AMP, ING, Auswide launch relief packages

AMP Bank, ING Australia and Auswide Bank are the latest lenders to release relief packages for consumers and businesses in financial hardship as a result of the coronavirus (COVID-19) outbreak. 

The moves follow similar steps taken by several lenders, including the big four banks, to support affected customers, which include lower interest rates and the deferral of loan repayments.

AMP

AMP has announced that it would enable affected home loan customers to defer their principal and interest (P&I) repayments for three months, with the option of extending the repayment holiday to six months.  

The bank is also reducing fixed rates across its owner-occupied and investment home loans and will waive home loan fees for customers experiencing financial hardship.

AMP’s variable home loan rates remain unchanged.

For depositors, the bank will waive account-keeping fees from 30 March 2020 to 1 October 2020 and offer a new term deposit rate of 1.8 per cent for terms from six to 18 months.

“We’re facing unprecedented times, and we recognise the important role we have to play in supporting our clients through these challenging circumstances,” AMP Bank managing director Rod Finch said.

ING

ING has reported that it will also offer repayment deferrals of up to six months for home loan, personal loan, credit card, commercial and small-business customers in financial hardship.  

The bank is also reducing fixed home loan rates (effective 26 April) and reducing existing commercial variable rates by up to 35 bps (effective 9 April).

Auswide Bank

Meanwhile, Auswide Bank’s support package includes options to defer loan repayments, convert P&I loans to interest-only payments and reduce monthly loan repayments for up to six months.

Auswide’s measures apply to home, personal and business loan customers who have lost their employment, experienced a loss in income or whose business has been financially impacted.

Auswide will also reduce variable and fixed business loan rates by up to 100 bps, effective 27 March, with the variable rate changes applying to both new and existing customers, while the fixed-rate changes apply only to new customers.

Fees across business loans and accounts will also be suspended.

Further, fixed home loan rates have been cut by up to 70 bps for new and existing customers, while variable home loan rates have been cut by up to 25 bps.  

For depositors, Auswide increased term deposit rates to 1.75 per cent, available for 12 months.

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