ABA chief executive Anna Bligh said with more rain expected over the coming days, banks are putting in place hardship teams to work with families and businesses with a range of practical measures to support people.
“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,” Ms Bligh said.
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 loan 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
Customers are urged to contact their banks as soon as possible to discuss which options may be most suitable to their needs in the current circumstances.
