5 February 2019
Customers affected by the recent floods in Queensland or bushfires in Tasmania are able to access assistance from their bank, which can include deferred loans payments, waiving fees and charges and assisting with debt consolidation.
CEO of the Australian Banking Association Anna Bligh said Australia’s banks understand that these events can be devastating and stand ready to assist where possible for any customer affected by the recent natural disasters, including flooding in Queensland and bushfires in Tasmania.
“Whether it’s floods, drought, bushfires or any other times of hardship Australia’s banks stand ready to help their customers through a difficult time,” Ms Bligh said.
“Customers affected by the Queensland floods around Townsville, fires in Tasmania or other natural disasters should contact their bank to access the help available.
“Banks have dedicated hardship teams ready to assist, however it’s important that customers contact their bank directly to flag they are experiencing hardship,” she said.
ABA member banks offer a range of services to help customers who have been affected by natural disasters or other circumstances outside their control.
These can include:
• A deferral of scheduled loan repayments
• Waiving fees and charges, including break costs on early redemption of Farm Management Deposits
• Debt consolidation to help make repayments more manageable
• Restructuring existing loans free of the usual establishment fees
• Deferring interest payments on a case-by-case basis
• Offering additional finance to help cover cash flow shortages
• Deferring upcoming credit card payments
• Increasing emergency credit card limits
• Waiving early termination fees for customers who wish to access their term deposits.
ENDS
Contact: Rory Grant 0475 741 007
Latest news
Tom Connell Those people with a home loan who have had a fixed rate are getting a shock as they come off that fixed rate. Often as low as two percent and onto the new variable rate that can be as high as six or even seven percent. So how is that affecting people out… Read more »
Australians facing difficult financial decisions are being reminded to get in touch with their bank and get the support they need to keep repayments on track. The Australian Banking Association (ABA) is extending its ‘don’t tough it out on your own’ campaign which was launched last year, with a further round of advertisements to run… Read more »
Steve Austin Well as you know, the Commonwealth Government has made it clear they consider access to cash a priority for the Australian economy and the country’s largest banks, as well as Coles, Woolworths, companies like Wesfarmers and Australia Post have been trying to put together a short term lifeline for Armaguard, who’s the company… Read more »