As many Australians are being hit by natural disasters, we remind our clients not to tough it out on your own. As your equipment finance broker, we are here through thick and thin. Part of that service is assisting you during any disaster period and throughout the recovery process.
It is important to recognise your situation as soon as possible and start the conversation with your bank or broker as soon as you can. Thoughts on where you are situated financially, such as savings, cashflow in the short term and long term, expected timeframe until resumed trade for example, can assist in forward planning and negotiating with your lenders.
Many banks offer a range of measures to help customers affected by natural disasters. Depending on your circumstances, assistance may include:
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A deferral of scheduled equipment finance and business loan repayments
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Waiving of fees and charges, including for early access to term deposits
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Debt consolidation to help make repayments more manageable
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Restructuring existing loans free of the usual establishment fees
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Offering additional finance to help cover cash flow shortages
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Deferring upcoming credit card payments
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Emergency credit limit increases