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[av_heading tag=’h3′ padding=’10’ heading=’Banks have announced support measures to assist business customers who are financially affected by the coronavirus outbreak. ‘ color=” style=’blockquote modern-quote modern-centered’ custom_font=” size=” subheading_active=” subheading_size=’15’ custom_class=” admin_preview_bg=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”][/av_heading]
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The Australian Banking Association (ABA) announces six-month loan repayment deferral for small businesses.
Small business hit by the coronavirus will now be able to access a six-month deferral of loan repayments. The ABA have reported that banks are yet to see households going into mortgage stress as a result of the pandemic, so a directive with regards to household mortgages hasn’t been made – but the ABA will continue to assess the situation.
Some banks however have decided to take a proactive approach and pause repayments for home loan customers, and also cut fixed-rate home loans.
These initiatives are designed to provide immediate financial relief at this time of economic uncertainty – and include offers of loan repayment deferrals; deferral of principle payments (ie move to interest only for a period of time); waiving of establishment fees of equipment finance; faster lending decision times.
If your business has been adversely impacted financially, you may be eligible to access some of these measures. We suggest you reach out to your banking relationship manager to determine what support measures they can offer you. Below is an example of some support measures banks are putting in place to assist your business’ financial wellbeing at this time:
- Fee free redraws
- 6 month – Business loan deferred repayments – essentially extending the loan by 6 months
- Restructuring and consolidating loans
- Access to term deposit funds without reduction in interest rate
- Deferred payments for Business Credit Cards
- Business Financial Counselling access
- Merchant terminal rental fee waivers for up to 6 months
- $0 establishment fee for equipment finance loans
Additional resourcing and extended hours to ensure faster commercial lending decision
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