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The National Australia Bank LTD announces sweeping support package for business and personal customers.

Key notes

  • National Australia bank ltd – Home loan customers experiencing financial challenges will also be able to pause their repayments for up to six months.
  • National Australia bank ltd – NAB will cut 200bps from rate on new loans.
  • National Australia bank ltd – Will reduce variable rates on small business loans by 100bps, effective March 30.
  • NAB – Business customers experiencing financial difficulty can defer payments on range of floating & variable rate business loans for up to 6 mths.
  • National Australia Bank announces reductions of up to 60bps to fixed rate home loans.
  • RBA offers to buy up to A$5 bln of government bonds in first round of QE

  • Australian Banking Association are to unveil relief plan at 11:00 local time (00:00GMT)

  • AUD/USD falls 1% in early Asia