• Shane Bradbury

Commonwealth Bank - COVID-19 Support for Customers

As part of our commitment to clients during this difficult time, we are endeavouring to keep clients informed of support measures available from our lenders.

Defer Repayments

Home loan customers requesting financial assistance during this time will be able to defer their repayments for 6 months, with interest capitalised to their home loan.

For the 6 months support period no repayments are required. However during this time, interest and fees will add to the loan balance.

At the end of the support period, the loan balance will be recalculated (to include interest and fees added during the support period). The loan term will be extended so your repayments do not increase after the 6 month support period.

Please note: Any available redraw will be drawn on first during the 6 month support period. If a customer needs to access redraw during the support period, they should transfer available redraw to another account now.

Customers can defer their repayments for 6 months by submitting an online request here.

Lowest Fixed Rates

Fixed rate home loans will decrease by 20 to 70 basis points from Monday 30 March, as previously announced.

To support owner occupied customers wanting to reduce their repayments, they can now choose to fix their loan at a record low 2.29% p.a. for one, two or three years.

Note: If they customer is a current fixed rate customer they will be subject to an Early Repayment Adjustment (ERA) and administration fee if they wish to break their current fixed rate.

This rate is available to owner occupied customers making principal and interest repayments under a MAV package.

To discuss your options, please contact us.

This information is current as per correspondence provided 9:00am March 26 2020

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