Major Bank Assistance Packs for COVID-19
In these challenging times, Healthcare Finance remains committed to assisting and supporting our clients and their families in their time of need.
You may be aware that most Banks have a range of support and assistance packages available to small businesses and individuals. Many of you may have Vehicle loans, Equipment loans, Goodwill / Business loans, Overdrafts Commercial property or Residential property Mortgages. You may find value in familiarising yourself with the assistance packs your Bank is offering. I encourage you to apply for the support you need.
Financial Assistance – What options are available?
Assistance arrangements cover the time between when your circumstances change and when you can start repaying your debts in full or varied as agreed. In most cases, people just need some temporary help to get them through the tough times.
The arrangements available will depend entirely on your personal circumstances and financial situation. But some measures may include:-
- Deferring or reducing loan repayments (up to 6 Months)
- Restructuring and consolidating loans
- Altering loan repayments to interest-only
- Changing limits on lines of credit (e.g. credit card)
- Waiving certain fees and charges
- Waiving penalties for early withdrawal of a term deposit
- Freezing loans in exceptional circumstances.
- Providing a moratorium on collections action
- Providing alternative banking arrangements.
When considering the type of assistance that might be appropriate, lenders will assess your situation and consider your specific circumstances. Expect Credit decisions to be on a case by case basis. The major Links are below.
Please feel free to reach out to me if I can offer more personalised advice. I am at your service and here to help. Stay well & Stay safe.
Steve Daley – CEO, Healthcare Finance Pty Ltd