Mar 25, 2020 / News

COVID-19

Banks announce Small Business Relief Package

Following the RBA's announcement to cut the cash rate to a record 0.25%, and the subsequent announcement to set up a $90 billion term funding facility for banks to use to support SME clients, the Australian Banking Association has announced a small business relief package from Australia’s banks.

This includes Australian banks deferring loan repayments for small businesses affected by COVID-19 for six months.^[1]

If your small business has been impacted by the COVID-19 pandemic and lockdowns, contact your bank today.  Assistance can include:

• 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

Click your bank to find out more about their offering:

• AMP
• Arab Bank Australia Limited
• Bank Australia
• Bank of Melbourne
• Bank of Sydney
• BOQ
• Bank SA
• Bankwest
• Bendigo Bank
• Citi
• CommBank
• HSBC AU
• ING
• Macquarie
• ME
• MyState Bank
• NAB
• Rural Bank
• Rabobank
• St.George
• Suncorp Bank
• U BANK
• Westpac

We’re here to help

This might also be an opportune time for you to review your loans, please contact Grantley Stevens or your Nexia Edwards Marshall Adviser to discuss.  At Nexia Edwards Marshall, our free mortgage broking service, Flinders Lending Pty Ltd, is ready to help you and your business by conducting fee-free reviews to identify potential interest rate savings or other benefits relating to your loans.

[1] Australian Banking Association, https://www.ausbanking.org.au/banks-small-business-relief-package/

The material contained in this publication is for general information purposes only and does not constitute professional advice or recommendation from Nexia Edwards Marshall. Regarding any situation or circumstance, specific professional advice should be sought on any particular matter by contacting your Nexia Edwards Marshall Adviser.