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Banks have eased the burden on Australian families struggling amid the coronavirus-induced financial crisis and softened the looming shock to the economy by extending the home loan holiday by another four months. The property sector was bracing for sharp falls in housing prices in September when the deferrals offered to borrowers was to expire alongside the Morrison Government’s JobKeeper and JobSeeker support schemes.
Commonwealth Bank has slashed interest rates on several of its savings products including its youth deposit account synonymous with the financial incumbent’s Dollarmite program. The country’s largest bank has cut the savings rate on its youth savings deposit account by 0.1 per cent, now attracting a conditional maximum savings potential of 1.2 per cent. CBA’s standard NetBank Saver account has also experienced a 0.05 per cent carving, with the five-month introductory offer now attracting a rate of 1 per cent. The ongoing rate thereafter is 0.05 per cent.
Commonwealth Bank will invest $500,000 into New South Wales coastal communities devastated by last summer’s bushfire crisis. The country’s largest bank will give $500,000 to NSW south coast communities impacted by the Black Summer bushfire season. CBA’s investment will be delivered through its bushfire recovery grants program and is expected to fund up to $10 million in recovery projects. Local organisations that have received grant money include Lifeline South Coast, Narooma Surf Life Saving Club and the Bega-based Foodbank. Bushfire recovery grants are available to businesses and communities impacted by the 2019/20 summer bushfire crisis, which stretched from Queensland to South Australia. Each grant is worth up to $50,000.
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