Bendigo Bank announces relief package for customers

Bendigo and Adelaide Bank has announced short and long-term support measures for business, consumer and agribusiness customers affected by the coronavirus (COVID-19) pandemic.

Bendigo’s assistance package includes: 

• Up to three months relief on loans for home loan and business loan customers
• The waiving of fees for the restructuring or consolidation of loans
• Emergency credit card limit increases
• Discounted interest rates on new personal loans taken out by existing customers
• The waiving of interest rate reductions for early withdrawals on term deposits prior to maturity
• Deferral of payments and extensions for equipment finance on a case-by-case basis

“This is a unique situation for the global and local economy,” Marnie Baker, managing director, Bendigo and Adelaide Bank, said.

“While the full-reaching human and economic impacts of COVID-19 are still largely unknown and evolving, we are working with the industry and government to manage the impact on our customers, staff, communities and partners.

“Health, safety and wellbeing will always be of paramount importance.”

Ms Baker added that the bank has a “responsibility and commitment” to support affected customers “through the good times and the tougher times”.

“In the same way that we have provided and continue to provide support to those affected by bushfires, we will continue to work with customers and their communities on an individual basis both today and in the long term,” Ms Baker said.

The bank stated that its agribusiness specialist, Rural Bank, would also provide assistance measures and will be working with impacted farming customers to “understand their individual circumstances and apply the most effective means of support”.

Bendigo and Adelaide Bank is the latest lender to roll out support measures for customers affected by the virus, with the big four banks also encouraging affected customers to reach out for assistance.  

This comes after Prime Minister Scott Morrison urged the business community to play their part in alleviating the impact of the virus on the domestic economy.

“Whatever you thought 2020 was going to be about. Think again,” he said.

“We now have one goal, together, this year – to protect the health, the wellbeing and livelihoods of Australians through this global crisis, and to ensure that when the recovery comes, and it will, we are well positioned to bounce back strongly on the other side.

“All Australians have a role to play in Australia successfully moving through this crisis.”

[Related: Big banks outline response to COVID-19]