BANKS EXTEND DEFERRALS ON BUSINESS LOANS

The Australian Banking Association has announced that banks will be extending deferrals of business loans for customers with reduced incomes and ongoing financial difficulty due to COVID-19. The ABA said affected customers will be contacted as they approach the end of their deferral period, to ensure that wherever possible they can return to repayments through a restructure or variation to their loan. However, the ABA said the deferral extension of up to four months will not be automatic, and will be provided to those who genuinely need some extra time, and that customers will be expected to work with their bank, during this extra time, to find the best solution for them. Read more HERE.