THE Australian Banking Association says banks stand ready to support Australian communities hit by rain and devastating floods.
“We know more rain is on the way and this event has already affected many tens of thousands of Australians,” ABA chief executive Anna Bligh said.
“It is a terribly difficult time for those in regional areas affected.
“The message from banks is clear: don’t tough it out on your own, call your bank as soon as you are able to, they are ready to help.
“Banks have very experienced hardship teams.
“They’ve worked with families who have experienced floods before and have a range of very practical measures to support people to get through these experiences.”
ABA member banks offer a range of measures to help customers affected by natural disasters.
Depending on individual circumstances, assistance may include:
• A deferral of scheduled repayments, on home, personal and some business loans, for up to three months.
• Waiving of fees and charges, including for early access to term deposits.
• Debt consolidation to help make repayments more manageable.
• Restructuring existing loans free of the usual establishment fees.
• Offering additional finance to help cover cash flow shortages.
• Deferring upcoming credit card payments.
• Emergency credit limit increases.
