The Australian Banking Association says that banks are potentially waiving fees, adjusting loan repayments and more for Victorian customers and businesses hurting due to the pandemic and recurring lockdowns. Australian banks are ready to assist their customers affected by the extended lockdown in Victoria. “Banks know that these lockdowns can have devastating consequences, especially for small businesses”, says Australian Banking Association CEO Anna Bligh. The message from banks is clear: don’t tough it out on your own. Call your bank. They will do whatever they can to help.

The Association has also confirmed that a number of support measures are available, and banks are urging customers in hardship to get in touch. The type of assistance offered will depend on individual circumstances, but can include:

  • Adjustments to loan repayments
  • Waiving fees and charges
  • Interest-free periods or no interest rate increases
  • Debt consolidation to help make repayments more manageable

According to Ms Bligh, the banks are standing ready to continue to support customers as Victoria grapples with the virus again.  The ABA has advised that customers who are worried about their finances can access the Financial Assistance Hub to identify and understand the option that may be available to them, plus they can also access financial counselling and mental health resources.

Find out more about this: https://www.ausbanking.org.au/covid-19/