There are many economic impacts of the coronavirus, for some its business as per usual with some minor changes for others business income has ceased or supply is limited.   But if you are in business by now, you’ve probably already gained a grasp or insight as to how you are affected. 

The question is what does this mean for you and ensuring your business sustainability, there are many things to consider and any changes to lending should not be made lightly.  Be sure to realise the actual cost, and the advantage of taking these offers or not taking advantage of these options. 

Let us look at the four majors 

Commonwealth Bank

  • 0.25%p.a reduction of interest rates on business loans.
  • Business loans repayments and overdraft payments deferred by up to 90 days.
  • Repayments on vehicle and equipment finance deferred.
  • Waiver of merchant fees.
  • Waiver of early redraw fees on business term deposit accounts.
  • Waiver of establishment fees and excess interest on Temporary Excess products.


  • Defer business loan repayments for up to six months. Interest is capitalized.
  • Temporary increases in overdraft facilities for 12 months.
  • 0.25% p.a. decrease in variable rate on small business loans.
  • Participating in the SME Guarantee Scheme. These loans will be available from 6 April 2020.


  • Business loan repayments will be deferred for six months (case by case basis).
  • Interest capitalized on the payment deferral period.
  • Waiver of establishment fees or monthly accounting fees, (other fees may still apply) 


  • Business loan repayments deferred for up to six months (case by case basis).
  • Extend business loan term period by up to 3 months (case by case basis).
  • Assistance in existing business loan restructuring, including equipment finance.
  • Offering Business Support Loan (which is the SME Guarantee Scheme) of up to $250,000


While all care has been taken in the preparation of this publication, no warranty is given as to the accuracy of the information and no responsibility is taken by Unlocked Finance Pty Ltd (Australian Credit License 483863) for any errors or omissions.   This publication is predominantly for social reading and does not constitute financial advice. Nothing in this publication is, or should be taken as, an offer or recommendation. You should seek professional advice relating to your individual circumstances before taking any action in relation to the matters regarding the content within this publication.