How the big four banks are responding to the coronavirus crisis

Here is a summary of how the big four banks have responded to the emergency RBA cash rate cut amidst the coronavirus crisis.

CBA

Home loans:

• 70-basis point cut to 1-, 2-, and 3-year fixed rates – all to 2.29%.
• No cuts for variable home loan customers.
• Reduction of repayments to minimum required under their loan contract & easier access to overdraft facilities.
• Hardship support – deferral of business term loan repayments and overdrafts up to six months.

Term deposits:

• 12-month term deposit rate hiked 60 basis points to 1.70%.

Small businesses:

• 1.00% reduction to cash-linked small business loans.
• Hardship support – deferral of business term loan repayments and overdrafts.
• Deferring repayments on vehicle and equipment finance loans and providing tailored restructuring options that meet individual customer needs.
• Waiving of:
  • Merchant terminal fees
  • Redraw fees
  • Early redraw fees
  • Establishment fees and excess interest on Temporary Excess products.

Westpac

Home loans:

• 90-basis points cuts to 1-, 2-, and 3-year fixed rates – all to 2.19%.
• No cuts for variable home loan customers.
• Hardship support – deferral of home loan repayments for six months.

Term deposits:

• Special 12-month term deposit of 1.70%. 

Small businesses:

• 1.00% reduction to variable interest rates on small business cash-based loans.
• Overdrafts reduced by 2.00%.
• Hardship support – deferral of business term loan repayments for six months.
• Merchant terminal rental fee waivers for up to three months.

NAB

Home loans:

• 60-basis points cut to fixed rates – lowest to 2.19%.
• No changes to home loan variable rates.
• Hardship support – deferral of home loan repayments up to six months.

Term deposits:

• Introduced a 10-month term deposit rate of 1.75% on deposits of $5,000 to $2 million from 24 March.

Small businesses:

• Hardship support: Deferral of principal and interest for up to six months on a range of business loans, including floating and variable rates, and equipment finance loans. Also deferral of business credit card repayments.
• 200-basis point rate cut on new loans and all overdrafts on QuickBiz from 30 March.
• Additional 100-basis point cut on variable rates for small business loans, effective 30 March, on top of a 25-bps reduction earlier in March.
• Access to up to $65 billion in additional secured limits to pre-assessed customers, with $7 billion currently available for fast assessment process.
• Access to up to $9 billion in additional limits for unsecured lending for existing customers via QuickBiz.

ANZ

Home Loans:

• 49-basis points cut to fixed rates – lowest to 2.19%.
• Cut variable rates for both new and existing home loan customers by 0.15 per cent from 27 March.
• Hardship support – deferral of home loan repayments up to six months.

Small businesses:

• Cut variable interest small business loan rates in Australia by 0.25%, effective from 27 March 2020, resulting in a 0.50% pa reduction since last week.
• 80-basis points cut to fixed rates – cut to 2.59% for secured small business loans up to $1 million, effective 3 April 2020.
• Hardship support - all impacted customers can request a six-month payment deferral on loan repayments for term loans, with interest capitalised.
• Made temporary increases in overdraft facilities for 12 months available.

Compare home loans in Australia