If you have business lending up to a limit of $10 million, you can ask to defer your repayments for six months.
If you defer your loan repayments, the interest will be capitalised. This means that the interest you’d have normally paid during the deferral period continues to accrue and is added to your outstanding loan balance, to be paid after the deferred period. In turn, it means your outstanding balance will increase, and you’ll pay more interest over the life of the loan.
As an example, if you have a loan for $300,000 with 20 years remaining at 3.5%, you would pay an additional $11,735 in interest and have your loan extended by 13 months. The actual cost to you will depend on your own individual circumstances.