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Support for Australia's Small and Medium-sized Businesses

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Reliance Bank has today responded to the Australian Government’s Coronavirus SME Scheme with the following measures added to support Australian small and medium-sized businesses.

During the unprecedented COVID-19 pandemic, we understand the distressing times for businesses. We are always here to support you and your business, and in consultation with the Australian Government, we are pleased to announce a stimulus package that can help put the wind back in your sails.

Under the scheme, Reliance Bank will offer an unsecured 3-year term loan to all business customers with a turnover of less than $50 million. This offer will be available with a 6-month payment free option which will be capitalised at the end of the 6-month period. 

These loans will be offered to new and existing members at a variable interest rate and a minimum establishment fee of $500.

To get started or find out more, request a call back from one of our Lending Specialists or call 13 24 40 to arrange a discussion about your business needs today.

 

Credit eligibility criteria, terms and conditions, fees and charges apply.

These products are only available to approved business customers and for business purposes only. This offer is to assist with working capital and other cash flow requirements but cannot be used to refinance existing debt. Loan applications between $10,000 and $40,000 will be accepted for assessment, and applications above $40,000 will be determined on a case by case basis. View our current terms and conditions and consider them before making any decision about these products. For current interest rates, visit our website at www.reliancebank.com.au. Any advice or information on this site does not take into account your personal objectives, financial situation or needs and you should consider whether it is appropriate for you. Please review our Disclosure Documents before acquiring any product.

Reliance Bank is a division of Unity Bank Limited ABN 11 087 650 315 | AFSL/Australian Credit Licence 240399 

 

Delivering Safe Banking Services to our Members and Staff

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For 50 years, the wellbeing of our Members and staff have always been our top priority. As we face unprecedented responses from the COVID-19 (coronavirus) outbreak, our support and commitment to our Members and staff will not change. And as a mutual bank and a member of the Australian community, it is important we come together to support each other.

We would like to assure our Members that the Bank is prepared to make any necessary changes to support and protect them. We have implemented several actions to keep our Members, our staff and our wider community as safe as possible. 

We are monitoring the situation daily and following the advice of Australian Government Health authorities as well as applying governments restrictions that are currently in place. We will continue to assess and make any necessary changes, to ensure we can continue to provide safe banking services.

Helping you access your Bank

All our banking services will continue to operate as normal. If visiting one of our branches is not essential, you can still safely continue to bank with us through one of these channels.

  • Banking App – available on the App Store and Google Play
  • Internet Banking
  • Phone Banking

Please contact our helpful Member Services by email or phone if you need any assistance in accessing one of these channels or you are not sure how to use them.

Our branches and offices are being cleaned more than usual

We are taking extra steps to regulate cleaning and disinfection of all the high touch and high–traffic surfaces in our branches. 

Looking after our Members and our staff

  • Our staff have been provided with gloves when handling cash.
  • We have implemented social distancing of 1.5 meters 
  • For now, our Mobile Lenders will stop visiting members at home and at their workplace and instead will continue to provide consultations and service by phone and email.
  • We have ensured that our employees have the information they need to stay healthy, and the ability to stay at home if they are unwell in any way.
  • We have ceased business travel and face-to-face meetings, and instead use online or phone conferencing facilities where practicable.

Looking after you if you are experiencing financial difficulty

We have introduced a Financial Assistance Package for Members with any type of home loan, personal or car loan, overdraft or credit card and all commercial loans. If you wish to apply for financial relief, please complete our Financial Assistance online form and one of our friendly staff will contact you as soon as possible.

Keeping you up to date

We will provide further updates to Members if there are any significant changes in circumstances. Please visit our website for the latest news or follow us on Facebook (@RelianceBankAU) and Twitter (@RelianceBankAU).

Thank you for your continuous support

We would like to thank our Members for their continued support, showing understanding and giving positive encouragement to our staff members as they work hard to help the Members who are going through difficult times. 

If you have any questions, please contact us by email or phone 13 24 40.

 
 

Standing By You In Uncertain Times

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In these uncertain times, one thing is for certain, we’re here to support you. It’s what we have been doing for 50 years and will continue to do so through thick and thin. Today, we introduce additional measures to support individuals who are doing it tough and increasing our help to keep small businesses open so that they can keep their staff employed.

Relationship Rewards Program

The COVID-19 outbreak continues to rapidly change our way of living. To support Members who are increasing the use of their debit cards to make payments, we are increasing the number of free excess transactions by FOUR across all relationship tiers which will commence immediately for 6 months.

Relationship Tiers Current Free
Excess Transactions
Additional
Free
New Free Excess
Transactions
Members with a balance $10,000+ 13 4 17
Members with a balance less than $10,000 5 4 9
Retired Members 58 year or older
(who are registered with us)
12 4 16
All in One Loans 20 4 24
All in One Package Unlimited - Unlimited

You can avoid exceeding your excess transaction limit by doing one of these two simple alternative payment methods:

  1. Use one of our Mobile Pay Apps – Google Pay, Apple Pay or Samsung Pay. Just like how you use your Visa payWave debit card, you can use your smartphone for instant everyday transactions. It's easy to set up. Just download the app from your mobile app store and link your Visa debit card. Paying with your smartphone is secure and convenient. To find out more about our Mobile Pay apps, click here.

  2. Slot your Visa debit card into the EFTPOS machine and select 'Credit'. By choosing 'Credit,' your payments will be processed via the Visa network and will not be counted as an EFTPOS transaction.

Supporting Members with Deposits

We have increased our 12-month Term Deposit rate by 0.40% to 1.70% and our 6-month Term Deposit to 1.30% (for deposits between $50,000 and $300,000) in recognition that this low rate environment is hurting savers.

Supporting Businesses

We have reduced Commercial Loans rates by 0.20% and Overdrafts by 0.40%, effective from 1 April 2020. In addition, we are not charging any Monthly Service fees on any commercial loan for the next 6 months. These fee waivers will automatically be applied to all loans and are in addition to a range of measures below that are available to businesses facing difficulties.

Reliance Bank's Financial Assistance Package

A reminder that we are providing a Financial Assistance Package to help Members who are impacted by the COVID-19 coronavirus. We are providing immediate relief on all types of home loans, personal or car loans, overdrafts or credit cards and all commercial loan repayments.

Defer you Loan Repayments
Should you need financial assistance at this time, you can defer your loan repayments for an initial three-month period with a further three months available if you require it. It is important to note that whilst payments are deferred, interest on your loan will continue to accrue and will effectively capitalise. This means that at the end of the support period, your required repayment amount will increase so that you repay the total balance over the remaining loan term (including interest and charges added to the balance during the support period).

It is important to remember that if you defer your repayments you will pay more interest than you otherwise would. If you can recommence payments sooner, or are able to make lower payments, then it is in your best interests to do so as soon as your financial situation improves.

Converting to Interest Only
Consider whether converting your loan to an interest only loan is more suitable. Members in need of assistance can convert their principal and interest repayment loan to an interest only loan for up to 12 months. However, because you are only paying the interest only portion of the loan, you are not reducing the loan balance, which means you will pay more interest over the life of the loan.

Reducing your Loan Repayments
Reducing your loan repayments by extending the term of your loan. Remember, because you are paying your loan over a longer term, you will pay additional interest. So please consider making the maximum repayment that you can afford.

Redraw Facility
Accessing any additional money, you may have available to redraw in your eligible loan. Simply use online banking to transfer funds from your eligible loan into your savings account.

How to Apply
If you wish to apply for financial relief, please complete our Financial Assistance application form and one of our friendly staff will contact you to assist.

Other Changes

We have made some other changes to savings and term deposit rates which can be found here. New rates for term deposits took effect on 26 March 2020 and savings rates are effective from 1 April 2020.

   

Savings Interest Rate Changes effective 1 April 2020

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We are increasing our 12-month Term Deposit rate to 1.70% and our 6-month Term Deposit to 1.30% across the board. 

We are reducing interest rates for our Savings accounts including the Bonus Saver Account (S7) interest rate decreased by 0.50% to 1.10% (inclusive of the base rate plus bonus rate).

For more details, please see below our latest interest rate schedules.

 

Tap and Pay limit increased to $200 to help reduce COVID-19 transmission

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In a bid to reduce the spread of the coronavirus (COVID-19), the Australian Payments Network has temporarily increased the contactless card payment limit from $100 to $200 to reduce the need for you to enter your PIN on EFTPOS machines.

The increased limit is pragmatic and an important response to a changing environment. Consumers are buying more when shopping for essentials, less often. The new $200 contactless limit will mean fewer people need to enter their PIN on the payment terminal.

The new limit of $200 is expected to be progressively introduced across certain cards and at certain retailers, with major supermarkets expected to be among the first. It is also expected to apply for a three-month period, and will be extended, if needed.

For more information on the extra measures that’s currently in place to support Members, please go to reliancebank.com.au/standing-by-you-in-uncertain-times.html