Coronavirus (COVID-19) update
First published on March 13, 2020
Managing finances is an important part of our daily lives, and we have been monitoring the coronavirus (COVID-19) situation closely. We are taking practical precautions in line with the latest guidance from Federal and State authorities. At the same time we’re listening to our customers and here are some of the ways that MyState Bank is available to help.
Retail banking customers
- Our branches in Tasmania and Central Queensland are open for business, and we have put in place some precautionary measures to protect the safety of our people and customers.
- Customers can access their accounts 24 hours a day through internet banking or MyState’s mobile app where most of your banking needs can be completed.
- Our team are on hand to help customers who may need assistance with online banking.
- For our customers and brokers, we have implemented processes to ensure that home loan applications are processed as quickly as possible.
- For our home loan and commercial customers, we have announced we will reduce our home loan rates by 25 basis points.
- The Australian banking system is among the safest and most secure in the world. We are regulated by the Australian Prudential Regulation Authority (APRA) which promotes financial system stability in Australia. The stability of the banking sector is backed by the Australian Government’s Financial Claims Scheme (FCS) providing protection for certain deposits up to $250,000. For more information on FCS, visit https://www.apra.gov.au/financial-claims-scheme-0
If you are facing hardship due to the impacts of the virus, please contact us so that we can provide you with assistance, as hardship options are available including deferral of loan repayments. Customers can contact our Customer Care team on 138 001 for assistance.
Small-to-medium business customers
Some of the ways we are helping small-to-medium sized businesses include:
- We’ve announced a reduction to our commercial lending rates by 25 basis points.
- If experiencing financial hardship, we will consider:
- Deferring repayments on a variety of business loan products
- Providing early access to business term deposits without penalty.
Business customers should contact their Relationship Manager or our Customer Care team directly.
Government assistance package
The Federal Government have recently announced a financial assistance package for small business and consumers. For more information visit: https://www.pm.gov.au/media/economic-stimulus-package