Banking Assistance

Last updated 1st April 2020

Banks are offering relief by way of payment deferrals, reduced interest rates, increased overdraft facilities, waiving of fees, restructuring of loans and / or loan extensions.

What is available

Australian Banks are currently offering personal, business and landlord assistance.

Personal assistance – banks are offering deferral of home loan repayments for 6 months. Depending on individual circumstances, help may include waiving fees, restructuring loans or other things to help you get through the pandemic. Anyone who is granted a six-month deferral will not have their credit rating affected. Read more from Australian Banking Association.

Business assistance – banks are allowing deferral of principal and interest repayment for all loans attached to business for 6 months. Interest will continue to be accrued and loans can be extended. To be eligible, businesses must have less than $10 million total debt to all credit providers. Participating banks are also offering loans, including overdrafts, at very low interest rates to help bridge the cash flow gaps. Read more from Australian Banking Association.

Landlord assistance – landlords complying with the code of conduct regarding moratorium on evictions will receive deferral of business loan repayments for six months. Read more from Australia Banking Association.

How to apply

Individuals in financial destress due to COVID-19 restrictions are urged to reach out to their financial institutions to assess what help is available to them.

Read more from the Australian Banking Association

Refer to ABJ Solutions Blog