COVID-19 – Major Banks Respond: Home Loans, Business Loans & Equipment Finance – 26 March 2020

Last week the Australian Banking Association announced that following consultation with regulators, a relief package for small business customers (SME’s) will be made available, which will include the suspension of loan repayments for 6 months.

The relief package will apply to more than $100bn of existing SME loans, and depending on customer take-up, is estimated to put as much as $8 billion back into the pockets of businesses.

Since then there have been a number of updates come out from Lenders with regard to the support available for home loan and business customers affected by COVID-19. At this stage, the information is still only available at a high level – we expect the finer details to be released over the coming week.

We have provided two updates for you – one for home loan and/or investment loan clients and one for business clients.

A number of banks are changing their positions on a daily basis, so please email us for the up to date information and how to obtain any financial assistance from banks where we can.

We have summarised below, the current support available from the major lenders, and note that most smaller lenders and non-banks are still in the process of finalising their support packages.

This does not include the Government announced SME loans that was announced Sunday 22 March 2020 (details available here).

We will continue to keep clients updated as any new information comes to hand.

We are asking all of our finance clients who have a business loan or a home loan, or car loans or anything to contact us. All businesses will be affected by COVID-19 and we can assist with any bank negotiations. We want to make sure all the terms and conditions are reviewed and understood before any new agreements are entered into.

Click here to see the Home Loans update table

Click here to see the Business Loans & Equipment Finance table