Your Home Loan and COVID-19



Following the Reserve Bank's emergency meeting decision to cut the official cash rate last Thursday, Australians have been waiting to see how their lenders are responding. During this trying time, the big 4 banks in particular have announced assistance packages to support their customers and boost the cash flow of businesses and households.

NAB, Westpac and ANZ announced that affected home owners could pause or defer mortgage repayments for up to six months, pending a three-month review as part of their roll-out of new support measures.^


Here's how the big 4 banks plan to help customers*
  • 0.70% reduction to 1, 2 and 3-year fixed home loan rates1
  • 1.00% reduction to all existing cash-linked small business loans
  • 1.00% reduction to business loans
  • Multiple fee waivers for business customers
  • Option to defer repayments on vehicle & equipment finance loans
  • To speak to the CBA Financial Assistance Solutions team, call 13 30 95.
  • 0.15% reduction to variable home loan rates3
  • Introduction of 2.19% p.a. 2-year fixed rate home loans
  • 0.25% reduction to variable interest small business loan rates
  • Defer business loan repayments for 6 months
  • Temporary increase in overdraft facilities for 12 months
  • 2.59% p.a. fixed rate small business loan for 2 & 3 years (up to 1 million)
  • Contact ANZ Customer Connect on 1800 252 845 to seek assistance through the COVID-19 Assistance offering.
  • Introduction of 2.29% p.a. fixed rate home loan for 1, 2 & 3 years2
  • 2.00% reduction to overdrafts for new & existing business customers
  • 1.00% reduction to variable interest rates on small business cash-based loans
  • Option to defer business loan repayments for 6 months
  • To speak to a Westpac Customer Care team member, call 132 032.
  • 0.60% reduction to 1, 2 and 3 year fixed home loan rates4
  • 1.00% reduction on variable rates for small business loans
  • 2.00% reduction to new loans and overdrafts on QuickBiz
  • Option to defer business credit card repayments
  • Option to defer business loan repayments for up to 6 months
  • Access over $20bn in redraw and more than $30bn in offset.
  • For NAB Personal customers call 1300 683 106, or for NAB business customers call 1300 769 650.
Who is eligible for support?

Every lender has its own criteria to determine who is eligible for support, and evidence of a change in your circumstance may be required. We suggest you contact your lender directly, and some have setup dedicated pages on their websites for their customers. Below are some of these lenders that

If you are unsure, we are available to assist you


For more information

Speak to us if you would like to understand how this information might impact your financial situation.

Call 07 4688 9111 or email us at lending@ridgwayaccounting.com.au

www.ridgwayaccounting.com.au




Ridgway Financial Services
101 Neil Street,
Toowoomba QLD 4350
P 07 4688 9111
F 07 4688 9199
E lending@ridgwayaccounting.com.au
W www.ridgwayaccounting.com.au




Important information
Ridell Pty Ltd (ACN 062 778 670) ATF DHR Trust & T&V Pty Ltd (ACN 603 440 768) ATF OP Trust ABN 88 355 151 729 T/A Ridgway Financial Services is a Credit Representative (475874) of Finconnect.  Finconnect (Australia) Pty Ltd, ABN 45 122 896 477 Australian Credit Licence 385888, a wholly owned subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124.  Level 3E, Commonwealth Bank Place, 11 Harbour Street, Sydney NSW 2000.  P: 1300 665 676, F: 1300 457 703, E: info@finconnect.com.au   www.finconnect.com.au.

Information in this document is based on current regulatory requirements and laws, which may be subject to change. While care has been taken in the preparation of this document, no liability is accepted by Finconnect, its related entities, agents and employees for any loss arising from reliance on this document.

The advice provided is general advice only as, in preparing it we did not take into account your lending objectives, financial situation or particular needs. Before making a decision on the basis of this advice, you should consider how appropriate the advice is to your particular lending needs, and objectives.

Disclaimer:
Terms and conditions, fees and charges and normal lending criteria applies. The advice provided is general advice only as, in preparing it we did not take into account your lending objectives, financial situation or particular needs. Before making a decision on the basis of this advice, you should consider how appropriate the advice is to your particular lending needs, and objectives.

^ https://www.domain.com.au/news/big-banks-defer-mortgage-repayments-for-households-with-covid-19-support-package-942595/
*This information is valid as of 20th March 2020.​
1 https://www.commbank.com.au/guidance/newsroom/cba-extends-small-business-support-202003.html
2 https://www.westpac.com.au/about-westpac/media/media-releases/2020/20-march/
3 https://media.anz.com/posts/2020/03/anz-launches-major-covid-19-support-package
4 https://news.nab.com.au/news_room_posts/nab-delivers-vital-support-for-businesses-and-homeowners/



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