Don’t tough it out on your own: contact your bank if you’re in financial difficulty
17 July 2021
Australian banks are ready to assist their customers affected by tightened lockdowns in New South Wales and the reintroduction of restrictions in Victoria.
A range of support measures are available for businesses, sole traders and households, including loan repayment deferrals.
“As the lockdowns get worse, customers can rest assured that their bank will have their back”, said Australian Banking Association CEO Anna Bligh.
“Today’s announcement in NSW means more businesses, construction workers and tradies will be unable to work in the coming weeks. If they are struggling financially, the best thing they can do is call their bank.”
“Throughout the pandemic, Australian banks have worked with Government to support those most affected. They’re determined to see customers through the worst”, Ms Bligh said.
On July 8, the ABA announced a national support package for all small businesses and home loan customers significantly impacted by current lockdowns or recovery from recent lockdowns, irrespective of geography or industry.
On application, the support includes:
Business banking repayment deferrals:
- Up to 3 month repayment deferrals, with loan terms extended accordingly
- Offered to all small business customers (business lending less than $3m and a turnover of less than $5m), which includes up to 98% of small businesses
- Only for loans in good standing (i.e. repayments up to date or engaged in a payment program with their bank)
Everyday banking support
- Refunds of merchant terminal fees for up to 3 months
- Waiving of fees and notice periods on Cash Deposit and Farm Management Deposit accounts for up to 3 months
Home loan support
- Range of support measures, including deferrals on a month by month basis
- Available to both individual and business customers
“Australia has witnessed a phenomenal shift in customer banking and payment preferences in recent years,” ABA CEO Anna Bligh said.
The RBA continues to address the nation’s inflation challenge with today’s 0.25% increase in the cash rate target, to 4.10%.
Australian banks today launched a new digital platform that will facilitate the quick reporting of fraudulent payments en route or transferred to another bank.