NSW COVID: Banks extend emergency assistance to customers stressed by lockdowns

Within 24 hours of the dramatic escalation of Sydney’s lockdown, banks had detailed measures including free overdrafts for small businesses, targeted home loan deferrals and had extended a promise not to evict customers from their homes.

CBA chief executive Matt Comyn has extended a pledge it made at the height of the pandemic last year not to evict customers from their homes to the end of summer 2022. Louie Douvis.

Commonwealth Bank CEO Matt Comyn said the number of customers calling its support lines doubled on Saturday in response to the snap lockdown of the discretionary retail and construction industries and three local government areas in Sydney’s south-west.

With the potential for lockdowns and limitations on business to be extended given the severity of the delta strain and low level of vaccinations, CBA has extended a pledge it made at the height of the pandemic last year not to evict customers from their homes to the end of summer 2022.

“There is a lot of concern and uncertainty, so we want to give people confidence and provide assurances there is support available to help get them through the next couple of months,” Mr Comyn said.

“We know that the current lockdowns mean some of our small business customers may need urgent access to cash,” Westpac CEO Peter King said.

“It would be premature to seek that capital relief and we have the financial capability to support customers during this time,” Mr Comyn said.

“But just knowing what options are available to them helps customers a lot,” Mr Comyn said.

Mr Comyn said “like everyone, we are hopeful the lockdowns are effective, and the case numbers come down substantially in greater Sydney and Melbourne in the next few days”.

Mr Comyn said banks and other companies, by providing vaccine services, could help to take the burden off the healthcare sector and help accelerate vaccination rates