ANZ Bank has today introduced a number of support measures for individuals and businesses in the Pacific to help them deal with the impact of COVID-19.
ANZ Regional Executive for the Pacific Tessa Price says the economic downturn would be difficult for many individuals and businesses in the Pacific, particularly employers in the tourism and services sectors who will need access to credit to manage debt and payroll, and offset reduced cash flow .
The measures, she says are airmed at supporting ANZ’s Pacific customers and businesses looking to trade through the current difficulties, to help them keep serving their customers and paying their employees.
The support measures include:
· A reduction of 0.50% per annum on all local currency overdrafts for commercial customers effective from April 6
· A reduction of 0.50% per annum on all local currency variable term loans for commercial customers effective from May 1st
· A reduction of 0.50% per annum on all local currency variable home loans and personal loans effective from May 1st
· Removal of monthly loan administration charges for term loans for both retail and commercial customers effective from May 1st
· A waiver on loan restructuring fees for commercial customers on a case-by-case basis;
· A reduction in repayment amounts for commercial customers in line with the reduced interest rates.