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Overview of the Australian banks’ emergency Coronavirus relief packages

March 30, 2020

The Coronavirus (COVID-19) situation is evolving fast and to support our customers through this time of uncertainty, we have provided an overview of the financial relief strategies the banks are providing to homeowners and investors.


ANZ is providing a range of assistance e to its home loan customers. The bank is reducing its standard variable home loan rate by 0.15% p.a. effective from 27 March 2020. ANZ is also encouraging those customers paying more than the minimum home loan amount to reduce their payments to the minimum. To change your repayment amount, you can do so on ANZ Internet Banking (instructions available here) or by contacting ANZ

Commonwealth Bank

Home loan customers with Australia’s biggest lender can request financial assistance during this time will be able to defer their repayments for six months, with interest capitalised to their home loan. For the 6-month deferral period, no repayments are required. 

However, during this time, interest and fees will add to the loan balance, and your loan balance will progressively increase. Your loan term will be extended so your repayments do not increase as a result of the deferral period but may increase for other reasons such as a change in the interest rate or accessing a redraw.

Please note that any available redraw you have will be drawn on first during the 6-month support period. If you need to access your redraw facility during the support period, transfer your available redraw to another account now. To redrawing some funds from your mortgage, can do so by visiting the bank’s website (instructions available here). Alternatively, contact Our Broker on 02 8232 0327 who can work through your options with you. 


NAB is allowing eligible home loan customers to defer home loan repayments for up to six months, including a three-month checkpoint with the bank. For a customer with a typical home loan of $400,000, this will mean access to an additional $11,006 over six months, or $1,834 per month. Eligibility applies to all NAB home loan customers, including owner-occupiers and investors affected by Coronavirus whether they have principal and interest or inter-only repayment schedules.

To find out if this option is right for you, speak to a financial specialist at Our Broker on 02 8232 0327


Westpac is providing several measures to support customers through these challenging times. These measures include a $10 billion home lending commitment to keep the property market and economy moving. Other measures include a reduced fixed rate home loan of 2.29% p.a. for one, two and three years for owner-occupiers on principal and interest repayments with a Premier Advantage Package, effective Friday 27 March.

The bank is also offering a 3-month repayment deferral for home loan customers who have lost their job or suffered a loss of income as a result of COVID-19 with extension for a further three months available after review. Apply here or contact Our Broker for more information on 02 8232 0327.

Prepared by Raine & Horne Pty Limited for general information purposes only. Information current as at 27 March 2020 and we will reserve the right to update this content as more news comes to hand.