Banks on high alert: This is not over yet
Jul 16, 2021 – 2.26pm
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Australia’s biggest banks are poised to scale up their response to the delta outbreak if the situation deteriorates with the sector ready to ramp up support and seek further concessions from the regulator if required.
Bankers are carefully watching the situation that has led to 12 million people being locked down for any sign it may be extended, triggering the need for contingency plans designed for nationwide stay-at-home orders.
Bendigo and Adelaide Bank’s Marnie Baker is conscious that the situation is moving fast.
Bendigo and Adelaide Bank chief executive Marnie Baker is among those keeping a close eye on developments with Australia’s equal sixth-largest lender cautiously optimistic about the small increase in customer enquiries.
Mortgage Business
Home loan deferrals included in banks’ COVID support By Sarah Simpkins 12 July 2021
The banks have launched an extended national relief package for businesses and consumers hit by COVID-19 restrictions, including support around home loans.
Big four and non-major banks have expanded on their existing COVID support measures, as the NSW government declared stricter lockdown measures on Friday (9 July), including limiting Sydney residents’ movements to a 10km radius of their home and restrictions on shopping.
The lockdown, initially set to a two-week term, was extended by another week to its new deadline of Friday, 16 July.
In Darwin and Alice Springs, lockdown restrictions lifted on Friday afternoon, while Melbourne residents saw eased limits on Friday morning.
Date Time
Banks offer certainty to small businesses impacted by lockdowns
The Australian Small Business and Family Enterprise Ombudsman Bruce Billson has welcomed the banks’ ongoing efforts to support small businesses impacted by COVID-19 lockdowns.
The Australian Banking Association says banks will defer loan repayments for small businesses affected by lockdowns throughout Australia for three months.
“This is a positive initiative that will help many struggling small businesses stay afloat in these challenging times,” Mr Billson says.
“The banks’ commitment to support small businesses through this period is highly valued and is the kind of a key support element that could be incorporated into an agreed predictable and known national framework of support.
Department of Customer Service
The NSW Government’s plan to transition conveyancing into the digital age will culminate on 11 October 2021 with the commencement of new legislation that will allow for 100% electronic lodgment of land transactions, moving away from paper-based processes.
The Real Property Amendment (Certificates of Title) Act 2021 makes several amendments to legislation, importantly allowing for the abolition of certificates of title (CTs) and progressing NSW to 100% eConveyancing.
The Registrar General has announced the abolition date for paper CTs as 11 October 2021. Implementation of the Act on the same date will allow the NSW Government to close the last of the remaining paper lodgement channels so that all transactions requiring registration must be done via eConveyancing.