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Defer your business loan and business credit card repayments

Bank of Melbourne has introduced a number of measures to help our business customers manage the impacts of COVID-19. If you wish to defer repayments on your eligible business term loans, business auto loans, equipment finance loans and equipment loans# (‘Business Loans’), and business credit cards including Amplify Business, BusinessVantage and Corporate Connections Mastercard (‘Business Credit Cards’) please complete and submit this request form. 

Bank of Melbourne has introduced a number of measures to help our business customers manage the impacts of COVID-19. If you wish to defer payments on your business loan/s, including equipment finance loans, please complete and submit this request form.

Has your business been directly impacted by COVID-19?

Do you want your business loan payments deferred for 6 months?

Do you understand that interest deferred will be capitalised and this will extend the term of your loan for 6 months?

Are you authorised to answer and have you advised all parties (including guarantors) of this change?

Are you applying for relief as part of this package with respect to (a) commercial property loan(s) for investment purpose?

I/We Declare that during the deferred payment period, I/we will not terminate leases or evict current tenants for non-payment of rent where the non-payment of rent is a direct result of the COVID-19 outbreak.

Unfortunately we are not able to proceed because you haven’t met the eligibility criteria for the business payment deferral support package.

If you answered 'Yes' to these questions and you satisfy the following eligibility criteria, repayments to your Business Loan Accounts will be deferred for 6 months from the date this application1 is submitted except for Business Credit Cards where the deferral will apply from the date of processing.

The deferred repayment period applies to eligible business connections impacted by the COVID-19 pandemic:

  • with total business lending exposure of less than $10 million per customer group;
  • includes commercial property customers who confirm, for the deferred repayment period, that they will not terminate leases or evict tenants on the basis of non-payment of rent as a direct result of the COVID-19 pandemic;
  • where the business is operated in Australia with less than 20% foreign ownership; and
  • for those customer's above $3 million total business exposure, facilities must be current and not in arrears in the last 90 days.

Business customers who seek assistance in relation to their retail credit accounts (e.g. home loan), please go here.

 

DD/MM/YYYY

Enter your 8 digit Customer Access Number/user ID or 16 digit Card number.

 

We require an additional form of verification. Please enter a Business account or card number.

You do not need to complete this form for each loan and/or credit card.

 

 

We require an additional form of verification. Please enter a Business account or card number.

You do not need to complete this form for each loan and/or credit card.  

 

Enter the 16-digit number shown on the front of your card

Enter the 16-digit number shown on the front of your card

Enter the 16-digit number shown on the front of your card

Please confirm that you have read, understood and agree with and where required declare the following:

  • The repayment deferral period of six months (‘Deferred Repayment Period’) will be applied to all of your eligible Business Loans and Business Credit Cards with Bank of Melbourne. This includes all eligible products for you and any Businesses linked to your customer profile (for example, where you might be a director of an entity or partner of a partnership being the eligible business).
  • Please note that the interest deferred will be capitalised. For Equipment and Auto Finance facilities and loans only, instalments will be deferred and finance charges will still apply over the deferred period. Instalments will be recalculated at the end of the deferral repayment period and will include finance charges. For Business Credit Cards, see Additional Terms and Conditions below.
  • If your deferred repayment application has been approved, you will receive a confirmation email. If there is part of the email you do not understand or do not believe you agreed to, please contact us as soon as you can. This arrangement is a variation to the usual terms and conditions that apply to your facilities. If there is an event of default (for example, you become insolvent), the events of default conditions of your contract continue to apply. Where we initiate Direct Debit or Autopay repayment to the account, we will attempt to cancel these, please advise us as soon as possible if repayments continue to occur, so that we can rectify this promptly. Please note, for Business Loans, if we process a Direct Debit after you have opted-in to the offer, we will refund it. Where repayments are initiated by other institutions (e.g. by direct credit from another financial institution or by direct credit from an employer), you need to cancel these to stop further repayments being made. We will endeavour to return these funds, if this isn’t possible, we will apply the funds to your loan balance.
  • If you nominate a facility for the Deferred Repayment Period and you meet our eligibility criteria and the facility is subject to a fixed-rate period, the fixed-rate period will be extended by the Deferred Repayment Period. If you terminate your facility during the Deferred Repayment Period, termination fees, break fees, and applicable loan charges will become payable.
  • Where there are other borrowers (such as other directors, partnership partners, trustees, beneficiaries and guarantors) associated with the Business Loans and the Business Credit Cards, you confirm that you have authority to enter into this relief package on the behalf of the borrowing entity and have advised each guarantor that you have entered into this relief package.

 

Additional terms and conditions for Business Credit Cards

  • For Business Credit Cards, interest on outstanding purchase and cash balances, including those made during the Deferred Repayment Period, will be calculated and accrued daily at a reduced rate of 9.46% per annum. Interest will be capitalised to the account monthly unless the closing monthly statement balance is paid in full. Standard fees otherwise continue to apply and will be charged to the credit card account.
  • You will not be required to make any repayments during the Deferred Repayment Period, however, the removal of the minimum monthly repayment does not prevent you from paying down your balance at any point in time, and we encourage you to do so to minimise interest costs where possible.

 


Thank you for your application.

We are committed to supporting your business as the COVID-19 situation evolves, and we’re here to help you and your business through this challenging time.

What happens next?

The good news is, if your application is approved:

* For Business loans, your repayment deferral period starts from your submission date and will be applied from July 2020. What this means is, if your application is approved and a payment has been made between the time you applied, and the time we actioned your request, we will return these funds to you. If this isn’t possible, we will apply them to the loan balance on your accounts.

* For Business credit cards, the repayment deferral will apply from the date of processing.

While we work through your application, please ignore any notices you may receive from us regarding payments in arrears.


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The Detail

The repayment deferral will be applied to all your eligible Business Loans and Business Credit Cards with Bank of Melbourne. This includes all eligible business lending products for you and any businesses linked to your customer profile (for example, where you might be a director of the business).

The terms and conditions of your Business Loans and Business Credit Cards will continue to apply, including events of default outlined in our contract.

[1] Depending on the type of loan, the deferment may be effective immediately after your last interest payment date. This could be earlier than the date you submitted your application.

# Please note that customers with an overdraft facility should utilise their available balance in the first instance and speak to their Relationship Manager if further assistance is required. Customers with cashflow/invoice/trade finance and commercial bill facilities requiring assistance should also refer to their Relationship Manager.