Your Business Angels - Banks coming to the party – check your bank out

Banks coming to the party – check your bank out


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.

Serviced by related company Fresh Number Pty Ltd

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