Bank Australia has announced a new package of measures to support our customers during the COVID-19 pandemic.
We recognise that these are extraordinary times, and the impacts of the COVID-19 pandemic are being felt widely and deeply by our customers, their families and the community.
The personal and financial wellbeing of our customers is our priority as we work through the uncertainty and impacts the COVID-19 pandemic is having on all Australians, small businesses, and the economy as a whole.
As a result we’re offering our customers impacted by COVID-19 a range of assistance. In addition to the already announced tailored financial assistance on offer to meet individual circumstances, we are making the following product changes.
From 31 March 2020, we will:
- Waive the Monthly Account Keeping Fee on Everyday Access ($5 per month) and Commercial Access ($8 per month) accounts. This will apply automatically to accounts from March to August 2020.
- Offer, for a limited time only, a new 12-month term deposit rate at 1.80% p.a. for interest paid at maturity or 1.70% for interest paid monthly.
- Reduce rates for new fixed rate home loans by up to 1.05% p.a for 1, 2, and 3-year loans for owner occupiers and investors with Principal and Interest repayment terms.
- Reduce cash linked commercial loan rates by 0.25% p.a for existing commercial customers.
With interest rates already at historic lows, we are holding our variable home loan rates at their current levels. This decision reflects both our cost of funding these loans, and the need to maintain fair and competitive rates for our depositors who rely heavily on interest income.
Many of our customers are ahead in their loan repayments and if they would like to revisit their scheduled repayment amounts in order to have further funds available please contact us to discuss options. We also have many customers with funds readily available in mortgage offset accounts or redraw facilities to help them manage through difficult times.
Our priority is to ensure that all of our customers are supported through the COVID-19 pandemic and we believe these are the right changes to enable us to do that.
On behalf of the entire Bank Australia team I thank you for your continued support.
If you or your business is directly affected by COVID-19, please complete this loan repayment pause form.