Bank in promise to extend support

BENDIGO and Adelaide Bank has announced further support for customers financially impacted by COVID-19.

Under the next phase of support, unveiled by the Australian Banking Association, the bank’s consumer, business and agribusiness customers who are experiencing reduced incomes or extended financial difficulty may be eligible for a further deferral period of up to four months. Customers who can restart paying their loans will be required to do so after the six-month deferral period.

The bank will continue to work with customers during their deferral period.

For customers eligible for a further deferral, the bank will ensure appropriate and tailored arrangements are agreed before the deferral period comes to an end.

At the end of the deferral period, where customers cannot resume making repayments at the amount previously required, alternative arrangements will be worked through with each customer. This could include extending the length of the loan, converting temporarily to interest-only payments, consolidating debt or a combination of measures.

Managing director Marnie Baker said taking a personalised approach ensured better outcomes.

“Ultimately, we want to support customers to make full, regular loan repayments and it’s in their best interests to do so as soon as possible, so they can strengthen their financial wellbeing,” Ms

Baker said.