Supporting our business customers

The below terms and conditions were provided and required the applicant’s consent as part of the business loan and business credit card deferral application:

• The repayment deferral period of six months (‘Deferred Repayment Period’) will be applied to all of your eligible Business Loans and Business Credit Cards with St.George. This includes all eligible products for you and any Businesses linked to your customer profile (for example, where you might be a director of an entity or partner of a partnership being the eligible business).
• Please note that the interest deferred will be capitalised. For Equipment and Auto Finance facilities and loans only, instalments will be deferred and finance charges will still apply over the deferred period. Instalments will be recalculated at the end of the deferral repayment period and will include finance charges. For Business Credit Cards, see Additional Terms and Conditions below.
• If your deferred repayment application has been approved, you will receive a confirmation email. If there is part of the email you do not understand or do not believe you agreed to, please contact us as soon as you can. This arrangement is a variation to the usual terms and conditions that apply to your facilities. If there is an event of default (for example, you become insolvent), the events of default conditions of your contract continue to apply. Where we initiate Direct Debit or Autopay repayment to the account, we will attempt to cancel these, please advise us as soon as possible if repayments continue to occur, so that we can rectify this promptly. Please note, for Business Loans, if we process a Direct Debit after you have opted-in to the offer, we will refund it. Where repayments are initiated by other institutions (e.g. by direct credit from another financial institution or by direct credit from an employer), you need to cancel these to stop further repayments being made. We will endeavour to return these funds, if this isn’t possible, we will apply the funds to your loan balance.
• If you nominate a facility for the Deferred Repayment Period and you meet our eligibility criteria and the facility is subject to a fixed-rate period, the fixed-rate period will be extended by the Deferred Repayment Period. If you terminate your facility during the Deferred Repayment Period, termination fees, break fees, and applicable loan charges will become payable.
• Where there are other borrowers (such as other directors, partnership partners, trustees, beneficiaries and guarantors) associated with the Business Loans and the Business Credit Cards, you confirm that you have authority to enter into this relief package on the behalf of the borrowing entity and have advised each guarantor that you have entered into this relief package.

Additional terms and conditions for Business Credit Cards

• For Business Credit Cards, interest on outstanding purchase and cash balances, including those made during the Deferred Repayment Period, will be calculated and accrued daily at a reduced rate of 9.46% per annum. Interest will be capitalised to the account monthly unless the closing monthly statement balance is paid in full. Standard fees otherwise continue to apply and will be charged to the credit card account.
• You will not be required to make any repayments during the Deferred Repayment Period, however, the removal of the minimum monthly repayment does not prevent you from paying down your balance at any point in time, and we encourage you to do so to minimise interest costs where possible.

If your application for repayment deferral is approved, you won’t have to make repayments on your business loan/s and/or credit card for six months. Your deferred payment period will start from the date you submitted your application².

Eligible small business customers that need additional support at the expiry of their business loan repayment deferral period can apply to extend their repayment deferral period by up to four months. Extension of the deferral period is subject to eligibility criteria and further credit assessment. For those currently with business loan repayment deferrals in place, we will be in touch with you prior to the deferred payment period ending to let you know the options available if you require additional support.

If you have already contacted us to make changes or cancel your business loan repayment deferral, you don’t need to take further action. We’re currently working through your request and will be in touch as soon as we can.

For business loan/s, interest deferred will be capitalised.

If you have questions speak to your Relationship Manager or a registered tax or BAS agent.

For business credit card/s, interest will be capitalised to the account monthly unless the closing monthly statement balance is paid in full, however at the reduced rate of 9.46% per annum on new and outstanding purchases and cash balances during the deferred repayment period.

For business loan/s, once approved, your deferred payment period will start from the date you submitted your application² for six months.

For business credit card/s, the repayment deferral will apply from the date of processing, for six months.

Once your application for repayment deferral is approved please disregard any new notices you may receive from us regarding payments in arrears. Once your application is approved, we will reverse any new fees or charges incurred as a result of your account appearing to be in arrears from the date your application has been submitted.

If your application is approved your credit score, credit rating and repayment history won’t be impacted as a result of deferring your repayments from the date your application has been submitted provided your account was otherwise in order.

No. There are no fees or charges for applying for a business loan or business credit card repayment deferral.

For business loan/s: After the deferred payment period is over, you’ll recommence making repayments on the new balance of your loan using the payment process you had originally nominated such as direct debit. The loan term will also be extended by at least six months to account for the higher loan balance.

For business credit card/s: After the deferred repayment period is over, your monthly statements will again request the usual Minimum Monthly Repayment amounts and your purchase and cash interest rates will revert to the previous rates that were in place for your credit card account before your repayment deferral period began.    

For business loan/s: If your application for repayment deferral is approved, you won’t have to make repayments on your business loan/s for six months. Your deferred payment period will start from the date you submitted your application².

For business credit card/s: If your repayment deferral is approved, your next six monthly statements will not request for any Minimum Monthly Repayment amount to be paid, and you will also receive an interest rate reduction to 9.46% per annum on new and outstanding purchases and cash balances during the deferred repayment period. You will not be required to make any repayments during the deferred repayment period, however, the removal of the minimum monthly repayment does not prevent you from paying down your balance at any point in time, and we encourage you to do so to minimise interest costs where possible.