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Author: Greater Bank

Greater Bank to extend loan repayment deferrals

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Greater Bank has confirmed that it will, on a case by case basis, offer to extend loan repayment deferral arrangements for customers impacted by the COVID-19 global pandemic in line with yesterday’s announcement by financial regulator, Australian Prudential Regulation Authority (APRA).

Since the onset of the pandemic in March, Greater Bank has provided support to around 1600 personal and business customers and is now working with them to determine if an extension or new deferral is required in line with their current circumstances.

Any extension will cover a maximum period of 10 months from the start of a repayment deferral, or until 31 March 2021, whichever comes first.

Greater Bank CEO, Scott Morgan, said that while the pandemic conditions in NSW and Queensland have improved in recent weeks, many customers are still feeling the financial impacts.

“Given the continued uncertainty in the community, particularly in light of what’s happening in Victoria, it’s important that customers know that we will continue to support them though this crisis,” Mr Morgan said.

“We hope this loan repayment deferral extension will provide some level of comfort for those customers who have already been impacted.

“We also understand that people’s financial circumstances can change quickly in the current environment. As such, I encourage anyone who is struggling to meet their financial commitments due to COVID-19, to contact us so we can work with them through the crisis.”