With Greater Sydney now in lockdown, all non-urgent construction has been put to a halt until at least July 30, 2021. The construction industry employs almost 250,000 people in Sydney alone, and it’s not just the builders affected. An estimated 150,000 businesses are involved in the construction sector, and all of them will be closed during this period, unlike last year. CBA has extended a no-evictions pledge until February 2022 to all its customers that the COVID-19 lockdown has negatively affected. The bank will not evict customers from their homes until then. To be eligible for this support, customers will need to have a year of timely repayments to this point. Westpac also announced it will offer its existing small business customers relief in the form of an interest-free overdraft facility. They can now access up to $15,000 for six weeks to fill urgent needs for access to cash. Many other banks are willing to help customers as well. The CEO of the Australian Banking Association, Anna Bligh, suggested that the best thing to do if you’re struggling financially is to call your bank and ask about their mortgage relief options. Here are some common mortgage relief options provided by lenders in light of recent lockdowns:
With Greater Sydney now in lockdown, all non-urgent construction has been put to a halt until at least July 30, 2021. The construction industry employs almost 250,000 people in Sydney alone, and it’s not just the builders affected. An estimated 150,000 businesses are involved in the construction sector, and all of them will be closed during this period, unlike last year. CBA has extended a no-evictions pledge until February 2022 to all its customers that the COVID-19 lockdown has negatively affected. The bank will not evict customers from their homes until then. To be eligible for this support, customers will need to have a year of timely repayments to this point. Westpac also announced it will offer its existing small business customers relief in the form of an interest-free overdraft facility. They can now access up to $15,000 for six weeks to fill urgent needs for access to cash. Many other banks are willing to help customers as well. The CEO of the Australian Banking Association, Anna Bligh, suggested that the best thing to do if you’re struggling financially is to call your bank and ask about their mortgage relief options. Here are some common mortgage relief options provided by lenders in light of recent lockdowns: