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Repayment relief for small business customers

Eligible St.George small business customers who need help to manage their cash flow can defer principal and interest payments1 of business term loans (excluding credit cards, overdrafts, cashflow/invoice/trade finance, commercial bills), Business Auto, equipment finance facilities and equipment loans for six months.**

Eligibility for payment relief

The deferred payment period applies to small business connections with:

  • Total business lending balance(s) of less than $3 million calculated on whichever is the higher of the balance at close of business on 29 February 2020 or at the time of application; and
  • Current facilities including those that have been in arrears or hardship since 1 January 2020 (facilities in arrears prior to 1 January 2020 where the arrears have been cured are also eligible)

For small business customers with Home Loans, you may also be eligible for six months of deferred payments on your home loan if you (including jointly or as a director of an entity or partner of a partnership being the eligible small business) have a Home Loan with St.George.

The deferred payment period applies to eligible small business customers with business loans (excluding credit cards, overdrafts, cashflow/invoice/trade finance, commercial bills), Business Auto and Equipment Finance (Lease, Hire Purchase and Goods Mortgage).

Please note that:

  • interest deferred will be capitalised and fees will continue to be debited to the account;
  • any current fixed rate period will also be extended by 6 months at that fixed term rate; and
  • your loan term will be extended by at least 6 months so that we do not need to increase your repayments because of the deferral.


Additional help for small business customers

  • Unsecured three-year term loan up to $250,000 for eligible new and existing customers with turnover of less than $50M, as part of the Federal Government’s latest economic support measures that guarantees 50 per cent of new loans issued by eligible lenders to small and medium size businesses. Effective Monday 23 March 2020, credit criteria applies.
  • 4% interest rate reduction on unsecured lending term loan for new and existing customers, effective Monday 23 March 2020.
  • 2% interest rate reduction on overdrafts for new and existing customers, effective Monday 6 April 2020.
  • 1% interest rate reduction for small business cash-based loans, effective Monday 6 April 2020.
  • Term Deposit special offer of 1.7% p.a. interest for 12 months for personal, business and SMSF customers (up to $500,000 per customer). 
  • Merchant terminal rental fee refunds for three months.
  • Helping small and medium businesses take advantage of the increased instant asset write-off and accelerated depreciation provisions in the Federal Government stimulus package with no establishment fees for equipment finance loans until the end of June 2020.

In addition to tailored support for small businesses, financial support may be available for home lending and savings. Find out more

Please note: the deferred payment period commences from when you submit the application. By submitting the application form you are agreeing to have your payments deferred. Once we have received your request to defer your Home Loan repayments, your application will be referred to our Customer Assist team for processing. They may be in touch directly if they require additional information. 

Where we initiate Direct Debit payment to the account, we will attempt to cancel these, please advise us as soon as possible if payments continue to occur, so that we can rectify this promptly. Please note, if we do a Direct Debit after you have opted-in to the offer, we will refund it.  Where payments are initiated by other institutions (for example, 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 is not possible, we will apply them to your loan balance.

The payment deferral will be applied to all your eligible loans with St.George. This includes all eligible business lending products for you and any small businesses linked to your customer profile (for example, where you might be a director of the small business).

The terms and conditions of your business lending products will continue to apply, including events of default outlined in our contract.


Important information

Terms and Conditions apply. 

** Eligibility conditions apply.

*Please read the Online Banking Terms and Conditions, or Phone Banking Terms and Conditions, at before making a decision and consider whether either of these products are right for you.

^If your St.George account is compromised as a result of internet fraud, we guarantee to repay any missing funds, provided you comply with our Online Banking Terms and Conditions.

1. Interest capitalised.