Don’t tough it out on your own
17 October 2022
The Australian Banking Association today said 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. It is a terribly difficult time right across Australia’s east coast but particularly for people in Victoria, Tasmania and western NSW,” Chief Executive Officer, Anna Bligh said today.
“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 CEO Anna Bligh
“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,” 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 3 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
“Since the Banking Code was first introduced in 1993, the process to independently review the Code has continued to deliver improvements.”
“A number of our banks actually have maternity leave lending products that are specific to people on parental leave, paid and unpaid, to help them through, what as I said, can be a difficult time.”