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With interest rates rising again and cost pressures continuing to bite, both households and businesses are feeling the squeeze. The Australian Banking Association (ABA) is urging anyone under financial pressure to contact their bank sooner rather than later.
According to ABA CEO Simon Birmingham, banks have specialist support teams and a range of assistance measures available for customers facing financial pressure.
Support options available to businesses and households may include:
Switching to Interest-only repayments for a period
Deferring payments temporarily
Reducing or waiving fees if you can prove hardship
Restructuring or refinancing loans to reduce monthly repayments
Accessing savings and term deposit products to support short term cash flow needs
Applying for emergency credit limit increases or temporary overdrafts
Early conversations with your bank can help you access support before financial pressure escalates.
#accountant #cashflow #debt
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