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:

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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LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
$2,408
Principal & Interest
Variable
$0
$530
70%
 Featured Online ExclusiveUp To $4K Cashback
  • Immediate cashback upon settlement
  • $2,000 for loans up to $700,000
  • $4,000 for loans over $700,000
5.99% p.a.
5.90% p.a.
$2,396
Principal & Interest
Variable
$0
$0
80%
 Featured Apply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
  • Immediate cashback upon settlement
  • $2,000 for loans up to $700,000
  • $4,000 for loans over $700,000

More details
Important Information and Comparison Rate Warning

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. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. 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 . View disclaimer.



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