In times of uncertainty it’s important that we all take measures to best protect ourselves. In response to the Coronavirus pandemic, the federal government has announced several measures to assist individuals and businesses get through this difficult time, but we also must individually take precautions in order to make it through this current setback.
As we begin to see the economic impact of this virus take hold with closures of businesses, various lenders have already begun writing to us advising us that they will no longer be lending to those employed within, or who operate businesses within, those sectors of the economy most severely and immediately impacted by the Coronavirus pandemic. The sectors that are impacted include:
- Tourism
- Hospitality
- Entertainment
- Retail
This means that for some of you who may be employed or operate businesses within these sectors of the economy, you may now find it challenging to obtain finance or to refinance existing debt. Please note, not all lenders have ceased lending to those employed in the above sectors, but it is an ever-evolving situation and changing by the day.
For all of you who currently have an existing home loan, commercial loan, business debt facility or other types of liabilities in place, the responsible and prudent thing to do is to have these credit facilities reviewed by a professional who can best guide you in the time of uncertainty. Any money that you can save at this time is very important. Cashback offers currently available in the market are also a welcome cash boost that can be spent on essentials.
Australian Loans Group is here to assist in this time heightened need. We have implemented measures to ensure business continuity so that we can be here for our clients. This includes conducting client meetings remotely via skype, facetime and zoom, rather than face to face and we are also working with our lender panel to ensure we are abreast of any policy changes enabling digital fulfilment of the loan process from application right through to settlement.