Banks to stand by landowners who stand by tenants

Australian banks are extending six month payment deferrals to include businesses with loans up to $10 million which will cover “98 per cent of the business book of Australian banks,” according to Australian Banking Association CEO Anna Bligh. The new measures also include commercial landowners and are inclusive of mortgages as thousands of Australians are facing financial crises amid the coronavirus pandemic. Ms Bligh told Sky News the banks’ decisions means the deferral payments now extend to a “much larger category of businesses who between them employ approx. 1.5 million Australians”. Banks have an expectation from landowners that “if you do the right thing by your tenants, then the bank will do the right thing by you,” she said. “I think most Australians would expect that if landlords are being given relief that some of the benefit of that needs to flow on to their tenants. “This is about making it possible for banks within their regulatory requirements and affordable for customers when they need help.”

from National | Daily Telegraph https://ift.tt/2UKOXgr