The “national support package” – available to anyone impacted by current lockdowns or recovery from recent lockdowns – includes up to three-month repayment deferrals, including an extension of loan terms and home loan support.
“While we know that the Australian economy is in good shape, we also know that recent lockdowns have taken their toll on customers and the recovery can be slow”, ABA chief executive, Anna Bligh, said.
“Banks also stand ready to support larger businesses and they will be assessed on a case by case basis.
“Customers who need support should contact their bank.
“Customers can rest assured that if they need help, they will get it. Your bank will help you find a way through, don’t tough it out on your own.”
The package is subject to reauthorisation by ACCC, who told InvestorDaily that they were notified of the conditions this week.
“The ACCC was notified under the authorisation of the relief measures announced by the ABA on 8 July 2021,” a spokesperson said.
“The current authorisation expires on 14 August 2021 and the ACCC will consider any future application to extend this authorisation.”
Neil Griffiths
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
