Announcements by financial institutions
Temporary reductions in interest, suspension of loan repayments, waivers of fees and improved access to new borrowings are available in many instances and we recommend clients consider taking advantage of these concessions based on their circumstances.
We have provided an overview of the key announcements and links to support packages from the major banks which you can navigate using the links on the left. This list is not exhaustive and other financial institutions will have additional announcements and measures in place. Every financial institution will also continue to apply their own Financial Hardship policy as well as the new temporary measures.
Whether your bank is listed here or not, we recommend you get in touch with your contact at your financial institution and investigate the options available to you as an individual or as part of your business strategy to support operations and boost your business’s contingency reserves at this time.
UPDATE 28 APRIL:
Australian Banking Association has compiled a list of the banks' dedicated hotlines for JobKeeper loans. If your business needs funding to bridge the gap until the first JobKeeper Payment, please contact your bank using the number on the list.
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The content of this newsletter is general in nature. It does not constitute specific advice and readers are encouraged to consult their Ruddicks adviser on any matters of interest. Ruddicks accepts no liability for errors or omissions, or for any loss or damage suffered as a result of any person acting without such advice. This information is current as at 26 March 2020, and was published around that time. Ruddicks particularly accepts no obligation or responsibility for updating this publication for events, including changes to the law, the Australian Taxation Office’s interpretation of the law, or Government announcements arising after that time.
Any advice provided is not ‘financial product advice’ as defined by the Corporations Act. Ruddicks is not licensed to provide financial product advice and taxation is only one of the matters that you need to consider when making a decision on a financial product. You should consider seeking advice from an Australian Financial Services licensee before making any decisions in relation to a financial product. © Ruddicks 2020