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Ways we’re here to help your business

Business loan repayment deferral

Eligible Bank of Melbourne business customers who need help with managing their cash flow can defer principal and interest payments# of business term loans, business auto loans, equipment finance facilities and equipment loans##, for six months.

Eligibility for payment relief

The deferred payment period applies to eligible business connections impacted by COVID-19:

  • with total business exposure of less than $10 million per customer group;
  • includes commercial property customers who confirm, for the deferred payment 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 outbreak;
  • where the business is operated in Australia with less than 20% foreign ownership; and 
  • for those customer's above $3 million total business exposure, with current facilities that have not been in arrears in the last 90 days.
     

Please note that:

  • any current fixed rate period will also be extended by 6 months at that fixed term rate; and
  • your loan term will be extended by at least 6 months.

# Interest deferred will be capitalised. Terms and Conditions and eligibility criteria apply. For Equipment 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 payment period and will include finance charges.

## 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.
 

Contact your Relationship Manager or apply online.

 

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 to your application as soon as possible.

 

Home loan repayment deferral

To find out more or to apply for repayment deferral, please go to the home loans support page.

 

New business loans

What is available?

Interest reductions

  • 2% p.a. interest rate reduction on overdrafts for new and existing customers, effective Monday 6 April 2020.
  • 1% p.a. interest rate reduction for small business cash-based loans for new and existing customers, effective Monday 6 April 2020.

These interest rate reductions are applied automatically to new and existing overdrafts and cash-based loans. There is no need to contact us.
 



Unsecured Lending

To support our business customers through this challenging environment Bank of Melbourne is offering an unsecured 3-year term loan up to $250,000 to eligible business customers with a turnover of less than $50 million. This offer is available with a 6 months repayment deferral, with interest to be capitalised.*

No establishment fees or monthly account keeping fees apply. Other fees and charges may apply.

Applications are available between now and 30 Sept 2020 to both existing and new customers.


Who is eligible?

In order to apply, your business must meet certain eligibility requirements as follows:

  • Businesses affected by COVID-19
  • Businesses with annual turnover of less than $50 million
  • The business must be a tax resident of Australia, that is based, registered and operating in Australia
  • Both existing Bank of Melbourne customers and new customers are eligible
  • Loans must be used to support current and upcoming cash flow needs
  • Loans must be used for business purposes only
  • Loans cannot be used to refinance drawn facilities with Bank of Melbourne or any other lender
  • The total sum of your unsecured loans (including those from other financial institutions) relating to COVID-19 relief must not exceed $250,000.

 

Ways to Apply

If your Business has more than $3 million in existing Bank of Melbourne business lending please contact your Relationship Manager, otherwise you can apply in one of the following ways:

 

Existing Bank of Melbourne business customer

You can enquire about a variable rate unsecured term loan of up to $250,000 by completing the form below*.                                                                                                                                                                                            


 

 

Not a Bank of Melbourne customer?

You can enquire about an unsecured term loan of up to $250,000* by sending us an email BOMMicroSMECOVID19@bankofmelbourne.com.au with your name and phone number and one of our Lending Specialists will be in contact. 

Please do not supply or attach any personal or confidential information to your email. All we require is your best phone number and we will be in touch with 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 to your application as soon as possible.
 

* Terms and Conditions and Eligibility Criteria apply.

 



Equipment finance

  • No establishment fees for equipment finance loans until the end of June 2020.

This helps small and medium businesses take advantage of the increased instant asset write-off and accelerated depreciation provisions in the Federal Government stimulus package.

 

New Business Term Deposits

What’s available?

Business Term Deposit special offer:

  • 1.7% p.a. interest for 12 months for personal, business and SMSF customers (up to $500,000 per customer)
  • Termination of a deposit without interest rate adjustment
  • Immediate termination within 31 days allowed when experiencing hardship.

How to apply?

To access these offers, please speak to your banker or visit a branch.

 

Credit card repayment deferral

Who is eligible?

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

Please note: Not available for Commercial Bank customers.

What is available?

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

 

Ways to bank with us

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.1

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

 

Government support for businesses

The situation surrounding COVID-19 (Coronavirus) is uncertain and changes regularly. Keeping up to date with government responses and knowing what you can do to look after yourself and family, your people and your business really helps.

What’s available?

Various types of Federal Government and state specific assistance are available for businesses affected by COVID-19.

 

Merchant fee relief

What is available?

Merchant terminal rental fee refunds for 3 months

  • 3 months terminal rental fee and minimum merchant service fee; or
  • 3 months terminal rental fee and minimum monthly service fee; or
  • 3 months pricing plan fee.

Who is eligible?

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

There is no need to apply

In the coming weeks eligible merchant customers will be automatically refunded (as applicable).

 


 

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.

 

 

 

The Detail

1. Subject to system availability. Scheduled maintenance and unexpected outages may impact availability. Some features may not be available on the app.