Car Accident & Workers Compensation Experts

COVID-19 Support from the Banks

April 7, 2020
Where to go for help if you can't meet your loan repayments Our friends over at PT Partners have provided some very useful information regarding banks and how they are working with their customers to provide support through the COVID-19 pandemic. This is on the back of a range of measures announced by the government as part of their Coronavirus Stimulus Package, including: Loan Repayment Relief Banks will defer loan repayments for six months for small businesses who need assistance because of the impacts of the coronavirus. SME Loan Guarantee Scheme The Government will establish the Coronavirus SME Guarantee Scheme which will support small and medium enterprises (SMEs) to get access to working capital to help them get them through the impact of the Coronavirus. Under the Scheme, the Government will guarantee 50 per cent of new loans issued by eligible lenders to SMEs. The Government’s support will enhance lenders’ willingness and ability to provide credit to SMEs with the Scheme able to support $40 billion of lending to SMEs. Low Cost Loans from Smaller Lenders $15 billion in stimulus investment will be made available to enable small banks and non-banks to supply low-cost loans to customers and small business. This will enable customers of smaller lenders to continue to access affordable credit. Strategies for dealing with your bank Personal and business customers should consider making the following requests of their bank: deferring principal reductions; and pausing asset finance repayments immediately; and moving home loans to interest only, or pausing principal and interest repayments; and amending or deferring conversations surrounding covenants / conditions, or having covenants waived altogether. Importantly, the time to act on this is now to preserve flexibility moving forward, remembering that whilst planning for the worst and hoping for the best, the ability to be be able to grow profitably on the other side is something that can be planned for now. Links for the major banks and their COVID-19 support packages are as follows: Macquarie https://www.macquarie.com/au/personal/coronavirus CBA Home Loan https://www.commbank.com.au/latest/support-for-home-loan-customers.html Business https://www.commbank.com.au/latest/coronavirus.html?ei=anch_CTA ANZ Home Loan https://www.anz.com.au/personal/home-loans/your-loan/covid-19/ Business https://www.anz.com.au/promo/covid-19/ Westpac Home Loan https://www.westpac.com.au/help/disaster-relief/coronavirus/?pid=iwg:sc:COVID-19_2003:tile:car_per Business https://www.westpac.com.au/business-banking/small-business-relief/.html NAB Home Loan https://www.nab.com.au/personal/customer-support/covid19-help/home-owners-support Business https://www.nab.com.au/personal/customer-support/covid19-help/business-support Suncorp https://www.suncorp.com.au/banking/covid19-information.html BOQ https://www.boq.com.au/help-and-support/assistance This article was originally published via PT Partners and has been used with permission. Read more

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