The Australian Banking Association has today announced further support for customers affected by continuing COVID-19 lockdowns or those recovering from recent lockdowns.
Australian Banking Association (ABA) CEO Anna Bligh said the package will help customers and businesses suffering as a result of lockdowns throughout Australia.
The national support package will be available to all small businesses and home loan customers significantly impacted by current lockdowns or recovery from recent lockdowns, irrespective of geography or industry.
On application, support includes:
Business banking repayment deferrals:
• Up to 3 month repayment deferrals, with loan terms extended accordingly.
• Offered to all small business customers (business lending less than $3m and a turnover of less than $5m), which includes up to 98% of small businesses.
• Only for loans in good standing (i.e. repayments up to date or engaged in a payment program with their bank).
Everyday banking support
• Refunds of merchant terminal fees for up to 3 months.
• Waiving of fees and notice periods on Cash Deposit and Farm Management Deposit accounts for up to 3 months.
Home loan support
• Range of support measures, including deferrals on a month by month basis.
• Available to both individual and business customers.
The package is subject to re-authorisation by the Australian Competition and Consumer Commission (ACCC) which the ABA is urgently seeking.
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