By Alice Uribe
According to the Australian Banking Association, banks are seeking urgent clearance from the Australian competition regulator for a renewed loan deferral program amid the worsening Covid-19 epidemic in Sydney.
The national package would be available to borrowers heavily affected by the current lockdowns or the recovery from recent lockdowns, regardless of geography or sector.
Australian banks had largely reduced loan deferrals that were introduced in 2020 during the Covid-19 outbreak, but their comeback comes as Sydney grapples with the infectious strain Delta.
“This pandemic demonstrates why strong and stable banks are so important to the country’s economy. Banks stand ready to do everything possible to protect their customers from the impact of these recent lockdowns,” said the CEO of the country. ‘ABA, Anna Bligh.
For home loans, there will be a range of support measures, including deferrals on a monthly basis, and up to 98% of small businesses will be able to access three-month repayment deferrals, with extended loan terms. Consequently.
The ABA said this would only apply to loans with up-to-date repayments or on a payment schedule. “Banks are also ready to support big companies and they will be assessed on a case-by-case basis,” the ABA said.
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