ANZ has announced its continued support for customers experiencing financial difficulties due to COVID-19. The bank plans to work with these customers to restructure loans and, in some cases, extend existing deferral periods.
Since March 2020, ANZ has provided repayment deferrals on over 100,000 home, personal, small business, and commercial accounts. The bank is currently assessing the ability of each affected customer to resume loan repayments.
For those still facing financial hardship due to the pandemic, ANZ will offer loan restructuring options and may extend repayment deferrals by up to four months. Customers who have not been financially impacted by COVID-19 will need to start making normal repayments after their six-month deferral period ends. Those yet to apply for loan repayment deferrals can still access the original support package.
ANZ Chief Executive Officer Shayne Elliott stated: “Our primary focus through COVID-19 has been to do all we can to help our customers manage the economic impact of the pandemic."
He acknowledged recent challenges in Victoria but assured that support would continue across Australia. Elliott encouraged customers uncertain about their future or struggling financially to contact the bank for assistance.
Elliott also noted that many customers' incomes were less impacted than initially thought, allowing them to resume repayments. "There are however many customers on deferrals that remain in a difficult situation and we will work through a range of measures including restructuring loans and in some circumstances extending deferral periods," he added.
The Australian Prudential Regulation Authority confirmed that additional deferrals within the agreed industry framework would not require extra capital from banks.
Further information and contact details are available on ANZ's dedicated site at anz.com.