Sydneysiders currently locked down at home due to Covid-19 could be better supported financially through a national package that will be available to all small businesses and home loan customers.
The Australian Banking Association announced the support package on Friday for customers affected by continuing COVID-19 lockdowns or those recovering from recent lockdowns.
Possible support under the scheme includes business banking repayments being deferred for up to three months, with loan terms extended accordingly.
Merchant terminal fees can also be refunded for three months, and fees and notice periods on Cash Deposit and Farm Management Deposit accounts can also be waived.
Home loan deferrals are also possible on a month by month basis.
While the Australian economy was in “good shape”, ABA chief Anna Bligh said recent lockdowns could take their toll and recovery could be slow.
“Customers can rest assured that if they need help, they will get it. Your bank will help you find a way through, don’t tough it out on your own,“ she said.
“This pandemic demonstrates why strong and stable banks are so important for the nation’s economy.
“Banks are ready to do whatever they can to shield their customers from the impact of these recent lockdowns.”
Ms Bligh said the supports could also be accessed by larger businesses on a “case-by-case basis”.
The ABA are “urgently” seeking re-authorisation by the ACCC, which is needed to provide the package.