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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

What is available?

Eligible Bank of Melbourne business customers who need help with managing their cash flow can defer principal and interest payments1 of business term loans, business auto loans, equipment finance facilities, equipment loans2, for six months.

Eligible small business customers that need additional support at the expiry of their business loan repayment deferral period can apply to extend their repayment deferral period by up to four months. Extension of the deferral period is subject to eligibility criteria and further credit assessment. For those currently with business loan repayment deferrals in place, we will be in touch with you prior to the deferred payment period ending to let you know the options available if you require additional support.

Eligible customers can also defer repayments for Bank of Melbourne business credit cards including Amplify Business, BusinessVantage and Corporate Connections Mastercard3, for six months. Eligible customers will also receive an interest rate reduction to 9.46% per annum on new and outstanding purchases and cash balances during the deferred repayment period.

If you are eligible for the COVID-19 business loan repayment relief and your application is approved, your deferred repayment period will be effective from the date of submission and processed from August 20204.

Please note: Customers who have applied for repayment deferral on their eligible loans before 17 April 2020 and would like to extend the deferral to also include Business Credit Cards, can resubmit an application. Resubmitting your application will not impact any deferrals that have already been approved.

Repayment deferrals are also available for home and investment property loans that are in the name of a company, trust or SMSF . To find out more and apply online visit our COVID-19 home loans page.

Who is eligible?

The deferred repayment 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 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, with current facilities that have not been in arrears in the last 90 days.

Please note that for business loans:

  • 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.

What happens if my application is successful?

For Business loans, if your application is approved, your deferred repayment period starts from your submission date and will be applied from August 20204. What this means is, if your application is approved and a repayment 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 balance on your accounts.

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

 

 Tips to help you apply

  • You must be a borrower, guarantor or signatory to be the person applying for deferral
  • Have the following details to hand before starting your application:
    • Customer Access Number or Card Number
      (8-digit number used for telephone or online banking, which is also on your statements along with your Card Number)
    • BSB and loan account number(s)
      (For any loan(s) you are requesting relief for. Find these on your statements and in online banking.)
    • Credit card number
      (If requesting credit card relief)
    • Email address
      (Must be the one registered to your business bank account)

 

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.  

If you have already contacted us to make changes or cancel your business loan repayment deferral, you don’t need to take further action. We’re currently working through your request and will be in touch as soon as we can.  
 

1. 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 repayment period and will include finance charges.

2. 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.

3. 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.

4. 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.



Frequently Asked Questions for business repayment relief

Whether you’ve already applied for our Customer Support package or are exploring this option, we’ve answered some of the most common questions about our support measures below.
 

We’ve introduced repayment relief initiatives to help our business customers impacted by COVID-19.

If you’re a Bank of Melbourne customer and need help making repayments on your business loan, equipment loan or business auto loan (business loans), you can apply for a deferral on repayments for six months.
 

Eligible customers can also defer repayments for Bank of Melbourne business credit cards including Amplify Business, BusinessVantage and Corporate Connections Mastercard3, for six months. Eligible customers will also receive an interest rate reduction to 9.46% per annum on new and outstanding purchases and cash balances during the deferred repayment period.
 

Businesses eligible for repayment deferral include:

  • those with total business exposure of less than $10 million per customer group;
  • commercial property customers who declare that, during the deferred payment period, they will not terminate leases or evict tenants due to non-payment of rent as a result of the COVID-19 pandemic;
  • where the business is operated in Australia with less than 20% foreign ownership; and
  • those customers above $3 million total business exposure, with current facilities that have not been in arrears in the last 90 days.

If you have an overdraft facility, you should use your available balance in the first instance and speak to your Relationship Manager if you require assistance.

If you have a cashflow/invoice/trade finance or commercial bill facility, please speak with your Relationship Manager.

 

 

Home loan repayment deferral

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

 

Business loans and overdrafts

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 as part of the Government’s Coronavirus SME Guarantee Scheme. This loan is available to eligible business customers with a turnover of less than $50 million and 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.

On the 20th July 2020, the Federal Government announced the second phase of the SME Guarantee Scheme which will start on 1 October 2020. We will provide further detail around Bank of Melbourne’s support for the second phase of the SME Guarantee Scheme, including the eligibility criteria, loan amount, loan term, terms and conditions and the application process in the coming weeks. 


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 a variable rate unsecured term loan of up to $250,000 by completing the form below*

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.

 


Temporary business overdraft

For  existing customers currently enrolled 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 [for up to 45 days] of your existing facility limit 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 up to 45 days.* 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.

Business Term Deposits

What’s available?

  • Termination of a deposit without interest rate adjustment
  • Immediate termination within 31 days allowed when experiencing hardship.

How to apply?

To access these support measures, please speak to your banker, visit a branch.

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.1

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 new JobKeeper Payment scheme, you may be able to claim a fortnightly payment of $1,500 per eligible employee.

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

IIf you are eligible, and you have enrolled for the JobKeeper Payment scheme with the Australian Tax 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 for up to 45 days of your existing facility limit 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 up to 45 days.* 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.
  • This product is a temporary overdraft facility. 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’s 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.*
  • There is no line fee and the $250 establishment fee will be waived for both increases to existing facilities and new temporary overdrafts. Other fees and charges may apply.
  • This offer can only be obtained up until 27 September 2020, Bank of Melbourne 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 Bank of Melbourne customer and:

  • Meet the ATO JobKeeper eligibility criteria,#
  • Confirm that your business has enrolled for the JobKeeper Payment Scheme;
  • Declare that the amount requested is aligned to the funds needed to pay the wages and salaries of your eligible employees;
  • Hold an existing Bank of Melbourne account in the same name as the Business registered under the JobKeeper Payment scheme. This must be the same account that the JobKeeper payments are paid into; and
  • Be able to provide evidence of recent payroll payments for the last two months.

How do I apply?

To apply you must have:

  • Enrolled for the ATO JobKeeper Payment scheme;
  • Be able to provide the JobKeeper Registration number supplied to you by the ATO; 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, 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.
 


 

The Detail

Terms, conditions, eligibility and credit criteria apply.

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