Covid Chaos - We're here to help...
In the midst of all the uncertainty and chaos, I wanted to simply touch-base and shed some light on what some of Australia's banks and financial institutions are putting in place to assist clients.
Although we don't have any control of the current Covid-19 Pandemic, we do have control over providing you with the options available for reassurance, peace-of-mind and relieving any impending financial burden or hardship.
Banks Providing Support to Customers
The banks recognise the uncertainty as the nation responds to the challenges posed by the coronavirus. They have promised to stand by customers affected by the coronavirus crisis.
- Branches remain open for business.
- Implementing measures to protect the safety of customers and staff.
- Assisting those customers who may be unfamiliar with digital banking.
- Committed to processing loans quickly and efficiently.
- Hardship relief support (eg. loan repayment deferral, rate reductions)
Businesses are also receiving strong support for those business loan customers that are eligible. The measures available from many lenders include;
- Fee-free redraws
- Deferral of business loan repayments by up to three months
- Extension of business loan terms by up to three months
- Restructure and consolidation of existing loans
- Early access to term deposits
- Deferral of business credit card repayments
- Access to business financial counselling
Some lenders have gone so far as to say they would provide any necessary financial support for business customers experiencing hardship due to COVID-19. This includes suspending repayments, providing early access to term deposits without incurring break fees as well as providing access to additional credit.
How can we help you?
If you are feeling any current or impending financial burden, please reach out and give us a call. My team and I are here to help anyway we can. We can assist by contacting the lender on your behalf to find out what your options may be with regard to hardship entitlements, such as loan repayment deferral and loan extensions.
- Has your situation changed? How can I help you navigate any tough times?
- Understand your rights under your mortgage for such things as 'repayment holidays' or 'hardship entitlements' when in times of distress or default.
- Repricing to see if your current lender can offer you a better deal.
- Understand your redraw facilities. What is or is not available and what other access to credit do you have?
- Make use of your offset accounts to reduce interest costs and store any excess funds.
- Possibly reduce your repayments back to the minimum if you are paying more than required (a temporary strategy).
If you would like to have a chat about your available options via phone or video chat, simply click the button below.
I wanted to share that whilst I am still happy to meet people face to face, my business is covid-capable, and isolation-enabled. That is to say, it’s business-as-usual and if you need us, we are here for you. You don’t need to wear a mask, load up on hand-sanitiser or leave your house to get help or even get a loan approved. We can hold our discussions via video or phone, collate all details via our Online Fact Find system, and can sign documentation online using e-Sign.
Please don't sit in the isolation of your home or work-place stressing about what may happen. Let me provide you with some options and then you can make an informed decision which will provide you with the peace-of-mind you need at this crazy time.