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see what’s happened in the Australian banking sector
Australia’s banks supported their customers as the country entered the COVID-19 pandemic and they continue to support them on the way out. As the initial wave of 6-month loan payment deferrals come to an end, banks have begun to contact customers for their 6-month assessment and to discuss the next stage of support and assistance. … Read more »
The temporary introduction of COVID-19 related measures such as electronic mortgages, witnessing a document over video call and signing documents electronically should be made permanent to save time, money and hassle for Australian customers. A coalition of associations including the Australian Banking Association, the Business Council of Australia, the Australian Institute of Company Directors,… Read more »
Banks have deferred the repayments of one in fourteen mortgages totalling more than $150 billion to assist Australians through the COVID-19 pandemic.
Australia’s banks deferred an extra 100,000 loans, this week, including approximately 50,000 home loans, to help customers through the COVID-19 Pandemic. Total number of loans deferred is now at least 643,000.
Since the start of the COVID-19 pandemic, banks have provided an estimated $6.8 billion of deferrals and more than $45 billion in new loans.
Currently there are over half a million Australian bank customers who actively use a passbook account or transaction account with no linked debit card.
“Australia’s banks are right behind efforts to open up the economy in the coming weeks, when healthcare authorities say it’s safe to do so.” – Anna Bligh
Today the Treasurer met with the CEOs of ANZ, NAB, Westpac and the Commonwealth Bank who agreed to bolster their efforts to prioritise any business needing funding to bridge the gap until the first Jobkeeper payments are made in May. It was agreed special hotlines would be set up to help manage the applications from… Read more »
“Banks stand ready to throw a lifeline to businesses across the country who are doing it tough through this COVID-19 crisis.”
Australian Banking Association CEO Anna Bligh said the Code would give important guidance for all parties on managing a difficult issue for retail landlords, tenants and banks throughout the COVID-19 pandemic.
If a customer is granted a deferral on their mortgage and other credit products because of COVID-19, banks will report customers as not having missed a repayment.
Commercial landlords can get debt relief from their bank, if they don’t terminate leases or evict current tenants for rent arrears due to COVID19.
Today’s announcement by the Federal Government of a second stimulus package, which includes an SME Guarantee Scheme and direct cash grants, will help keep businesses open and save jobs, building on the measures already announced by banks on Friday. The SME Guarantee Scheme which allows for further funds to be injected into small business will… Read more »
Bank response to coronavirus stimulus package: “Australia’s banks are strong, stable and open for business, including for any company wanting to take advantage of initiatives in the Government’s stimulus package.”
Changes to the Banking Code of Practice as recommended by the Royal Commission will go live tomorrow.
““These changes to the Code are in addition to a number of actions already taken by banks as a direct result of the Royal Commission”, ABA CEO Anna Bligh.