The major banks have released hardship assistance programs for those in need.  Specifically relating to COVID-19 the following has been announced for business banking customers (unless specifically mentioned otherwise) 


  • Reducing commercial interest rates by 0.25 
  • Extended hours for lending teams for faster decisions 
  • Deferring repayments on a variety of business loan and overdraft products, for 90 days. 
  • Waiving merchant terminal fees for impacted customers with CBA payment terminals, for 90 days. 
  • Waiving early redraw fees on business term deposit accounts (including Farm Management Deposit accounts). 
  • Waiving establishment fees and excess interest on Temporary Excess products. 
  • Deferring repayments on vehicle and equipment finance loans, and providing tailored restructuring options that meet individual customer needs. 


  • Suspending interest repayments 
  • Providing early access to term deposits without incurring break fees 
  • Providing access to additional credit subject to approval 


  • Deferral of business loan repayments for up to three months, assessed on a case-by-case basis 
  • Extension of a business loan term by a period of up to three months, where individual circumstances warrant 
  • Support to restructure existing business loans, including equipment finance 
  • Business credit card deferred repayments. 


  • Overdrafts interest rate will be reduced by 200 basis points for new and existing customers, [effective Monday 6 April 2020] 
  • 100 basis point reduction to variable interest rates on small business cash-based loans [effective Monday 6 April 2020] 
  • Fixed interest rate home loans for 1 to 3 years for owner-occupiers of 2.29% p.a. 
  • Special 12-month term deposit rate of 1.7% p.a, an increase of 70 basis points (up to $500,000 per customer).  
  • For Australians aged 65 years and over the rate will be 2% p.a. for eight months (up to $500,000 per customer).  
  • Small business customers having cash flow issues can defer principal and interest repayments of business term loans for six months. 
  • Merchant terminal rental fee waivers for up to three months. 
  • No establishment fees for equipment finance loans until the end of June 2020. 
  • If you lose your job or suffered a loss of income as a result of COVID-19 can get a deferral for 3 months deferral of home loan mortgage repayments [with an opportunity for extension after review for a further 3 months] 


  • Home Loan and Business Loan customers can apply for relief on loans for up to three months 
  • Waiver of fees for the restructuring or consolidation of loans 
  • Credit card customers can apply for an emergency credit card limit increase 
  • Discounted interest rates on new personal loans taken out by existing Bendigo Bank customers 
  • Waiver of interest rate reduction for early withdrawals on term deposits prior to maturity 
  • Deferral of payments and extensions for Equipment Finance on a case by case basis 


  • Business and Personal Banking clients who are experiencing financial difficulty can loan repayments for six months. This applies to all commercial loan, overdraft, home loan, car loan and credit card clients. 
  • 1.00% interest rate cut for small to medium-sized businesses accessing the equity in their homes for new loans [with no payment due for the first six months].
  • 1.00% interest rate cut for our Smarter Business Loan customers. 
  • 0.25% interest rate cut for other existing variable rate small business customers.  
  • A further 1.00% interest rate cut for new commercial vehicle lending, in addition to rate cuts of up to 0.25% announced earlier in March 2020. 
  • Fixed home loan rates cut by 0.25% p.a. for 1-3 year loan terms [with rates as low as 2.39% p.a.] 
  • Increasing the ongoing interest rate for everyday savers by 1.00% to 1.35% for all balances up to $1 million. 
  • Increasing the Macquarie Cash Management Accelerator interest rate to 1.20%. 
  • Increasing retail term deposit rates to 1.75% p.a. for all 3 to 12-month term deposit products, an increase of up to 0.30%.    
  • Customers will be able to access term deposit funds without a reduction in their interest rate.

Click here - Updated Government Stimulus information