COVID-19 Support

Australian banks’ emergency Coronavirus relief packages

The Coronavirus (COVID-19) situation is evolving fast and to support our customers through this time of uncertainty, we have provided an overview of the financial relief strategies the banks are providing to homeowners and investors.

Financial Support

Income support payments. Extra income support payments will be available for people affected by COVID-19: a temporary fortnightly $550 coronavirus supplement from 27 April 2020 if you’re getting an eligible payment

Reduced deeming rates and drawdown for retirees

Drawdown rate for account-based pensions. If you have an account-based pension or a similar product, reduced drawdown rates will apply for 2019-20 and 2020-21. This will reduce your need to sell investment assets to fund minimum drawdown requirements.

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