Small Business Loans and Repayments

Last Update: 31 March 2020

Small Business Loan Repayments

The Australian Banking Association announced Australian banks will defer loan repayments for small businesses affected by COVID-19 for six months.  
Contact your bank for further details.

Bank, Phone Number & Website  

AMP 1300 130 191 Experiencing financial hardship 

ANZ 1800 252 845 Customer Connect 

Arab Bank 1800 64 64 84 Hardship Assistance 

Bank Australia 132 888 Contact Us 

Bank of Sydney 13 95 00 Financial Hardship 

BOQ 1800 079 866 Financial Hardship Assistance 

Bank SA1800 679 461 BankSA Assist 

Bankwest 1300 769 173 Experiencing financial hardship 

Bendigo and Adelaide Bank 1300 652 146 Financial difficulty assistance 

Citibank 1800 722 879 Hardship assistance 

Commonwealth Bank 1300 720 814 Emergency assistance 

HSBC 1300 555 988 Financial difficulty 

ING 1300 349 166 Financial Hardship 

Macquarie Bank 1300 363 330 Financial Hardship 

ME Bank 1300 500 520 ME Bank financial hardship 

MyState 13 800 1 MyState financial hardship 

NAB 1800 701 599 Financial Hardship 

Rabobank 1800 025 484 Financial Hardship 

Rural Bank 1800 660 115 Financial Hardship 

St. George Bank 1800 629 795 St. George Assist 

Suncorp Bank 1800 225 223 Suncorp Customer Assist 

Westpac 132 142 Westpac Assist

Loan Deferral Information  

The big four banks have all announced that their customers will be able to pause mortgage payments. 

If you're with Commonwealth 

- You will be able to defer home loan repayments for up to six months 

- Interest will be capitalised 

- Interest and charges will be added to your loan balance 

- Your loan balance will be recalculated at the end of the support period 

- Your loan term will be extended so repayments stay the same as they were before you started the deferral 

If you're with Westpac 

- You will be able to defer repayments for three months 

- A three-month extension is available after review 

- This option is for people who have lost their job or income as a result of coronavirus 

- Deferred interest will be capitalised, so your repayments will increase for the remainder of your loan term 

If you're with NAB 

- You will be able to defer your repayments for up to six months 

- There will be a three-month checkpoint with the bank 

- You are eligible if you are a home loan customer affected by coronavirus 

- This applies for owner-occupiers, investors or those on a principal and interest or interest-only repayment schedule 

- You will still be able to redraw during the repayment pause 

If you're with ANZ 

- You may be able to put your repayments on hold for six months 

- Interest will be capitalised 

- The bank will check in with you after three months 

Do I need to provide some kind of proof? 

Some banks explicitly state only customers affected by coronavirus will be eligible to pause their repayments.  

But whether you need to provide proof (such as a doctor's note or severance form) to verify you have been affected by coronavirus depends on which bank you're with.  

CBA says no evidence is required to request a deferral, although you may be asked to declare you have been impacted by coronavirus. 

Westpac is currently looking at each request on a case-by-case basis rather than imposing blanket requirements. 

ANZ's stance seems to be that if you have been up to date with your repayments, you will most likely be eligible. 

NAB customers wanting to defer payments will not need to provide any evidence. A pause will be applied if it's requested. 


How Does it Work? 

While being able to defer payments may be your best (or only) option at the moment, there is a catch.  

All of the banks have announced interest capitalisation.  

That's where the interest you don't pay during your period of deferral is added to your outstanding loan balance. 

For example: If you have a $400,000 home loan at an interest rate of 3 percent, you would be paying $1,000 a month in interest.  

If you pause your home loan repayments for six months, the interest amount is added to your outstanding balance.  

So in six months, you will be looking at paying off a $406,000 loan. 


How do I pause my repayments? 

For CBA customers, the process comes under the Hardship Request section of the website.  

You will need to log into your Netbank account and answer five questions about what you need help with.  

The bank will then call you within seven business days to discuss your options. Tap here to get started

For Westpac customers, go here and tap the home loan repayment pause button and follow the instructions. 

NAB customers will need to fill out this coronavirus (covid-19) support package form or call 13 22 65 for support (although you may be waiting a while if you do decide to call due to a high volume of calls). 

ANZ customers will need to call the bank, but due to a high volume of requests, you may need to request it calls you back. Head to this page and scroll down to "Pause your repayments" and follow the directions.  

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