The Hibernating Economy: state of play in banking sector

Rohan Pitchford and Rabee Tourky (March 25)

Small business loans Mortgage loans

AMP N/A • Deferral of repayments for up to 3 months,

with possibility of an extension of a further
3 months

• Fee waivers

• Lower fixed rates

ANZ • Impacted customers can apply for a 6 • Deferral of repayments for up to 6 months
month deferral
(review after 3 months)

• Temporary increases in existing overdraft • Lower fixed rates

facilities for 12 months

• 15bp decrease of standard variable rate
• 25bp decrease of small business loan for existing clients
rates

Arab Bank Customers may apply for financial hardship assistance, which may include:

• Interest only payments over a short period

• Extension of loan term

• Deferral/postponement of payments
Bank • Deferral of repayments for up to 6 months
• Deferral of repayments for up to 3 months,
Australia • Other options potentially available with possibility of an extension of a further
3 months

• Fee waivers

• Debt consolidation
Bank of • Short term deferral of repayments

Sydney • Temporary facility conversions to interest only

• Extension of loan term

• Debt consolidation

BOQ • Deferral of repayments for up to 6 months Customers affected by COVID-19 eligible for
fast track hardship assistance, including:

• Deferral of repayments

• Interest only repayments

• Early access to term deposit funds with

waiver of redemption fee

• Fee waivers related to non-payment

• Special arrangements for arrears

BankSA • Deferral of repayments for up to 6 months
• Deferral of repayments for up to 3 months,
• Rate reductions on interest and overdrafts
with possibility of an extension of a further
• Merchant terminal rental fee waivers for up 3 months

to 3 months • Lower fixed rates

• 25bp decrease of standard variable rate

Bankwest • Deferral of repayments for up to 6 months
• Lower fixed rates
• 100bp decrease of variable business loan
rate

• Merchant terminal rental fee waivers for up

to 90 days where transaction volumes
have fallen by more than 20 per cent

• Fee waivers (early term deposit

withdrawals, overdraft)

• Debt restructuring

• Deferral of repayments on vehicle and

equipment finance
 Small business loans Mortgage loans

Bendigo • Deferral of repayments for up to 3 months

and • Fee waivers (restructuring/consolidation, early term deposit withdrawals)

Adelaide • Deferral of repayments for equipment finance

Bank

Citibank • Customers may apply for financial hardship support, which may include varying levels or
frequency of payments

Commonw • Deferral of repayments for up to 90 days

• Customers may apply for financial
ealth Bank • 25bp reduction on business loans
hardship assistance, which may include
• Merchant terminal rental fee waivers for up the deferral of repayments
to 90 days

• Fee waivers (early term deposit

withdrawals, overdraft)

• Deferral of repayments on vehicle and

equipment finance

HSBC N/A • Deferral of repayments for up to 6 months

• 50bp reduction in fixed rates

• Fee waivers (changing from variable to

fixed rates, early term deposit withdrawals)

ING • Deferral of repayments for up to 6 months

• Deferral of repayments for up to 3 months,
with possibility of an extension of a further
3 months

• Reduction in repayments (where above

minimum)

Macquarie • Deferral of repayments for up to 6 months

Bank

ME Bank N/A
• Deferral of repayments for up to 6 months
(review after 3 months)

MyState • Deferral of repayments for up to 6 months • Deferral of repayments for up to 6 months

(review after 3 months)
(review after 3 months)
• 100bp decrease on variable and overdraft
rates

• Early access to term deposit funds

NAB • Deferral of repayments for up to 6 months • Deferral of repayments for up to 6 months
(also applies to equipment finance) (review after 3 months); redraw revoked
during pause

• Reduction in repayments (where above

minimum)

Rabobank • Customers may apply for financial N/A

hardship assistance, which may include
the deferral of repayments, fee waivers,
debt restructuring

Rural Bank • Deferral of repayments for up to 3 months

N/A
• Establishment fee waiver for restructure
St George • Deferral of repayments for up to 6 months
• Deferral of repayments for up to 3 months,
Bank • 100bp decrease of variable business loan with possibility of an extension of a further
rate
3 months

• Merchant terminal rental fee waivers for up • Lower fixed rates

to 3 months

Suncorp • Deferral of repayments for up to 6 months

• Deferral of repayments on a case-by-case
• Interest rate reductions basis
 Small business loans Mortgage loans

Westpac • Deferral of repayments for up to 6 months

• Deferral of repayments for up to 3 months,
• Fee free redraw
with possibility of an extension of a further
• Waiver of establishment fees for 3 months

equipment finance loans

• Lower fixed rates
• Debt restructuring/consolidation

• Early access to term deposit without

penalty

• 100bp decrease of variable business loan

rate

• Merchant terminal rental fee waivers for up

to 3 months