Deferred bank loan repayments
Updated 30 March 2020 - Australian banks are now deferring repayments for six months on business loans up to $10 million
On 20 March 2020, banks announced they were deferring repayments for six months on small business loans up to $3 million. On 30 March they announced that they were extending this assistance to loans up to $10 million.
The assistance is available to businesses that advise their bank that are affected by the coronavirus.
Commercial landlords who get this assistance will have to agree not to evict tenants or terminate leases during the six months
The banks will defer principal and interest repayments for business customers with up to $10 million in total debt owed to credit providers. At the end of the deferral period, either the term of the loan will be extended or the level of loan repayments will be increased. Businesses will not have to pay the deferred interest in a lump sum.
For more information
For more information contact your bank.