Australian banks will defer loan repayments for small businesses affected by COVID-19 for six months.
Assistance can include:
- A deferral of scheduled loan repayments
- Waiving fees and charges
- Interest free periods or no interest rate increases
- Debt consolidation to help make repayments more manageable.
Mortgage and support from Banks:
- Australian Banking Association has links to Covid-19 help for each bank. To go straight to your bank go to the Australian Banking Association’s page here and click on your bank’s logo.
- Bank responses regarding Covid-19 have also been put together in a document you can download
For their home loan customers who have been granted a six month home loan deferral, they will make a one-time payment to offset interest on interest costs during the six month deferral period.
They also understand some of their customers have been unable to make their minimum credit card repayments in March. They’ll automatically be refunding the late fees and interest for any customers who were unable to make their minimum repayment in March.
Customer owned banking
Support available from customer owned banking.