After a period of some form of 'new normal' business operations, the majority of Australian states are concurrently experiencing serious COVID-19 outbreaks, some of the more concerning Delta variant. Situations that have resulted in a lockdown and stay at home orders being put in place from coast to coast. The situation is extremely fluid and volatile with uncertainty prevailing as to whether these lockdowns will need to be extended and expanded or if they will be effective in containing the outbreaks.
Many businesses are being impacted by the health orders to varying degrees but support is available for eligible operations from both the federal and state governments and from lenders. While the situation is unfolding and changing on a daily and pre-press conference basis, we have swiftly compiled this information as it stands to assist our truck loan customers with the initial planning. We will stay across developments especially from our lenders and our Jade Truck Loans team is available to take your call with any specific queries in relation to your existing, in process or upcoming truck loan.
Support from Lenders
Although our specific individual banks and lenders are yet to inform us of their arrangements regarding support, reports indicate that major banks are already committing to assist loan customers facing hardship due to lockdown orders.
CBA, Westpac, NAB, and ANZ are among the first to issue statements outlining their intentions to provide tailored solutions for their loan customers. The relief offered will vary and be subject to specific criteria, but it may involve options such as deferring or rescheduling payments, including those for truck loans, as well as potential reductions or waivers of certain fees.
We anticipate that other banks and our non-bank lenders will also unveil support packages, given the widespread impact of the current lockdown, especially affecting millions of individuals in Greater Sydney.
Government Support Measures
Individuals suffering hardship due to COVID-19 lockdowns can access support payments via the My Gov system, subject to criteria. These payments fall under disaster payments similar to those in the event of floods, bushfires and other disasters.
During localized lockdowns, state governments typically offer assistance to businesses affected by the restrictions. Currently, with Greater Sydney in a 14-day lockdown, the NSW Government has introduced support measures in the shape of grants tied to reduced turnover. These grants will become accessible from 19 July, and they extend to businesses across all of NSW, not solely confined to hotspots.
Similarly, Western Australia (WA) and the Northern Territory (NT) have also undergone brief lockdowns. Businesses within these states should refer to the appropriate official websites to access specific details about available support measures.
It's important to emphasize that individuals and businesses need to proactively apply for these support payments. The forms of assistance can vary and encompass both cash-based grants and loan options.
Current Truck Loan Holders
If your business is being adversely affected by lockdown orders and you currently hold a truck finance arrangement, it's crucial to take proactive measures. Instead of neglecting loan repayments with the assumption that the situation will resolve itself, it's advisable to reach out to your lender as the first step. Ignoring repayments could result in undesirable consequences, potentially impacting your credit profile in the long run. Such an outcome could have lasting repercussions on your business's financial well-being.
By promptly and directly addressing the issue with your lender, you may be able to prevent these negative outcomes. As witnessed during the 2020 crisis, when numerous banks granted loan deferrals, such actions didn't have negative repercussions on credit profiles.
Moreover, considering the ongoing uncertainty stemming from the COVID-19 pandemic, businesses repeatedly affected by successive lockdowns might consider reviewing their existing truck loan. Specifically, you could explore avenues to reduce your monthly finance payments, thus easing cash flow constraints and providing your business with much-needed financial flexibility.
A restructuring of an existing loan can be achieved through refinancing your truck loan. This involves us establishing a new loan to replace the existing truck loan. It can be with the same type or different finance product and at a different repayment level and over a different loan term. Cheap interest rates still apply. While loan establishment and payout costs would apply, the longer-term benefits may be positive for your business. If this is of interest to you, speak to us about a quote.
New Truck Loan Applications
Jade Truck Loans continues to operate smoothly and without disruption during lockdown periods, just as we adeptly managed the challenges posed by the 2020 coronavirus crisis. Our business seamlessly functions within a contactless fintech framework, enabling us to provide uninterrupted service to clients seeking various types of truck loans.
- If you have recently requested a truck loan quote or submitted a loan application to Jade Truck Loans, your loan will be processed as per our normal procedures. Settlement is handled on a contactless basis so delivery of your new truck should not be delayed by the loan process.
- If the lockdown circumstances raise the necessity to reassess a loan application, contact us to discuss pausing or postponing your application.
- If you have plans to purchase a new truck, our truck loan services are available. Contact us via phone or online for a quote.
- You can also use our online truck loan calculator to compare repayment options.
Support from Jade Truck Loans
Our team continue to deliver cheap truck loan deals in and out of lockdown scenarios, Australia-wide. If you are in lockdown and considering a new truck purchase, use the truck finance interest rate table to help assist with comparing different options across multiple banks and lenders to find the best truck loan rates.
We continue to stay across this crisis situation and will advise regular updates.
Contact 1300 000 003 for a quote on a truck loan to suit your business situation.
DISCLAIMER: THIS INFORMATION IS ISSUED PURELY FOR THE PURPOSE OF GENERAL INFORMATION PROVISION. IT IS NOT TO BE TAKEN AS THE ONLY SOURCE OF INFORMATION FOR BASING FINANCIAL DECISION-MAKING. THOSE REQUIRING FINANCIAL GUIDANCE AND ADVICE SHOULD CONSULT WITH THEIR FINANCIAL CONSULTANT OR ADVISOR. NO LIABILITY IS ACCEPTED FOR ANY MISREPRESENTATION OF POLICIES, DATA OR ERRORS IN THIS CONTENT.