- Reductions of interest rates on various products for businesses and home owners coming into effect at various dates at the end of March to start of April
- Continuing its hardship assistance program.
- Deferral of business loan repayments for up to 6 months on a case-by-case basis
- Special 12 month term deposit of 1.7% p.a. to provide customers a higher return on their savings, an increase of 0.7% (up to $500,000 per customer). For Australians aged 65 years and over the rate will be 2% p.a. for eight months (up to $500,000 per customer). Effective Friday 27 March 2020.
As the situation is evolving fast, we recommend that you access your bank’s website directly for the most up to date information.
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The content of this newsletter is general in nature. It does not constitute specific advice and readers are encouraged to consult their Ruddicks adviser on any matters of interest. Ruddicks accepts no liability for errors or omissions, or for any loss or damage suffered as a result of any person acting without such advice. This information is current as at 26 March 2020, and was published around that time. Ruddicks particularly accepts no obligation or responsibility for updating this publication for events, including changes to the law, the Australian Taxation Office’s interpretation of the law, or Government announcements arising after that time.
Any advice provided is not ‘financial product advice’ as defined by the Corporations Act. Ruddicks is not licensed to provide financial product advice and taxation is only one of the matters that you need to consider when making a decision on a financial product. You should consider seeking advice from an Australian Financial Services licensee before making any decisions in relation to a financial product. © Ruddicks 2020