Financial Assistance Hub: find out more
7 June 2021
Australian banks are ready to assist their customers affected by the extended lockdown in Victoria.
A number of support measures are available and banks are urging customers in hardship to get in touch.
“Banks know that these lockdowns can have devastating consequences, especially for small businesses”, said ABA CEO Anna Bligh.
“The message from banks is clear: don’t tough it out on your own. Call your bank. They will do whatever they can to help.”ABA CEO Anna Bligh
The type of assistance offered will depend on individual circumstances, but can include:
- Adjustments to loan repayments
- Waiving fees and charges
- Interest free periods or no interest rate increases
- Debt consolidation to help make repayments more manageable
“Banks were in a strong position to help millions of customers through 2020. They stand ready to continue that support now, as Victoria grapples with the virus again”, Ms Bligh said.
Bank branches remain open as an essential service during the Victorian lockdown.
“This is about engaging with the entire banking ecosystem in order to ensure the accessibility of the sector’s services are best serving our diverse community now, and into the future.”
“What is underpinning this bank failure is a number of things, but not least of all, it’s a very niche bank with high exposure to one part of the economy. And that’s the part of the economy that’s been quite volatile and troubled”
The Treasurer has indicated that the federal government is closely monitoring the situation.