CBA boosts support Bank’s fresh coronavirus relief on home loans and credit cards
COMMONWEALTH Bank has further bolstered its coronavirus support for home loan and credit card customers.
The bank yesterday announced it would make a onetime payment to all customers who are receiving a home loan deferral because of the coronavirus.
Group executive Angus Sullivan said this meant for an average loan of $350,000, CBA would be refunding approximately $45 to offset the effect of interest over the six-month period.
Mr Sullivan said the bank would also automatically refund late fees and interest for March for any customer who missed their credit card minimum that month.
Other measures previously announced by CBA to curb the impact of coronavirus included the introduction of a 70 basis points interest rate reduction for home loans with one, two and three-year fixed terms to 2.29 per cent, marking a record low.
The bank also rolled out a 60 basis point interest rate increase on 12-month term deposits for personal customers to 1.7 per cent per annum – 1.45 per cent above the RBA’s official cash rate of 0.25 per cent.
The Reserve Bank of Australia cut the interest rate to a record low two weeks ago following
KPMG Australia chief executive Gary Wingrove about the company retrenching 200 staff an ad hoc meeting of the board in response to the coronavirus pandemic.
CBA chief executive Matt Comyn (pictured) was quizzed on why the bank only cut interest rates for fixed-rate mortgages and not the standard variable rate.
He said the bank was focused on providing interest rate relief for small businesses and giving older people with term deposits a bit of a boost.