Like all responsible organisations, we have adopted best practice right across our network. We have worked quickly to change the way we operate, to meet the rapidly changing new normal, minimum community standards of conduct. Especially through our open homes and auctions: so many new things we are doing – contactless inspections, 1.5m spacing on every interaction…. all providing a safe yet still welcoming environment for our members and customers to interact.
We are showing that we can do all these things, while still creating competition and delivering outstanding results for our customers. Our auction stats just from the past two days alone are impressive with 174 properties scheduled with a 64% clearance – crowd sizes remain consistent for a mid-week event around 34 people yet bidders are actually a touch higher at 3.5 per property. In fact only four properties from across our whole group have been withdrawn over the last two days for whatever reason – so they are strong numbers in any market.
We are ready for a ‘new normal’ of operating, confident we can continue to be proud of the services we provide our customers.
Meanwhile the Australian Banking Association said banks will defer small business loan repayments for six months, an additional emergency measures to assist borrowers through the coronavirus crisis. In a move designed to keep a lid on unemployment, ABA chief executive Anna Bligh said it “could put as much as $8 billion back into the pockets of small businesses as they battle through these difficult times.”
Banks are also putting in place a fast track approval process so business customers receive support as soon as possible, the ABA said.
“There are many small businesses struggling with loan repayments, and this deferral will help them,” Ms Bligh said.
Banks will consider providing relief for mortgage holders if that becomes a problem, she added.
This new package will apply to more than $100 billion of existing small business loans, and it will go to any small businesses struggling as a result of Covid-19.