The Big Four Aussie banks announce sweeping changes to help small businesses survive coronavirus – so how will it help YOUR job?
- Commonwealth Bank, Westpac and NAB have slashed business lending rates
- The Australian Banking Association announced six-month repayment holiday
- Coronavirus symptoms: what are they and should you see a doctor?
Australia’s biggest lenders have slashed commercial lending rates in an emergency bid to stop small businesses from collapsing as coronavirus worsens.
The Commonwealth Bank, Westpac and NAB – Australia’s biggest business lender – have announced major reductions in lending rates.
The co-ordinated relief for employers occurred as the Australian Banking Association announced that 11 lenders would be giving their business borrowers a six-month holiday on their mortgage repayments.
Australia’s biggest lenders have slashed commercial lending rates in an emergency bid to stop small businesses from collapsing as coronavirus worsens. Pictured is an empty eatery at Crows Nest on Sydney’s lower north shore
They will offer repayment relief worth $100billion, which is expected to generate $8billion for the economy to stem a rise in unemployment.
Smaller lenders, including AMP Bank, Bank Australia, Bank of Queensland, Bendigo and Adelaide Bank Limited, HSBC, Macquarie Bank and Suncorp are also giving six-month repayment holidays to small business customers with less than $3 million in total debt.
The Reserve Bank of Australia is also providing $90billion to the banks so they can provide cheap loans to small and medium-sized businesses.