So earlier in the week the reserve bank cut rates and banks are now looking at deferring loan repayments, including mortgages, waiving of merchant fees, overdraft fees etc.
So where will this leave an individual?
Though all banks are facing the same challenges with the uncertainty of the Coronavirus, we as a nation are still in a strong and stable financial system and though the economy is heading towards massive unemployment and a recession, the banks are at least providing assistance where it is needed in these trouble times.
At time of writing this blog post, changes are still being updated by the Prime Minister and Cabinet.
Check out this link where the banks are offering consumers support during this time. https://www.nab.com.au/personal/customer-support/covid19-help/business-support
Maree’s Mobile Bookkeeping | Over 20 years Bookkeeping experience | Qualified BAS Agent
M: 0429 363 047