GREAT BOUNCE INDEED FOR BPT....
Good to see the banks doing their bit for small businesses and the people..... NOT
https://www.news.com.au/finance/business/coronavirus-small-businesses-defer-loan-repayments-for-6-months-anna-bligh-says/news-story/0b13c4832ec30a45b71ced3958932857
Albeit they will still accrue interest on the loan and then add it on top of amount owed on the loan. The next month you will accrue interest on the loan, interest on the unpaid interest and that months interest and so on it goes. All the while the value of you business or your home is reducing because we are in a recession.
This sort of BS marketing by the banks sure is good for the banks but not for small business or Australian home owners..
Even better imagine you own a small business and have your home mortgage with them as well... After 6 months... If you survive that long...they take it all because the value of your property drops by 10 to 20 in the recession and they now say you are over leveraged and must sell your home to pay back the debt on your business or vice versa....
The best part... By deferring payments at all.. you lock in the higher interest rates on your loan so that even if rates come down further as the economy tanks you cannot take advantage of it.
GLTAH and DYOR
GREAT BOUNCE INDEED FOR BPT....Good to see the banks doing their...
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