Partner, Phillips Basile Equipment Finance remains open during these challenging times. They offer some great advice to businesses impacted by COVID-19, specifically for businesses who may find themselves in one of these situations:
1. You urgently need to defer your monthly repayments on some, or all of your current loans.
2. You don’t need assistance yet, however you may need it in the near future.
1. Immediate Loan Deferments
The good news, is that the majority of Australian lenders are offering loan deferments of up to 6 months.
If your loan is with ANZ, BOQ, Flexi Commercial or NAB, we can contact the bank on your behalf and handle this entire process for you.
Simply reply to this email with your instructions to proceed with these applications and we will commence this process immediately.
For loans with other lenders, we’ve prepared this document which clearly explains what is being offered along with links to begin the process. Link: http://pbef.com.au/pbef-lender-summary.pdf
For Commonwealth Bank customers: CBA is automatically applying a deferral period of 3 months (April, May & June) with an option for another 3 months later (July, August, September). More information on this can be found in our lender summary.
2. Your business is not yet in need of urgent deferral of your repayments but may be in the near future and want more information
Phillips Basile Equipment Finance are here to help you plan and action the deferral of your loans if the need arises. They will do this with careful consideration of the cost and importantly the potential impact that this could have on your future borrowing capacity.
Due to the enormity of the problem and need for urgent responses from the banks, the current bank support packages are very much a ‘one size fits all’ approach, and they can see it does not consider individual circumstances, both now and in the future. That is where Phillips Basile Equipment Finance comes in. They can work with you personally to understand your current plans and customise a strategy that works for your business.
In particular, those businesses who are likely to require additional or replacement assets in the next 6-12 months, it is essential that you speak to them now to ensure that your deferral strategy does not jeopardise the funding of these assets.
Please call or email us to get the ball rolling on this process, Phillips Basile Equipment Finance wants to hear from you.
Let Phillips Basile Equipment Finance help you as they can, as well as introduce you to their network of preferred partners that can assist with other business operations, such as accounting, business and personal insurance, mortgage brokers, equipment suppliers and communications.
For more information contact the team at Phillips Basile Equipment Finance on
[email protected] | 03 9988 1808