Photo by Rémi Walle on Unsplash
Member banks of the Australian Banking Association today announced they will offer assistance to those suffering from coronavirus.
This morning, CEOs of the member banks met with Treasurer Josh Frydenberg to discuss the strength of the economy, and banks' responses to the coronavirus (COVID-19).
Australian Banking Association (ABA) chief Anna Bligh said banks are ready to provide financial support to customers who are suffering from the virus.
“Banks stand ready to support customers and if anyone is in need of assistance, they shouldn’t wait but come forward as soon as possible," she said.
“In particular any business financially impacted by the effects of COVID-19 should contact their bank to be assessed on a case by case basis to access the assistance on offer."
Such relief depends on individual circumstances, but could include:
- A deferral of loan payments
- Waiving fees and charges
- Interest-free periods or no interest rate increases
- Debt consolidation to help make repayments more manageable
Customers who may be suffering from coronavirus are urged to get in contact with their bank's hardship team to discuss options.
ABA chair and Commonwealth Bank CEO Matt Comyn said he has faith in the banks' abilities to cope with the potential economic fallout of coronavirus.
“Australia has a very strong financial system with banks that are well-capitalised and have strong balance sheets," he said.
“Banks have supported the country through difficult times in the past and continue to do so. We are very much open for business."
Previously, banks have offered similar assistance to those who were impacted by bushfires in late 2019 and early 2020.
ABA has of 22 members across Australia, including AMP, ANZ, Bank Australia, BOQ, Bendigo and Adelaide Bank, Commonwealth Bank, Citigroup, ING, Macquarie, NAB, Suncorp, Westpac and more.
Looking for a low-rate home loan? Below are some of the lowest interest rates for owner-occupied, variable home loans in the market.
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Variable | More details | ||||||||||||
FEATUREDUNLIMITED REDRAWS | Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
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Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
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Variable | More details | ||||||||||||
FEATURED100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES | Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)
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Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)
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Variable | More details | ||||||||||||
FEATUREDREFINANCE ONLY | Variable Rate Home Loan – Refinance Only
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Variable Rate Home Loan – Refinance Only
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Variable | More details | ||||||||||||
FEATUREDAN EASY DIGITAL APPLICATION | Neat Variable Home Loan (Principal and Interest) (LVR < 60%)
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Neat Variable Home Loan (Principal and Interest) (LVR < 60%)
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Variable | More details | ||||||||||||
FEATURED | Green Home Loan (Principal and Interest)
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Green Home Loan (Principal and Interest)
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- Fast turnaround times, can meet 30-day settlement
- For purchase and refinance, min 20% deposit
- No ongoing or monthly fees, add offset for 0.10%
Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of August 7, 2022. View disclaimer.
Disclaimers
The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.
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