Messages from Senator the Hon Michaelia Cash
If your small business has been impacted by the coronavirus pandemic and lock downs, contact your lender.
Australian lenders have hardship teams ready to help. If you’re dealing with the impact of the COVID-19 pandemic, or drought, bushfire or flood, there are practical ways your lender can help. The type of assistance will depend on individual circumstances.
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.
Hardship contact details can be found below
What are some hardship assistance options?
Hardship arrangements cover the time between when your circumstances change and when you can start repaying your debts in full or varied as agreed. In most cases, people just need some temporary help to get them through the tough times.
The arrangements available will depend entirely on your personal circumstances and financial situation. But some measures may include:
• deferring or reducing loan repayments
• restructuring and consolidating loans
• altering loan repayments to interest-only
• changing limits on lines of credit (e.g. credit card)
• waiving certain fees and charges
• waiving penalties for early withdrawal of a term deposit
• freezing loans in exceptional circumstances, such as after an emergency event or natural disaster
• providing a moratorium on collections action
• providing alternative banking arrangements.
When considering the type of assistance that might be appropriate, lenders will assess the situation on a case-by-case basis and consider your specific circumstances.
Updated 9 April 2020