More banks offer loan repayment relief

Karyn Starmer4 April 2020
Bendigo Bank Relationship Manager Canberra, Bryan Dacey

Bendigo Bank Relationship Manager Canberra Bryan Dacey said financial assistance packages are now available for all of their affected customers. Photo: Supplied.

More Australian banks are now offering home and business loan relief to assist both personal and business customers affected by COVID-19.

Initially, relief packages were offered only by the ‘big four’ banks, but more Australian Banking Association member banks have now agreed to participate, including AMP Bank, Bank Australia, Bank of Queensland, HSBC, Macquarie Bank, Suncorp Bank, and Bendigo and Adelaide Bank.

Bendigo Bank Relationship Manager Canberra Bryan Dacey said financial assistance packages are now available for all of their affected customers nationwide.

“We are not leaving our customers to fend for themselves, we are here to help our customers get through this,” Mr Dacey said.

Personal customers are being offered packages that include home loan relief for up to six months, fee waivers and discounted interest rates on new personal loans.

Affected customers are also able to apply for a temporary overdraft up to $1000 for a maximum of 31 days to help customers pay short-term bills or meet immediate financial needs.

Small business relief packages will allow for the deferral of principal and interest repayments for loans to small businesses impacted by the COVID-19 pandemic. At the end of the deferral period, businesses will not be required to pay the deferred interest in a lump sum. Either the term of the loan will be extended or the level of loan repayments will be increased.

“If customers require assistance, we are encouraging them to contact their local business relationship manager. This package will provide relief and allow them to keep employing their staff,” Mr Dacey said.

“This is why community banking exists. We can streamline approvals and get you the support you need as soon possible. Anyone in isolation or working from home can access all our services online, they do not need to go to a branch. We can also make sure income support and other payments made by the Government are processed as quickly as possible.

“The government is allowing individuals in financial stress to access up to $10,000 of their superannuation. We can work with our administrator to ensure a smooth process for people to access their super balances,” Mr Dacey said.

The Bank is currently working through the details of the Government’s latest stimulus package, the SME Guarantee Scheme loans (up to $250,000). Further details will be provided as soon as they are available.

More information for affected customers visit Bendigo Bank.

Original Article published by Karyn Starmer on The RiotACT.

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