COVID-19 Banking Support

Posted on 27th March 2020 by Ashley Dawson

As part of the COVID-19 crisis response, there are several initiatives announced by Government and lenders in order to assist small and medium sized businesses (SME’s) to preserve cashflow.

Coronavirus SME Guarantee Scheme

As part of the Federal Government economic stimulus packages, a $20 billion Coronavirus SME Guarantee Scheme has now been legislated, which will provide a 50% Government guarantee on new loans issued by eligible lenders to SME’s. The key points of this measure are:

  • It will be available to all businesses with a turnover of less than $50 million
  • The Federal Government will guarantee 50% of an eligible loan through participating banks and non- bank lenders to businesses disrupted by the Coronavirus
  • Loans will be used for working capital purposes and be unsecured and it will be for loans granted within 6 months starting from 1 April 2020
  • Borrowers will not be charged a fee for accessing the guarantee scheme
  • Loans will be repayment free for 6 months
  • The maximum that can be borrowed under the guarantee facility will be $250k on terms of up to three years

Loan Repayment Pauses

There are different levels of support being offered by the different lenders, however the experience over the past week is that all lenders are open to putting both home and business loans on repayment pauses of between 3 to 6 months. In order to access, please contact your lender directly to discuss your options.

Lenders are also offering options in regards to reduced variable interest rates and lower fixed interest rates, again depending on the lending institution itself.

Below is a list of lenders and their contact details including links to each of the Financial Hardship applications. We recommend accessing via the links below as the first point of contact, if you do not have a Relationship Manager currently, given the extremely high level of calls all lenders are currently experiencing.

AMP – 1300 130 191

ANZ – 1800 252 845

BOQ – 1800 079 866

BANKWEST – 1300 769 173

BENDIGO & ADELAIDE BANK – 1300 652 146

CITIBANK – 1300 300 470

COMMONWEALTH BANK – 1300 720 814

Home Loans:

Business Loans:

ING 1300 349 166



MACQUARIE  – 1300 363 330

ME BANK – 1300 500 520

NAB – 1800 701 599



SUNCORP BANK – 1800 225 223

WESTPAC – 1800 067 497



Should you require any assistance with these measures or any of the other COVID-19 economic stimulus package announcements, please contact our Team on (08) 9316 7000.

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