All major banks, and the Australian Banking Association are currently providing structured financial support for most businesses.
Typically, these measures include:
- Deferral of principal and interest loan repayments for six months.
- Reduced interest rates.
- Increased access to credit.
- Waived fees and charges.
- Debt consolidation to help make repayments more manageable.
Most of the banking initiatives require you to *opt in*. Consequently, you should speak with your banking relationship manager to confirm your bank’s specific initiatives and eligibility criteria, and to obtain copies of the terms and conditions.