The big four banks are offering homeowners a pause on their mortgage repayments for at least six months.

NAB, Commonwealth, ANZ and Westpac have all announced separate measures to assist people impacted by the coronavirus crisis.

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NAB is immediately offering a six-month repayment holiday, as is Commbank.

ANZ is introducing a six-month pause, reviewable after three months, while Westpac is bringing in a three-month pause which is extendable to six for those who have lost their jobs.

The banks are expecting demand for the offers to grow in the coming weeks.

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Treasurer Josh Frydenberg heaped praise on the big four banks for “stepping up to the plate”.

As well as the raft of measures for mortgage repayments, they are deferring loan repayments by small businesses

“Today, the Australian banks have stepped up to the plate and are playing their part in Team Australia,” he told reporters in Canberra.

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“Their decision to defer payments by small businesses for six months will be a substantial boost to confidence and the spirit of millions of Australian small businesses.

“It’s a game changer and it’s part of our efforts with industry, with the states to build a bridge to the recovery, to the time after the global pandemic, the coronavirus, has hit.”