Financial Difficulty

Small business relief

Australian banks will defer loan repayments for 98% of all businesses affected by COVID-19 for six months.

If your business has loan facilities of up to $10m, and has been impacted by the coronavirus pandemic and lock downs, contact your bank online today.

Australian banks have hardship teams ready to help. If you’re dealing with the impact of the COVID-19 pandemic, or drought, bushfire or flood, there are practical ways your bank can help. The type of assistance will depend on individual circumstances.

Assistance may include:

  • A deferral of scheduled loan repayments

  • Waiving fees and charges

  • Debt consolidation to help make repayments more manageable.

COVID-19: relief FAQs

Yes. Bank branches remain open across Australia, but banks are encouraging people to bank online or use bank apps where possible.

The business relief package is available to business customers of participating banks, with total business loan facilities of up to $10 million (up from the $3 million small business threshold)  where you advise your bank your business is affected by COVID-19.

You apply to your bank for the deferral and a fast track approval process will provide support as soon as possible. 

Australian banks will defer loan repayments for six months for businesses who need assistance because of COVID-19.  

They are also offering loans, including overdrafts, with no repayments for the first six months, at very low interest rates, supported by the Government, through an SME Loan guarantee. 

Other assistance can include fees waived, loans restructured, and further credit offered to get through the pandemic.  

Yes, it applies to all current small business operators.  

Contact your bank to opt in. A fast track approval process will provide support as soon as possible. 

For eligibility criteria, contact your bank.

One major criterion is if you have business loan facilities of up to $10 million.

Yes. Banks are offering loans at very low interest rates, supported by the Government, through an SME Loan guarantee. Your business would still need to meet certain lending criteria set out by your bank.  

Customers will self-assess whether their business has been adversely impacted, no further verification will be required  

Yes. Banks are now offering customers the option to defer home loan repayments for up to six months. 

If you have been impacted by COVID-19 and are experiencing hardship, contact your bank. Assistance can include waiving fees, restructuring loans or other things to help get you through the pandemic. Check your banks website under ‘Hardship’ .

Banks are required to report your repayment history to credit bureaus. Any change to your loan structure or repayments may be recorded on your credit history, but banks and credit bureaus are working together to ensure that reporting is fair to customers and takes Covid-19 into account. 

Your bank wants to partner with you through this difficult time. Getting people back to work and keeping them in their homes is what is in the best interests of all Australians.  

Many banks are contacting their customers directly to see what help they may need.

However, if you are worried, it’s very important that you contact your bank as soon as possible. The earlier you contact your bank the more assistance they will be able to provide.


Businesses with total business loan facilities of up to $10 million (up from the $3 million small business threshold) will also be able to defer business loan repayments for six months.

These businesses are generally much larger and employ a greater number of people.  Support now extends to 98% of all businesses with a loan from an Australian bank.

Banks are also taking a more flexible approach to other loan terms and conditions. During this period banks have also agreed to not enforce business loans for non-financial breaches of the loan contract (such as changes in valuations).

This extension of bank support to larger businesses will apply to an additional $100 billion of business loans.

Combined with measures already announced, it will mean a six-month deferral of loan payments for approximately $250 billion worth of loans, freeing up vital cash for hundreds of thousands of Australian businesses to help get them through the COVID-19 pandemic.

Businesses with total loans of more than $10 million may also be eligible for help, but this will need to be considered on a case by case basis as they are often much more complex in their structure.

Yes, commercial property landlords, with total loan facilities of up to $10 million, can get relief as long as you provide an undertaking to the bank that for the period of the interest capitalisation, you will not terminate leases or evict current tenants for rent arrears as a result of COVID19.

Download more COVID-19 Customer FAQs about banking during the pandemic.

Listen to the ABA’s national radio ad urging businesses impacted by COVID-19 to get help. 98% of all business loans from an Australian bank can now be deferred. Remember, a deferral is a break, not a freeze. Interest still accrues.

Listen now

COVID-19 relief: click your bank




Bank Australia



Bank Australia


Bank of Sydney




Bank of Sydney

Bendigo and Adelaide Bank




Commonwealth Bank




Macquarie Bank


ME Bank















Download all contact details here.

Bank Phone NumberWebsite LATEST NEWS
AMP1300 130 191 Experiencing financial hardship Media Release
ANZ1800 252 845
COVID-19 1800 351 548
Customer Connect Media Release
Arab Bank1800 64 64 84 Hardship Assistance
Bank Australia132 888 Contact Us Media Release
Bank of Sydney13 95 00Financial Hardship Media Release
BOQ1800 079 866 Financial Hardship Assistance Media Release
BankSA1800 679 461BankSA Assist Media Release
Bankwest1300 769 173Experiencing financial hardship Media Release
Bendigo and Adelaide Bank1300 652 146Financial difficulty assistance Media Release
Citibank1800 722 879 Hardship assistance Media Release
Commonwealth Bank 1300 720 814
Small Business: 132 607
Emergency assistance Media Release
HSBC1300 555 988Financial difficulty Media Release
ING1300 349 166 Financial Hardship
Macquarie Bank 1300 363 330Financial Hardship Media Release
ME Bank 1300 500 520ME Bank financial hardship Media Release
MyState 13 800 1 MyState financial hardship
NAB1800 701 599 Financial Hardship Media Release
Rabobank1800 025 484Financial Hardship
Rural Bank 1300 660 115 Financial Hardship
St. George Bank 1800 629 795 St. George Assist Media Release
Suncorp Bank 1800 225 223 Suncorp Customer Assist Media Release
WestpacPersonal: 132 032
Small Business: 132 142
Westpac Assist Media Release

Ring 1800 560 685

Or visit the FPA website to access support.
Impacted Australians will be matched with a financial planner.

Types of Financial Advice could include:

  • accessing Centrelink payments and other government benefits
  • considering claims on any of your existing assets or personal insurance
  • debt management
  • accessing superannuation (and/or accessing insurances within superannuation)
  • options for your existing investments and superannuation
  • replacing lost income
  • rebuilding financially and getting your future plans back on track
  • estate planning

The Financial Planning Pro Bono Program is a joint initiative of the Financial Planning Association of Australia (FPA) and the Association of Financial Advisers (AFA).

Eligibility criteria includes:

  • you or an immediate family have been seriously injured
  • your immediate family member has died
  • your principal place of residence has been destroyed or seriously damaged; or
  • you operate a small business which has suffered serious damage to its premises, plant and/or equipment.

Financial hardship

How your bank can help if you’re having money troubles

Banks want to help their customers, especially if they’re experiencing financial difficulties. Depending on your circumstances, banks may be able to assist in a variety of ways.
Download the fact sheet

What is financial hardship?

Financial hardship occurs when you’re unable to meet your existing financial obligations for a period of time. It may be caused by a number of factors, such as unforeseen weather events, a major change in your circumstances, such as illness or injury, or a change in employment.

What can your bank do?

If you find yourself experiencing financial difficulties, you should talk to your bank. The earlier you let them know that you’re experiencing financial difficulties, the more options that may be available to help you.

What are some hardship assistance options?

Hardship arrangements cover the time between when your circumstances change and when you can start repaying your debts in full or varied as agreed. In most cases, people just need some temporary help to get them through the tough times.

The arrangements available will depend entirely on your personal circumstances and financial situation. But some measures may include:

  • deferring or reducing loan repayments
  • restructuring and consolidating loans
  • altering loan repayments to interest-only
  • changing limits on lines of credit (e.g. credit card)
  • waiving certain fees and charges
  • waiving penalties for early withdrawal of a term deposit
  • freezing loans in exceptional circumstances, such as after an emergency event or natural disaster
  • providing a moratorium on collections action
  • providing alternative banking arrangements.

When considering the type of assistance that might be appropriate, banks will assess the situation on a case-by-case basis and consider your specific circumstances.

You can also phone the National Debt Helpline on 1800 007 007 or visit the National Debt Helpline website.

What can you do?

Take a close look at your income and expenses so you understand how much you can afford to repay on your loans.
You should also contact your other creditors, including your gas, electricity and phone or Internet service provider, to discuss your situation.

If you’d like your bank to help, you should call or email them and let them know your current circumstances and that you would like to be given some hardship assistance.
When you call your bank, ask to speak to the “financial hardship team”.

Remember: It’s important to be open and honest about your personal circumstances and financial situation so your bank can determine if, and how, it can help you. Make sure you only offer to pay what you can afford after you’ve considered your overall living expenses.

Your bank may ask you for some information to help assess your financial situation. This allows your bank to understand your circumstances and lets you explain how things have changed and whether you expect them to improve in the future.

The type of information your bank will need could include: evidence of your financial position (income, expenses, assets and liabilities), evidence of employment and income and evidence of any medical circumstances.

If your bank offers a hardship arrangement and you accept, you’ll need to make sure you meet your side of the agreement. The bank will provide you with details of the arrangement and, if applicable, a new repayment plan.

If you can’t meet the terms of the new repayment plan, you should contact your bank as soon as possible and discuss the situation. Keep a record of all discussions with your bank.

What are your rights?

There are three key frameworks that govern how banks can provide hardship assistance to their customers:

1. The National Credit Code (schedule to the National Consumer Credit Protection Act 2009)
2. The Code of Banking Practice
3. The Australian Government’s hardship principles.

Where to go for more information

ASIC’s ‘MoneySmart’ website provides information and tools to help you make the most of your money. See www.moneysmart.gov.au.

If you wish to seek advice from a professional financial counsellor about your options contact Financial Counselling Australia’s www.financialcounsellingaustralia.org.au or phone toll-free on 1800 007 007. Financial Counselling Australia coordinates the National Debt Helpline (NDH), which consists of a national phone service operating under the 1800 007 007 number and is complemented by the National Debt Helpline website.

Rural Financial Counselling Services (RFCS)

Talk to a rural financial counsellor. It is a free service. Call 1800 686 175 – they will refer you to your nearest Rural Financial Counselling office. The RFCS website can be found here.

Australian Financial Complaints Authority

If you’re not satisfied with the support your bank has provided, you’ve got the right to lodge a complaint with your bank and with the Australian Financial Complaints Authority (AFCA), www.afca.org.au or phone toll-free on 1800 931 678.

AFCA is an independent complaints scheme that is free. It generally won’t deal with your dispute unless you’ve first given the bank the chance to resolve things.