Banks to offer assistance to Victorian customers

Australian banks are ready to assist their customers affected by the extended lockdown in Victoria. “Banks know that these lockdowns can have devastating consequences, especially for small businesses”, says Australian Banking Association CEO Anna Bligh on the ABA website. “The message from banks is clear: don’t tough it out on your own. Call your bank. They will do whatever they can to help.”

According to the ABA,A number of support measures are available and banks are urging customers in hardship to get in touch. The type of assistance offered will depend on individual circumstances, but can include:

  • Adjustments to loan repayments
  • Waiving fees and charges
  • Interest free periods or no interest rate increases
  • Debt consolidation to help make repayments more manageable

“Banks were in a strong position to help millions of customers through 2020. They stand ready to continue that support now, as Victoria grapples with the virus again,” says Ms Bligh.

The ABA says that customers who are worried about their finances can access the Financial Assistance Hub to understand the options that may be available to them in just three clicks, plus access to financial counseling and mental health resources.

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