Although we know that the Australian economy is in relatively good shape, the current lockdown situation, following previous disruptions does take its toll on customers and as a result, recovery can be slow.
Therefore, thankfully, the Australian Banking Association has declared that they will support both Australian businesses and customers suffering as a result of closed businesses and reduced hours.
There is no need to tough it out on your own and if you are finding your situation difficult, your bank has ways to help you get through it. By assessing your situation on a case by case basis, whether you be an individual, a small business or a larger scale one, options will be made available to ensure that the necessary lockdowns do not pose a significant and lasting detrimental impact on your financial wellbeing.
Irrespective of where you are living and working in Australia, we urge you to feel comfortable with contacting support either directly with your bank or by talking to a financial advisor such as one of our accounting specialists at Glance to discuss your current situation, forecast your future prospects and potentially pivot to make positive change.
You may be made aware of packages that are available to you through the government or relief can be offered to you by your bank to provide respite as lockdowns continue for the wellbeing of the health system and our communities.
Support from banks include business banking payment deferrals, which can extend for up to 3 months and is available only to loans that are good standing. Some 98% of small businesses can receive this support, designed for those borrowing less than $3 million with a turnover of less than $5 million.
Everyday banking support and home loan support is also available to both individual and business customers which include refunds of merchant terminal fees for up to three months, waiving of fees and notice periods and home loan deferrals on a month by month basis, depending on your situation.
Speak up and receive the support that is available to you so that you do not need to suffer through any detrimental financial impacts that the lockdowns may otherwise impose on you and your business.