Major Australian banks have announced an array of measures to support customers affected by the latest Covid-19 lockdown.
The move comes at a time when the state of New South Wales (NSW) is battling to contain a new outbreak.
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Commonwealth Bank of Australia (CBA), Westpac, ANZ and NAB, all ‘Big Four’ lenders announced support measures.
CBA announced short-term repayment deferrals, home loan debt restructuring and reducing some repayments for individual customers.
Other banks also introduced similar measures. All the banks will also have customer support services open to offer financial counselling and other forms of assistance.
The business customers, who are affected by the lockdown, will also be eligible for a slew of benefits.
Some of the measures undertaken include repayment deferrals, refund of merchant terminal fees and loan restructuring among others.
The businesses can also access Federal Government-backed SME Loan Recovery Scheme. It provides businesses loans at a reduced interest rate.
CBA CEO Matt Comyn said: “Our thoughts are with our New South Wales customers who are tonight entering lockdown.
“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. Our teams are here to help them and can tailor solutions to suit their different circumstances.”
As of 28 June 2021, Australia has reported more than 30,000 Covid-19 cases and 910 fatalities.
