Important information regarding COVID-19
Capital Finance Australia Limited is committed to supporting our business customers through these challenging times and will continue to be here to help as the COVID-19 situation evolves.
How we are supporting:
- Small and medium businesses can take advantage of the increased instant asset write-off and accelerated depreciation provisions in the Federal Government stimulus package with no establishment fees for equipment finance loans until the end of June 2020.
- Repayment relief for customers: Eligible Capital Finance Australia Limited customers who need help to manage their cash flow can defer repayments on vehicle and equipment finance1 facilities (Lease, Hire Purchase, Rental and Goods Loan).
Eligibility for payment relief
The deferred payment period applies to eligible business connections impacted by COVID-19:
- with total business exposure of less than $10 million per customer group; and
- where the business is operated in Australia with less than 20% foreign ownership; and
- for those customer's above $3 million total business exposure, with current facilities that have not been in arrears in the last 90 days.
Please note that:
- Interest deferred will be capitalised;
- Any current fixed rate period will also be extended by 6 months at that fixed term rate; and
- Your facility term will be extended by at least 6 months as a result of the deferral.
Please note: the deferred payment period commences from when you submit the application. By submitting the application form you are agreeing to have your payments deferred. Once we have received your request to defer your Equipment Finance repayments, your application will be referred to our Customer Assist team for processing. They may be in touch directly if they require additional information.
Where we initiate Direct Debit payment to the account, we will attempt to cancel these. Please advise us as soon as possible if payments continue to occur, so that we can rectify this promptly. Please note, if we do a Direct Debit after you have opted-in to the offer, we will refund it. Where payments are initiated by other institutions (for example, by direct credit from another financial institution or by direct credit from an employer), you need to cancel these to stop further repayments being made. We will endeavour to return these funds, if this is not possible, we will apply them to your loan balance.
The payment deferral will be applied to your eligible loans with Capital Finance Australia Limited. This includes all eligible equipment finance products for you and any small businesses linked to your customer profile (for example, where you might be a director of the small business).
The terms and conditions of your Equipment Finance product will continue to apply, including events of default outlined in our contract.
Terms and Conditions apply.
1. Interest capitalised.