As Australia moves to respond to the emerging global COVID-19 crisis, IBA wants to assure our customers that we are doing everything we can at this time to assist you and keep our operations running as smoothly as possible.
We know that many of you will be facing uncertainty and economic hardship now and in the coming months and our teams are hard at work looking for ways we can assist at this time.
IBA HOME LOAN CUSTOMERS
We are reducing our interest rates for all IBA home loan customers to a maximum of 2.99% per annum from 9 April 2020 for an initial 6-month period to be reviewed in the coming months. This applies to all IBA home loan customers irrespective of whether you are currently in hardship.
This will allow many of you to reduce loan repayments to help ease the pressure of the current crisis. If you currently pay less than the new interest rate, you will remain on your lower rate for this period. Home loan customers will receive a letter from the IBA Homes team providing further information about the interest rate changes and any repayment changes.
Further to this interest rate reduction, if you are an IBA home loan customer and are having difficulties meeting repayments due to the current COVID-19 situation, please contact our IBA Homes team on 1800 064 800. IBA has a range of provisions in place for our home loan customers facing financial hardship including postponing repayments for a period of time.
IBA BUSINESS CUSTOMERS
For IBA customers who have a start-up package, business loan or equipment finance product through IBA and have currently been significantly impacted by the COVID-19 situation, you will be able to apply for the following assistance:
- Deferral of business loan and lease payments for an initial four-month period
- Waiver of interest on business loans and leases for an initial four-month period
- Special assistance for customers experiencing hardship, including loan restructuring, reassessment of loan terms and assistance accessing other federal, state and territory government stimulus packages.
To apply for this assistance, please contact your relationship manager so they can begin undertaking an assessment of your situation. Contacting your relationship manager directly will be the quickest way for us to respond to your enquiry.
We know this is a rapidly changing situation and we are also working on further measures to support Indigenous businesses with access to advice, working capital and other support, to be announced shortly. Please stay tuned for more information.
WE’RE HERE TO HELP YOU
IBA is working closely with the NIAA and other Government agencies and sector participants to ensure we have a coordinated approach to assisting Aboriginal and Torres Strait Islander individuals, families, communities and businesses.
We note that circumstances will continue to change in the coming weeks and months and we will continue to update you with further information about how we can assist you during this time.
Finally, as with many organisations around the country, IBA has transitioned our 14 offices to remote working arrangements to support the health and wellbeing of our staff, customers and the community around us.
We remain open for business and want to assure you that we are doing everything we can to maintain services for our customers at this time. We greatly appreciate your patience while we adapt to these new conditions.