Support During Covid-19

Commercial Landlord Relief Package

Australia’s banks are offering six month deferral of loans to commercial landlords

About the package

Businesses (including not-for-profits) with total business loan facilities of up to $10 million (up from $3 million) can defer business loan repayments for six months. 

This rise from $3 million to $10 million marks an extension in support which will apply to an additional $100 billion of business loans. 

During COVID-19 banks have also agreed to not enforce business loans for non-financial breaches of the loan contract (such as changes in valuations).  

The new measures will apply in all sectors of the economy, and on an opt-in basis, under the conditions that:  

  • For commercial property landlords, they provide an undertaking to the bank that for the period of the interest capitalisation, they will not terminate leases or evict current tenants for rent arrears as a result of COVID-19 
  • the customer has advised that its business is affected by COVID-19  
  • the customer was current in terms of existing facilities 90 days prior to applying 
  • interest is capitalised – meaning either the term of the loan is extended, or payments are increased after the deferral period. 

This measure is designed to help protect many thousands of small businesses (including not-for-profits) from being evicted, if they are struggling to pay the rent, as it covers approximately 90% of commercial property owners (including not-for-profits) who have loans with an Australian bank.   

The type of businesses this applies to includes commercial (and not-for-profit) landlords of properties such as local shopping centres, pubs, clubs and restaurants, who must agree not to terminate leases or evict current tenants for rent arrears due to COVID-19 in order to access support.  

Businesses (including not-for-profits) with total loans of more than $10 million may also be eligible for relief, but this will need to be considered on a case by case basis as they are often much more complex in their structure. 

Banks have developed this relief package following discussions with APRA and ASIC to provide the appropriate regulatory treatment.

FAQs

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

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.

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

To be eligible, you must have less than $3 million total debt to all credit providers. You need to be current, and not in arrears as of 1 January 2020. It does not matter how many people you employ. Some banks are applying these criteria flexibly, if you fall outside these criteria, please contact your bank.

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.

While you won’t have to make any principal or interest payments for the 6 months, interest will continue to be accrued, it can then be paid off over the life of the loan once repayments begin again, or the length of the loan can be extended. This will be a conversation between you and your bank.

Banks don’t report information to credit bureaus about small business customers.

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.

Yes, commercial property landlords 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 COVID-19.

Australia Post outlets remain open for customers to use for their daily banking.

Yes, online banking continues as usual.

Bank call centres are receiving extremely high volumes of calls, so we please ask that you to be patient.  If possible, please go to your bank’s website or use the smart phone app to complete your banking.

Find your bank

Select your bank to find out more about their individual relief packages
AMP

Phone: 1300 130 191
Hardship Assistance: Website

Visit website
ANZ

Phone: 1800 351 548
Financial Hardship: Website

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Arab Bank Australia

Phone: 1800 64 64 84
Hardship Assistance: Website

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Bank Australia

Phone: 132 888
Hardship Assistance: Website

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Bank of Melbourne
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Bank of Sydney

Phone: 13 95 00
Hardship Assistance: Website

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BOQ Group

Phone: 1800 079 866
Hardship Assistance: Website

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Bank SA

Phone: 1800 679 461
Hardship Assistance: Website

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Bankwest

Phone: 1300 769 173
Hardship Assistance: Website

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Bendigo and Adelaide Bank

Phone: 1300 652 146
Hardship Assistance: Website

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Citi Bank

Phone: 1300 652 146
Hardship Assistance: Website

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Commonwealth Bank

Phone: 1300 720 814
Hardship Assistance: Website

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HSBC Bank

Phone: 1300 555 988
Hardship Assistance: Website

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ING Bank

Phone: 1300 349 166
Hardship Assistance: Website

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Macquarie Bank

Phone: 1300 363 330
Hardship Assistance: Website

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Me Bank

Phone: 1300 500 520
Hardship Assistance: Website

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MyStateBank

Phone: 13 800 1
Hardship Assistance: Website

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NAB

Phone: 1800 701 599
Hardship Assistance: Website

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Rabobank

Phone: 1800 025 484
Hardship Assistance: Website

Visit website
Rural Bank

Phone: 1300 660 115
Hardship Assistance: Website

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St. George Bank

Phone: 1800 629 795
Hardship Assistance: Website

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Suncorp

Phone: 1300 660 115
Hardship Assistance: Website

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U Bank
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Westpac

Personal: 132 032
Small Business: 132 142

Hardship Assistance: Website

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Support During Covid-19
Support During Covid-19

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Australian banks are open and here to help all their customers in this time of financial hardship.

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