In this difficult period, each of the banks is committed to providing support to their clients. As such, Balanz recommends that our business clients:
- request deferral of principal reductions; and
- pause all asset finance repayments immediately; and
- move home loans to interest only or pause P&I repayments; and
- ensure covenants / conditions conversations are held for amendment / deferral / waiving of covenants.
Balanz is ready and able to assist clients to action the above.
NOTE: time to act on this is now to preserve flexibility moving forward. Remembering whilst we are planning for worst and hoping for the best, we need to all be able to grow profitably on the other side (and plan for that now).
Home Loan: https://www.commbank.com.au/latest/support-for-home-loan-customers.html
Home Loan: https://www.anz.com.au/personal/home-loans/your-loan/covid-19/
Suncorp (note at this stage nothing formal is available but they are assisting clients)
BoQ (note at this stage nothing formal is available but they are assisting clients