COVID-19 response 20th March 2020
The Small Business Relief Package, announced by the Australian Banking Association today, will allow any small business and agribusiness customers, financially affected by COVID-19, to defer principal and interest repayments for six months. The Bank is encouraging any business customers who require assistance to contact their relationship manager to discuss options available to them.
The package is available to customers from Monday and the Bank will fast track approvals to ensure customers receive support as soon as possible.
In conjunction with today’s industry-wide announcement and other available industry assistance measures, the Bank is offering its normal hardship provisions, which is available to affected customers on a case-by-case basis. In addition to the deferral of principal and interest repayments for six months, this assistance includes:
- The waiver of fees for the restructuring or consolidation of loans
- The waiver of interest rate reductions for early withdrawals on term deposits prior to maturity
- The waiver or deferral of a range of fees and charges; and/or
- The deferral of interest payments or term extensions.
“It is critical to provide farmers with the dedicated and necessary support they need to manage through uncertain times. We are very aware that regional Australia has been hit hard by drought and bushfire in recent times, and we will continue to work with our customers on their long-term recovery. Our relationship managers, many of whom live in rural communities, continue to work closely with customers that require assistance,” said Rural Bank CEO, Alexandra Gartmann.
We encourage all our Rural Bank customers to speak to their relationship manager or contact the Rural Bank customer service team on 1300 660 115 for any assistance.
Source: Rural Bank