Considering the hiding they received from the Banking Royal Commission banks have quickly responded and have given a decent run down on what they can do for you. This anyway from checking out the big 4, but I also assume the smaller banks are doing the same.

They also seem to make it clear that they are backlogged with work so be patient. I even tried to call my own bank managers mobile (having a bank managers mobile is pretty rare thing yes!) and it said the message bank was full.

Anyway, many of you have options to defer a loan, your mortgage or whatever – but be strategic about it, it’s not so you can just have cash now – and spend it, because you are going to repay it down the line. It’s so you can put some cash aside in case it is needed over the next 6 months.

OK – if things are tight financially now for you it is time to ask for a deferment.

But if you can still pay your loans, we also suggest that you defer your loans and keep the money aside – it is going to get a lot tougher.

Having been sitting in level 4 in New Zealand all businesses are shut and that is dramatic. If in say 6 months you didn’t need it, well you have a lump sum to catch up.

Every case is different.

Again we say case by case, but we think it’s best to defer at this stage.