Invest
Banks extend financial assistance to flood-affected customers
A range of assistance is available from major banks to those impacted by flooding in NSW and Queensland.
Banks extend financial assistance to flood-affected customers
A range of assistance is available from major banks to those impacted by flooding in NSW and Queensland.
Flood-affected individuals will be able to defer loan repayments for up to three months as part of a range of financial assistance measures offered by Australia’s banks.
Australian Banking Association (ABA) CEO Anna Bligh said that the support aimed to provide some financial peace of mind to those impacted by flood disasters in NSW and Queensland as they face a slow road to recovery.
“Loan deferral or reduced repayment arrangements for home, personal and some business loans are being offered across individual banks,” said Ms Bligh.
“Customers are encouraged to talk to their bank, as soon as they are able, and find out what assistance is available to get them through this tough time.”
In addition to loan deferrals, members of the ABA, which include major and regional banks, may also offer to waive fees and charges, consolidate debt and restructure existing loans without establishment fees depending on an individual’s circumstances.
Other measures offered by the banks may include additional finance to help cover cashflow shortages, deferring credit card repayments and emergency credit limit increases.
“Once the worst of the emergencies are over and the clean-ups begin, we want Australians who have been impacted to know their bank is ready with tailored support to assist as they recover,” said Ms Bligh.
“The message from banks is clear: 'don’t tough it out on your own, call your bank, they are ready to help.'”
Westpac recently announced a $2 million fund for its small business customers affected by the floods which will provide a cash grant of $3,000 to cover urgent expenses and repairs.
The ABA has encouraged individuals to visit its website for more information on the financial assistance available.
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