BOQ Extends Business Banking Relief Package

Tuesday, 31 March 2020

BOQ today announced details of its updated Business Banking Relief Package. From today, BOQ Businesses customers with loan facilities of up to $10 million, will now be able to defer repayments for loans attached to their business for six months. Previously this was limited to small businesses with loans of up to $3 million.

BOQ will be contacting customers now eligible for this package and work directly with those businesses to assess their need for this support.

In line with the ABA’s announcement, commercial property landlords who agree to not terminate leases or evict current tenants for rent arrears as a result of COVID19, are also available to access BOQ’s Business Banking Relief Package.

Business Banking Relief Package:

As part of the Australian Banking Association’s (ABA) recently announced industry-wide small business response, BOQ has a new Business Banking Relief Package available to business customers. This package offers business customers a deferred repayment period of up to six months, for customers with business loans of up to $10 million.

Last week, BOQ also announced a range of measures to further support business customers including;

• In line with the Government’s SME response, access to an unsecured overdraft of up to $250,000 (for eligible customers) with no repayments for 6 months and the following interest rate reductions (effective 3 April 2020):

  • BOQ Specialist customer’s rate reduced by 3% per annum (p.a.)
  • All other SME customer’s rate reduced by 2% p.a.

• BOQ Business Term Loans and Business Overdrafts interest rates cut by 0.25% p.a. (effective 3 April 2020).

• Waiving monthly account maintenance fees for 6 months on business transactional bank accounts (until 31 August 2020).

• Customers can apply for merchant terminal fees to be waived for 3 months.

• Bonus interest spending criteria for BOQ’s Business Performance Saver Accounts paused (March 2020 - August 2020).

BOQ customers wanting to apply for one of BOQ’s Banking Relief Packages should apply online at: https://www.boq.com.au/help-and-support/assistance or call 1800 079 866.

ENDS