Major Banks Offer Loan Deferrals and Fee Exemption to Incarcerated Sydneysiders

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NAB’s corporate and private banking group director, Andrew Irvine, urged concerned customers to call their investment banker or his helpline to work out plans.

“Our bankers will work with clients to understand their individual situation, what pressure they are under and how we can then tailor support specifically to them,” said Mr. Irvine.


Major Banks Offer Loan Deferrals and Fee Exemption to Incarcerated Sydneysiders

Ghost Town: Sydney CBD on Saturday. Getty Images

The banks reminded corporate customers in need of credit that they could continue to access low-cost financing through the government aided SME loan recovery scheme.

Commonwealth Bank CEO Matt Comyn said measures had been taken to support customers in need of assistance, including short-term deferrals.

“Our teams are here to help them and can tailor solutions to their different circumstances,” he said.

“We are here to help anyone who needs support during this latest difficult time. …We know this shutdown will have an impact on business in Sydney and we’ve spoken to our customers to understand if they need help.

“Our corporate customers have shown great resilience during the pandemic and we are committed to doing what we can to help them through this lockdown period and beyond.”

CBA said it would consider repaying trading terminal fees for up to 90 days and waive fees and cancellations on cash and farm management deposits for eligible customers.

Westpac said it would consider reduced or deferred repayments on asset and equipment financing and eligible business loans and could restructure business loans without charging additional fees.

ANZ group executive of retail and commercial banking Mark Hand said the latest lockdown will “have a major impact on our customers in and around Sydney” and “like the lockdowns we’ve seen in other states, we know it could take some time. take time for the real effects to be felt by families and businesses”.

Banks hope the economic impact of Sydney’s two-week lockdown will be short-lived, amid concern on Sunday that the virus could spread to other states through an infected flight crew member.

David Plank, ANZ’s head of economics, pointed to ANZ-Roy Morgan’s consumer confidence data and ANZ spending data, both of which indicate the economic impact of temporary lockdowns is fading rapidly.

“This has been the case with Melbourne’s latest lockdown and we think it will probably be the same for Sydney’s lockdown if it’s only a few weeks,” said Mr Plank.

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