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We’re here to support you

We are currently receiving a high volume of customer enquiries and appreciate your patience. We are working hard to ensure that you have the help needed to support your business at this challenging time and will respond as soon as possible. We want to assure you that we’re here to support you and here’s some options you may like to consider:

Business loans and business credit card repayment deferrals

If you are currently on a COVID- 19 Business support package, your deferral period may be ending soon. To assist you, we have outlined important information and will be in touch prior to your repayment deferral period expiring.

Deferral extension

A further business loan repayment deferral period may be possible for some small business customers, following a review of your current circumstances.  Extension of the deferral period is subject to eligibility criteria and further credit assessment. 

Recommencing your repayments

Before your repayment deferral ends, you will need to ensure the following:

  • Check there are sufficient funds available for repayment of loans and that arrangements are made to make payments on the business credit card.
  • Ensure that repayments for loans initiated by direct credit from another institution or an employer are reinstated
  • For loans, where we initiated direct debit payments to the account prior to the repayment deferral period, those payment arrangements will be reinstated at the end of the repayment deferral period.
  • For business credit cards, refer to your last statement prior to your payment deferral period for the interest rates that your business credit card will revert to.
  • Contact us if you wish to request any changes to your direct debit arrangements.

 

Request more support

Let us know if you think you might need additional support or will be unable to resume repayments. We’re here to help and can discuss options that may be available to you.

Call 1300 361 651 or speak to your Relationship manager

If you need help with repayments on your home or investment property loan in the name of a business, trust or SMSF, please call Customer Assist on 1300 554 001 (Select option 2 followed by option 1) so we can help you work through the options available.


Frequently Asked Questions for business repayment relief

We’ve answered some the most common questions about business repayment relief below.

The below terms and conditions were provided and required the applicant’s consent as part of the business loan and business credit card deferral application:

  • 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.

 

 

SME Business Loans

If your annual turnover is less than $50 million, you may be eligible to apply for a loan of up to $1 million under Phase 2 of the Government’s Coronavirus SME Guarantee Scheme.

Key features of these business loans

  • Available to both new and existing Bank of Melbourne customers
  • Multiple secured loan^ options available
  • Terms of 3 or 5 years
  • No establishment fees or monthly account keeping fees*
  • Interest rates start at 2.38% p.a. fixed rate for a fully secured loan1
  • Variable rates available between 3.09% p.a. to 4.43% p.a. depending on security offered
  • Loan documents must be signed and returned by 30th June 2021.

Check your eligibility

To be eligible for these loans, your business must:

Have an annual turnover of less than $50 million and valid ABN

  • Be a tax resident of Australia – that is based, registered and operating in Australia
  • Use the loan for business purposes only and not to refinance existing debt (except for other Scheme loans), lend to an associated entity, purchase residential property or financial products, or to lease, rent, hire or hire purchase assets more than halfway into their effective life
  • Not have loans supported by Phase 2 of the Government's Coronavirus SME Guarantee Scheme totalling more than $1 million (including this loan and those from other lenders).

Prep for application success

Once you have submitted an enquiry using the links on this page, a Business Lending Specialist will be in touch with you to talk through the next steps. If you are an existing Bank of Melbourne customer with a Relationship Manager, we will pass on your details and they will contact you directly.

To prepare for this conversation, please have details of your business’s financial situation to hand, which may include bank statements, management accounts, Business Activity Statements (BAS), business financial statements, personal tax returns etc.

How to apply

New and existing Bank of Melbourne customers


Customers with a Relationship Manager

Please contact your Relationship Manager directly to enquire about a loan.


Temporary business overdraft

For existing customers currently enrolled and participating in the JobKeeper Payment scheme, we’re offering a temporary business overdraft facility to help them continue paying their employees while they wait to receive payments from the Government’s JobKeeper Payment scheme.

  • If you have an existing overdraft and require additional funds to meet your employee wage or salary requirements, you can apply for a temporary increase to your existing facility limit, for JobKeeper Payment Scheme - Extension 2, until 28 March 2021. The rate will be at the same interest rate as your existing facility*.
  • If you do not currently have an overdraft facility, you can apply for a temporary overdraft facility, for JobKeeper Payment Scheme - Extension 2, until 28 March 2021*. The temporary overdraft facility is available at an interest rate of 7.99% per annum. Throughout the period of the overdraft facility, you will need to clear the balance using any JobKeeper payments you receive.

Select ‘JobKeeper Payment scheme- temporary funding assistance’ on this page to find out more including eligibility criteria, terms and conditions and how to apply.

 


Show Starter Loans

On the 25th June 2020, the Federal Government announced a $250 million support package to assist the creative economy and get the entertainment, arts and screen sectors back to work as they rebuild from the impacts of COVID-19. The support package includes Show Starter Loans, with $90 million in concessional loans used to fund new productions and events that stimulate job creation and economic activity, delivered through commercial banks and backed by a 100% Commonwealth guarantee.

We are currently working with the Federal Government to finalise the details around the Show Starter Loans and will publish details around eligibility, terms and conditions and the application process on our website as they become available.

In the interim you can find out more about the Show Starter Loans and COVID-19 support measures on the government website.

Credit card repayment deferral

Who is eligible?

Repayment deferral is available to customers who hold the following credit card and who are experiencing financial hardship:

  • All Bank of Melbourne Amplify Business cards
  • Bank of Melbourne Vantage card.

Please note: Not available for Commercial Bank customers. Financial Hardship applications are assessed on a case-by-case basis.

What is available?

  • Defer payment option for 90 days
  • Deferral of annual fees for 3 months if required.

 

Alternatives to banking in branch

Business Banking Online

Bank online, on tablet and mobile and discover a fast and convenient way to stay on top of your business finances - anywhere, anytime.2

If you prefer to speak to one of our friendly staff, you can call our Business Banking Online Helpdesk on 1300 608 266.

 

JobKeeper Payment scheme - temporary funding assistance

The Government is offering emergency relief and financial assistance to help employers during this difficult time including the JobKeeper Payment scheme. Under the Government’s JobKeeper Payment scheme, you may be able to claim a fortnightly payment per eligible employee.

The JobKeeper Payment scheme has been extended from 4 January 2021 until 28 March 2021.

The Government’s website contains information, including whether you are eligible to claim these payments#.

If you are eligible, you have enrolled and are participating in the JobKeeper Payment scheme - Extension 2 with the Australian Taxation Office (ATO), we may be able to help you through this challenging time by providing access to temporary funding whilst you await the JobKeeper payments.

What’s available?

  • If you have an existing overdraft and require additional funds to meet your employee wage or salary requirements, you can apply for a temporary increase to your existing facility limit, for JobKeeper Payment scheme - Extension 2, until 28 March 2021. The rate will be at the same interest rate as your existing facility*.
  • If you do not currently have an overdraft facility, you can apply for a temporary overdraft facility, for JobKeeper Payment scheme - Extension 2, until 28 March 2021*. The temporary overdraft facility is available at an interest rate of 7.99% per annum.
  • Throughout the period of the overdraft facility, you will need to clear the balance using any JobKeeper payments you receive. If you do not receive any or sufficient JobKeeper payments to repay the temporary increase or overdraft, you will need to clear the facility using other funds.
  • An overdraft facility is an ‘at call’ facility. What this means is that you will need to repay the facility when we ask (and we can ask for repayment at any time, even if there is no event of default). For example, without limiting our rights, if your eligibility for the JobKeeper Payment scheme changes, we may demand repayment of your temporary overdraft facility*.
  •  For new JobKeeper temporary overdraft facilities, there is no line fee. The $250 establishment fee will be waived for both increases to existing facilities and new temporary overdrafts. Other fees and charges may apply.
  •  For JobKeeper Payment scheme - Extension 2, the offer can only be obtained until 28 March 2021, Westpac reserves the right to reprice, amend, extend or withdraw this offer at any time.

Who is eligible?

To apply for a temporary increase to an existing overdraft facility, or apply for a new temporary overdraft facility, you must be an existing Westpac customer and:

Meet the ATO JobKeeper Payment scheme - Extension 2 eligibility criteria#.

How do I apply?

To apply you must have:

  • Enrolled and be participating in the ATO JobKeeper Payment scheme;
  • Be able to provide the JobKeeper ATO receipt ID from the Monthly Declaration and evidence of eligible employees; and
  • Have a nominated Bank of Melbourne transaction account to receive the JobKeeper payments.
     

Apply online, call 1300 784 873 (8am – 8pm EST, Mon-Fri) or speak to your Relationship Manager.

 

(8am – 8pm EST, Mon-Fri)


To read a summary of the Government’s JobKeeper Payment scheme - Extension 2, visit the ATO website#

*Terms, conditions, eligibility and credit criteria apply.

#The JobKeeper program is a Federal Government initiative and we provide a link to the external site for your convenience. This information is provided for general information only. Please read the Government’s fact sheet to see if you are eligible and for terms and conditions that apply. You should consider seeking independent legal, financial, taxation or other advice on how the Federal Government initiatives relate to your circumstances.

Merchant terminal fee relief

The Merchant terminal fee relief was a part of our COVID-19 support package for Australian businesses, for 3 months, starting in April 2020. All eligible merchant customers have received their final refund payment and we are working to provide you with a GST adjustment note for tax purposes in the coming weeks.

Which fees have been refunded automatically?

For merchant customers on a Simple Pricing Plan:

  • Monthly plan fees.

For merchant customers not on a Simple Pricing Plan:

  • Monthly terminal rental fees and minimum monthly service fee.

Who was eligible?

Merchant customers with a total card spend of less than $5 million per annum.

Which fees were still charged?

For merchant customers on a Simple Pricing Plan:

  • Establishment fees if you set up a new or additional facility
  • Installation fees if you requested an additional terminal
  • Excess transactions were charged at 1.5% when your transactions exceed your plan’s included value
  • Chargeback fees if you received a chargeback or if you receive excessive chargebacks
  • Authorisation fees if the Authorisation service was used
  • Equipment not returned/damaged fees if your terminals were not returned to us or if they were damaged due to negligence or abuse.

For merchant customers not on a Simple Pricing Plan:

  • Establishment fees if you set up a new or additional facility
  • Installation fees if you requested an additional terminal
  • Participation fees to cover the cost associated with the supply of your merchant facility
  • Transaction fees including Credit/Debit merchant service fees, UnionPay merchant service fees, interchange and on-charged scheme fees (if applicable)
  • Chargeback fees if you received a chargeback or if you receive excessive chargebacks
  • Authorisation fees if the Authorisation service was used
  • Equipment not returned/damaged fees if your terminals were not returned to us or if they were damaged due to negligence or abuse
  • Temporary EFTPOS facility monthly fee if a merchant facility was required for a set period.

 

Please note: Some of these fees may not apply to you as they are not relevant to your facility type. For a full list of fees and charges that apply to you, please refer to your Fee Schedule.

Small business insurance relief

What’s available?

  • Option to defer insurance premium payments for up to 6 months
  • Receive a refund on the unused portion of a cancelled policy without incurring cancellation fees
  • No change to the premium or level of cover if you have vacated your premises.

 


 

Continuity planning for your business

We appreciate your business may be disrupted by COVID-19 and your customers and employees potentially impacted. We have put together steps and resources that may help you to act at a time when you may have to make significant decisions.

 


 


 

Any questions?

During the COVID-19 pandemic we know you’ll have questions regarding our relief package and other matters, so we’ve answered some of the most frequently asked on our FAQs page. As the situation changes we’ll keep the page updated to reflect the latest information and guidance.
 


 


 

Getting back into business

Tips and tools to help keep your business running during crisis.
 


 

The Detail

^ Security supporting these loans excludes residential property or commercial/rural property that may be used for residential purposes.

* Other fees and charges may apply.

1. This rate is available for applications submitted prior to 26 February 2021 that are supported by owner occupied commercial security.

2. Terms and Conditions, Credit and Eligibility Criteria apply.