ANZ has announced a reduction in variable interest rates for business loans by 0.25% per annum, effective immediately. This move is aimed at providing relief to small business customers facing challenges due to the COVID-19 pandemic.
Isaac Rankin, ANZ Managing Director of Commercial Banking, stated: “This reduction will provide some immediate relief to our small business customers in particular as they deal with the challenging environment created by the global outbreak of the COVID-19 coronavirus.”
The rate cut comes after the Australian Government's announcement of a stimulus package designed to support business investment through measures such as accelerated depreciation deductions and increased instant asset write-offs.
In addition to reducing loan rates, ANZ is offering financial support for businesses experiencing difficulties due to the pandemic. This includes options like suspending repayments, allowing early access to term deposits without break fees, and providing additional credit.
Recently, ANZ also lowered variable home loan rates between 0.25% and 0.35% per annum across various products, with these new rates also taking effect today.
ANZ advises its customers to reach out to their relationship managers for discussions on how these changes may impact their businesses. Customers can also contact ANZ’s financial hardship team at 1800 351 548 or visit anz.com/hardship for assistance.