Major banks offer loan deferral and reduced fees to Sydney residents

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NAB Business and Private Banking Team Leader Andrew Irwin urged concerned customers to call their business banker or hotline to discuss plans.

“Our bankers will work with clients to understand their individual situation, the pressures they are experiencing, and how we can tailor support specifically for them,” said Mr Irwin.

Ghost Town: Sydney CBD on Saturday. Getty Images

Banks have reminded business clients in need of a loan that they can continue to attract cheap financing through government-backed SME loan collection scheme

Commonwealth Bank CEO Matt Comin said steps have been taken to support clients who need help, including short-term repayment deferrals.

“Our teams are ready to help them and can adapt solutions to their different circumstances,” he said.

“We are here to help everyone who needs support during this difficult time. … We know this isolation will affect the Sydney business community, and we spoke with our clients to see if they needed help.

“Our business clients have shown great resilience during the pandemic, and we are committed to doing everything we can to help them during this period of isolation and beyond.”

The CBA said it will consider reimbursing terminal fees for up to 90 days, as well as waiving fees and deadlines for notifying cash and farm management deposit accounts to eligible clients.

Westpac said it will consider reduced or deferred disbursements for asset and equipment financing and eligible business loans and may restructure business loans without incurring additional fees.

ANZ Group Leader for Retail and Commercial Banking, Mark Hand, said the latest lockdown “will have a big impact on our customers in and around Sydney” and “like the locks we’ve seen in other states, we know what could happen behind for some time before the real effect is felt by families and businesses ”.

Banks are hoping that the economic impact of the two-week lockdown on Sydney will be short-lived. fears that the virus could spread to other states on Sunday via an infected flight crew member

ANZ chief economist David Planck pointed to ANZ-Roy Morgan consumer confidence data and ANZ spending data, which show that the economic impact of temporary freezes is rapidly fading.

“This was the case with the last blockade in Melbourne, and we believe that the same will probably be the case with the blockade in Sydney if it only lasts a few weeks,” said Mr Planck.

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