Big banks support Sydney customers facing hardship during lockdown

By Niko Iliakis · · 2 min read
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Australia’s major banks are offering assistance to customers that have been impacted by the recent COVID-19 lockdown measures in NSW, including short-term deferrals on home loan repayments and fee waivers across a number of products.

NSW premier Gladys Berejiklian flagged further government assistance, saying “nobody should feel stressed or pressured to break any of the rules because of their financial situation.”

Until then, customers of the big four banks are encouraged to reach out and see if they are eligible for the tailored assistance packages currently available. We’ve outlined some of the main support measures from each bank below.

Commonwealth Bank

Along with short-term repayment deferrals for loan customers, CBA has outlined several existing options that might help ease the stress many customers are facing. These include:

  • Restructuring home loan debt
  • Switching to a cheaper fixed rate home loan
  • Reducing repayments to the minimum monthly repayment amount

CBA has also introduced a freeze on forced sales for eligible customers struggling to meet their loan obligations. This will last until September 2021.

“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,” said CEO Matt Comyn.

To get in touch with CommBank, click ‘contact us’ on the CommBank app, or call 13 2221.

NAB

NAB is also ready to help NSW customers who need it, outlining the following measures:

  • Temporary reduced payment arrangements
  • Temporary repayment deferrals
  • Home loan debt restructuring or consolidation of debt
  • Wellbeing and financial counselling support

“Throughout the pandemic we’ve been there to support customers and our bankers are ready and willing to help any businesses and individuals who need assistance," said NAB group executive for business and private banking, Andrew Irvine.

“Our bankers will work with customers to understand their individual situation, the pressures they’re under and how we can then tailor support specifically for them.”

For more help, call NAB Assist on 1800 701 599.

Westpac

Westpac Group customers (Westpac, St.George, Bank of Melbourne and BankSA) can apply to receive the following support:

  • Deferrals or reductions to home loan and personal loan repayments and interest rates
  • Temporary reductions to credit card repayments and interest rates
  • Extensions to loan terms
  • Fees waived across a range of products
  • Debt restructuring

Chris de Bruin, Westpac’s chief executive for consumer and business banking, encouraged customers who have been impacted by the lockdown to reach out to the bank’s specialist support teams.

“The COVID-19 pandemic continues to present challenges for households and small business owners, and we know that some customers across New South Wales will need an extra helping hand to get through the latest restrictions,” he said.

For more help, call Westpac Assist on 1800 067 497 or St.George Assist on 1800 629 795.

ANZ

ANZ customers in need of assistance can apply for the following: 

  • Short-term repayment relief
  • Fees waived
  • Restructuring home loan debt
  • Switching to a cheaper fixed rate home loan

“We know this lockdown will have a big impact on our customers in and around Sydney,” said ANZ group executive of Australia retail and commercial banking, Mark Hand.

“We want our customers to know there is help available if they need it in this difficult time. Our teams are standing ready to assist and will work with customers to understand their specific needs and help tailor individual solutions.”

To get in touch with ANZ, call 13 13 14.