Press Release

Comprehensive support package for Australians dealing with coronavirus (COVID-19) impacts

Sydney, 20 March 2020

Macquarie is introducing a comprehensive package of support measures to help Australians dealing with the impact of coronavirus (COVID-19).

Immediate support measures we’re making available for households and businesses include: 

  • From today, all Macquarie Business and Personal Banking clients who are experiencing financial difficulty can immediately defer their repayments for six months.
  • This applies to all commercial loan, overdraft, home loan, car loan and credit card clients.
  • More information on how we can help is available here.

In response to initiatives announced by the Federal Government and RBA, we’re also making changes to our rates to help provide additional relief to households and businesses.

For business clients, these changes include:

  • 1.00% interest rate cut for small to medium sized businesses accessing equity in their homes for new loans, with no payment due for the first six months. We’re also making our digital banking platform available to these new business customers for the first time.
  • 1.00% interest rate cut for our Smarter Business Loan customers.
  • 0.25% interest rate cut for our other existing variable rate small business customers. 
  • A further 1.00% interest rate cut for new commercial vehicle lending, in addition to rate cuts of up to 0.25% announced earlier this month.

For our home loan customers, we’re cutting fixed rates for new home loans by 0.25% p.a. for 1, 2 and 3-year loan terms, with rates as low as 2.39% p.a. Our variable home loan customers continue to receive our lowest rates ever, which have reduced by 0.85% in the past 12 months.

We appreciate the low rate environment is particularly challenging for savers, so we’re raising interest rates for the following deposit products:  

  • In addition to the 2.65% introductory rate on the Macquarie Savings Account, we are increasing our ongoing interest rate for everyday savers by 1.00% to 1.35% for all balances up to $1 million.
  • Increasing the Macquarie Cash Management Accelerator interest rate to 1.20%.
  • Increasing retail term deposit rates to 1.75% p.a. for all 3 to 12-month term deposit products, an increase of up to 0.30%.   
  • Customers will be able to access term deposit funds without a reduction in their interest rate.
  • Importantly, all of Macquarie’s personal deposit offerings are available online.

We’re committed to supporting Australian businesses and households through what we know is an uncertain time. We’re reaching out to our clients to let them know we’re here to continue supporting them throughout this difficult period. 

 

This information is provided by Macquarie Bank ABN 46 008 583 542 AFSL and Australian Credit Licence 237502.

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