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Support During Covid-19

COVID-19 questions answered

FAQs

Yes. Banks are offering loans at very low interest rates, supported by the Government, through an SME Loan guarantee. Your business would still need to meet certain lending criteria set out by your bank.

Customers will self-assess whether their business has been adversely impacted, no further verification will be required.

Yes. Banks have hardship teams in place to assist people experiencing financial difficulty as a result of COVID-19.  Banks are offering customers the option to defer home loan repayments for up to six months. Contact your bank to discuss how they can help you.

If you have been impacted by COVID-19 and are experiencing hardship, banks can help. Assistance can include waiving fees, restructuring loans or other things to help get you through the pandemic. Check your banks website under ‘Hardship’.

As long as you were up to date on your payments before COVID-19 the deferral will not impact your record. This applies to deferrals on your mortgage or other credit products.

Banks don’t report information to credit bureaus about small business customers.

If you aren’t using your bank’s digital options, now is definitely the time to start!

All customers should be getting ‘digital ready’. This means if you have a smart phone, download your bank’s app and become familiar with how to use it. If you are unsure contact your bank who can help or ask a tech savvy friend to help walk you through it. 

Make sure to keep your log-in details and passwords safe and don’t share them with anyone.

If you have Consumer Credit Insurance (CCI) it may help cover your credit card, personal loan or home loan repayments. Whether or not you are eligible to claim a CCI benefit will depend on your individual circumstances, including the level of cover you have purchased and how your employment circumstances have changed. Insurers are assessing CCI claims on an individual basis.

If you are unsure whether or not you have a CCI policy, check your loan documents, or check with your lender who will have all of the details of any related insurance products that they arranged for you.

Support During Covid-19
Support During Covid-19

We’re here to help

Australian banks are open and here to help all their customers in this time of financial hardship.

Learn more