Fee waivers
We are providing additional flexibility for businesses by automatically waiving the monthly account keeping fee on our One Account for Business for six months. Merchant terminal fees can also be waived for three months upon request.
Our absolute priority is ensuring we take every step to look after our clients during these uncertain times - we are ready and available to assist you.
With the impacts of COVID-19 restrictions continuing to cause strain on individuals and small businesses, further support measures have been put in place to assist our clients and their businesses.
On application, the support includes:
- Eligible small business clients will be able to defer repayments for up to 3 months, with loan terms extended accordingly 1
- Eligible clients will be able to receive refunds of merchant terminal rental fees for up to 3 months
- Eligible clients will have early access to Term Deposit funds and a waiver of redemption fee for up to 3 months
- Specialised targeted support for larger business clients
- Both individual and business home loan clients will have access to a range of support measures, including deferrals for up to 3 months
The new support measures are in addition to the current range of COVID-19 financial support available, which include:
- The ability to defer mortgage and/or loan repayments for a short period;
- The option to make Interest Only repayments for a short period;
- Special arrangements in relation to arrears;
- Early access to Term Deposit or Notice Account deposit funds with waiver of redemption fee; and
- Waiver of other fees and charges related to non-payment.
To support small and medium businesses impacted by a lockdown, eligible existing business clients will have access to a low interest rate business loan of up to $5 million through the Federal Government’s SME recovery loan scheme.
For new and existing business clients who wish to take advantage of heavily discounted rates, BOQ Group is offering fixed rates from 2.39% for two years, to continue supporting the growth of the economy2.
If you are experiencing financial hardship as a result of the Novel Coronavirus, please contact your dedicated financial specialist directly or call 1800 950 399 (option 2). We are ready to respond to general hardship enquiries, as well as more complicated restructures.
We are here to help, now more than ever
Here are a few ways we will continue to help you manage both your personal and practice finances.
SME Recovery Loan
The Federal Government has launched the SME Recovery Loan Scheme, Phase 3 of the SME Guarantee Scheme. The Scheme is designed to support economic recovery, to provide continued assistance to eligible small and medium enterprises (SME) impacted by COVID and to support eligible flood affected businesses.