Recently announced bank concessions

Following the Reserve Bank of Australia’s (RBA) meeting on 19 March 2020, we have collated the key points and a quick snapshot of the reaction by the Big 4 banks.

Key points:

  • The RBA has cut interest rates to a record low 0.25% and announced extraordinary measures to help prevent a coronavirus-driven recession;
  • The Government also announced investment of up to $15 billion to enable smaller lenders to support consumers and small businesses; and
  • The RBA will buy Australian government bonds as part of its first-ever quantitative easing program and provide a three-year funding facility to provide cheap loans for Australian banks.

Snapshot:

  • Click here to view a snapshot of the Big 4’s key announcements.

Although we have initially looked at the offerings from the Big 4 banks, we encourage all borrowers (be it leasing or loans) to speak with whichever bank/lender they are with to confirm details specific to their circumstances.

If you have any further questions, please do not hesitate to contact your client service partner at Banks Group on (03) 9810 0700.

Talk to us…

Banks Group is an association of independent firms that operate in Melbourne, Sydney and Auckland under the same trading name. Neither the Melbourne Banks Group, Sydney Banks Group or Auckland Banks Group are partners or agents of each other and shall not be liable for any act or omission of each other. Liability limited by a scheme approved under Professional Standards Legislation

MAG_WEB

All services are provided as a Corporate Authorised Representative of Magnitude Group Pty Ltd (ABN 54 086 266202, AFSL 221557).

Count_WEB

Financial Planning Services provided as an authorised representative of Count Financial Limited ABN 19 001 974 625 Australian Financial Services Licence Holder Number 227232 a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124. Count is a Professional Partner of the Financial Planning Association of Australia Limited. Count advisers are authorised representatives of Count. www.count.com.au

"Please note that any taxation and accounting services are not endorsed nor the responsibility of Count Financial Limited".