Home loan customers to get payment break

PHOTO: Banks Big Four. Small businesses will be able to get six-month deferrals on their loans

Australia’s biggest banks are letting its home loan borrowers and small business customers defer their payments for up to six months as the country struggles with the coronavirus crisis.

Commonwealth Bank, Westpac, ANZ and NAB all said on Friday they would extend a program by the Australian Banking Association to defer loans to small businesses to include their home loan customers.

“These are unprecedented times, and we will continue to take decisive actions to support households and the small business community,” CBA chief executive Matt Comyn said.

The move will provide up to $10 billion in support for the economy, Mr Comyn said.

A digital registration process would be available from Saturday for home loan customers wishing to defer their payments, Mr Comyn said.

ANZ chief executive Shayne Elliott said the move was the “right thing to do for our existing customers,” given the impact of the crisis.