rate on up to a 30 year loan term. No application fees to pay. Additional repayments up to $20,000 per year without penalty. Free online redraw. Optional 100% offset feature ($10/month) 10% minimum deposit. Fees & charges apply, Australian Credit Licence 237879 is held by Bendigo and Adelaide Bank Limited, the credit provider.

  • Fixed Express Home Loan

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    Initial monthly repayment
    $2,852
    Go to site

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  • Fixed Rate Home Loan

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  • Fixed Rate

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  • Variable Home Loan

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  • Unloan Variable

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  • Express Home Loan

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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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