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your options
during
coronavirus.
A Financial Support Guide for
business owners, employees,
job seekers and retirees.
Effective 15 May 2020
What’s inside
Business Owners 2
Deferring loan payments 3
Retirees 10
Additional government payments 11
Has your business You can defer loan repayments New JobKeeper Measures
been forced to shut You can defer your repayments on your eligible If your revenue has declined by 30% or more due
to coronavirus, you may be eligible to apply for the
down or seen a
small business loans for up to six months.
JobKeeper Payment. This would see the Government
For eligible CommBank business customers with lending pay $1,500 per fortnight for each of your full-time,
significant decrease
limits up to $5 million, repayments on BetterBusiness part-time, or long-term casual employees for up
Loans and Asset Finance Equipment Loans will be to 6 months. You would be obliged to forward the
automatically deferred for April-June 2020, and you can payment, keep them employed (although they can
in revenue?
receive a further three-month deferral if needed. Any be stood down), and fund any of the difference to
direct debits will be paused and if you make repayments their usual wage if they have not been stood down.
yourself, you are no longer required to do so. We’ll
communicate with our customers about how they can
make repayments if they do not wish to be covered by You can register at:
the auto-enrolment. If you have a Market Rate Loan, ato.gov.au/general/gen/JobKeeper-payment
we have repayment assistance available. To find out
more and to request assistance, please contact your
Relationship Manager. Stand Down Measures
For eligible CommBank business customers with Under certain conditions you may be able to stand
lending limits between $5-10 million, customers employees down, allowing them to stay on the books and
can opt in to defer repayments on business loans accrue annual leave without you having to pay a wage.
for six months from April 2020. Depending on your This will assist in allowing you to quickly restart your
repayment type, we will either extend the loan term at business when the coronavirus passes. If you are eligible,
the end of the deferral period, so that repayments are you can still apply for the JobKeeper Payment, allowing
in line with what is currently being paid, (regardless of you to continue to pay each eligible employee that has
any interest rate changes during the deferral period) been stood down $1,500 per fortnight. Otherwise, once
or, for interest only loans, we will add the deferred employees have exhausted their leave entitlements,
interest and any fees to the principal of the loan they be eligible to receive a JobSeeker Payment, which
balance at the end of the deferral period. This amount has been increased by $550 per fortnight, or other
won’t need to be repaid until the maturity of the loan. Government income support. This will in many cases be
preferable to redundancy, because it will help keep your
employees connected to your business so that you can
For more information including the implications of start up more quickly in the future.
repayment deferral arrangements visit:
commbank.com.au/latest/coronavirus/business-support
For more information on standing down employees
visit: fwc.gov.au
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Support for:
Business Owners
You can also access a range of other options available to businesses most
affected, including waiving some terminal rental and eCommerce fees from
March-May for EFTPOS and eCommerce facilities for eligible merchant
businesses impacted by Government restrictions, and waiving early redraw
fees on business term deposit accounts. To find out if your business is eligible
and for details of which fees are waived and which are still payable, visit
coronavirus support for business customers.
4 | Understanding your options during coronavirus Understanding your options during coronavirus | 5
Many businesses are having to react quickly to a new
trading environment. If your income or employment
circumstances have significantly changed, here’s what
you can do.
Support for a certain level, you may be eligible for the JobSeeker
Payment or other Government income support.
is available to any owner occupier customer – including
existing customers who switch – for a one, two, or
Employees and Job Seekers three year fixed term paying principal and interest
with Wealth Package, effective 30 March. Our fixed
You can apply at: my.gov.au rates may now be substantially lower than your current
variable rate. Investors also have access to attractive
rates that may be lower than the current variable rates.
If you have already made a JobSeeker application and Bear in mind that fixing your rate means that you are
may now be eligible for the JobKeeper Payment, do not signing up for that period and a fee and break costs
withdraw your application. The relevant Government may be payable if you need to repay your loan early.
significantly reduced?
If you have been stood down or had your hours reduced this refund. This support is focussed on customers
and you find other work, you can take that job. As long who are finding it difficult to meet their current
as you are not employed as a full-time permanent commitments before Government stimulus payments
employee, you will not be required to resign from your arrive in April and May.
original job. Your Government support will be adjusted
based on the income you receive.
6 | Understanding your options during coronavirus 3 Please see back cover for footnote details. Understanding your options during coronavirus | 7
Support for:
Employees and Jobseekers
• myGov: my.gov.au
• Medicare: servicesaustralia.gov.au
• 1800RESPECT: 1800respect.org.au
You can seek rent and utility relief You do not need to contact your super fund directly. You can access free child care You can seek help as a
You will not need to pay tax on these amounts and
You may be eligible for rental assistance from the they will not affect Centrelink or Veterans’ Affairs The Early Childhood Education and Care Relief vulnerable community
Government. Talk to your landlord about what else Package was announced on 2 April to provide
member if you are at risk
payments. Consider getting financial advice before
may be possible for further rental relief. The States doing this – stock markets have fallen substantially assistance to child care centres to pay their staff
of domestic violence
and Territories have agreed to a 6 month moratorium recently, and you may be selling your investments well and remain open if they have active enrolments.
on the eviction of commercial and residential tenants below previous valuations. This boost will enable parents and registered carers
if they can’t pay their rent due to the ongoing crisis. to obtain free child care from approved centres,
Please continue to speak with your landlord and try You may benefit from discussing your situation and effective 6 April until 30 June 2020. If you or your family are impacted by family or
to work on measures to help you both during this time. possible financial planning needs with one of our qualified domestic violence, support is available to you.
You may also be eligible for an energy subsidy. Many financial planners. Your first meeting is obligation-free 1800RESPECT (1800 737 732) is a free national
utility providers have also launched relief measures. and may be over the phone or at your local branch You can seek additional support counselling and referral service. All of these calls
Speak to your specific provider about temporary relief. (subject to social distancing measures). You can get in for your overall wellbeing are confidential and can help provide guidance
touch by visiting the Commonwealth Financial Planning during a difficult time.
webpage or calling us on 1800 138 713 from 8.30am to This period of uncertainty may cause stress for
You can consider accessing 5.30pm, Monday-Friday (Sydney/Melbourne time). many individuals, families, community groups
and businesses. It is critically important that you
superannuation look after your mental wellbeing, as well as your
If you’re unable to call, you can also visit
1800respect.org.au for more information.
As a last resort, if you require further cash during this You can access additional benefits overall financial wellbeing. If you are suffering
period, you may be able to access up to $10,000 of from heightened stress or any other mental health
your superannuation in both 2019-20 and 2020-21. Through Benefits finder in the CommBank app, condition, consult your regular doctor about the Alternatively if you’re a CommBank customer
Applications for the early release of super will be we may be able to find government or other benefits appropriate course of care, as you may be eligible experiencing a domestic or family violence situation,
accepted through my.Gov.au from 20 April. you may be eligible for. We also have some special for Medicare rebates on psychological services, you can speak to our specialist Community Wellbeing
term deposit rates, providing several options to earn with additional telehealth services being put in team about your financial needs.
You can register your interest with the ATO now by a return well above the cash rate. CommBank is also place to ensure they are available for all people
logging in to your myGov account and following the taking steps to help free up household cash flow for requiring them.
‘Intention to access coronavirus support’ instructions. our personal customers. For more information visit:
commbank.com.au/dv-assistance
8 | Understanding your options during coronavirus Understanding your options during coronavirus | 9
Support for Maintaining a source of income is more important than
Retirees ever in retirement. If coronavirus has affected yours,
here’s what you can do.
10 | Understanding your options during coronavirus Understanding your options during coronavirus | 11
Support for:
Retirees
• CommBank: 13 2221
• CommBank Passbook:
commbank.com.au/latest/coronavirus/faqs.html#passbook
12 | Understanding your options during coronavirus Understanding your options during coronavirus | 13
There is much that
we can do together.
For further information and links to applications,
please go to commbank.com.au/coronavirus
Things you should know: As this information has been prepared without having regard for your individual and/or business objectives, financial situation or needs,
you should, before acting on this information, consider its appropriateness to your circumstances. This information is current as at 15 May 2020 and is prepared without
taking into account your individual and/or business needs and objectives. CommBank has the right to change or cancel this offer at any time without notice. The statements
and content of this fact sheet have been sourced from various government publications and summarised. CommBank disclaims, to the extent permitted by law,
all warranties, representations or endorsements, express or implied, with regard to the material and does not accept any liability in relation to the quality, operability
or accuracy of the material.
1. There are implications associated with repayment deferrals including that interest and any fees will be added to the outstanding balance in accordance with the
contract and capitalised over the remaining term of the facility. This may mean that the total amount of interest payable will be more than it would have been under
the original contract term if payments are deferred. .
2. These products are for a maximum loan term of three years and are only available to approved business customers for working capital purposes only (not asset
purchases or refinancing of existing debt). Applications for finance are subject to the Bank’s eligibility and suitability criteria and normal credit approval processes.
View our current Terms and Conditions for Business Finance at commbank.com.au/important-info/business/business-finance and consider them before making any
decision about these products. Rates are current as at 31 March 2020 and are subject to change. For current interest rates, visit
commbank.com.au/business/rates-fees.
3. Comparison rate calculated on a $150,000 secured loan over a 25-year term. WARNING: Comparison rate is true only for the examples given and may not include all
fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian credit licence 234945.