Australian banks have hardship teams ready to help to deal with the impact of the COVID-19 pandemic (and/or drought, bushfire or flood.)
The type of assistance will depend on individual circumstances, including:
- 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.
COVID-19: small business relief FAQs
courtesy of the Australian Banking Association
- Who is the small business relief package available to?
- How can my bank help me exactly?
- Does this apply to sole traders?
- How do I get the assistance?
- What is the definition of a small business?
- Can a business borrow money at this time?
- What evidence will I need to prove I’ve been impacted by COVID-19?
- Can I get help with my mortgage?
- Can I get help with a credit card or personal loan?
- If I defer my repayments will it affect my credit rating?
- I’m nervous about telling my bank I’m in trouble.
Your bank wants to partner with you through this difficult time.
If you are worried, it’s very important that you contact your bank as soon as possible. The earlier you contact your bank the more assistance they will be able to provide.
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