Bank support to flood impacted Kimberley region

The Australian Banking Association said banks are ready to support communities impacted by flooding in the Kimberley region.

WA emergency services described ex-tropical cyclone Ellie as producing the worst flooding ever seen in the region. There has been significant damage to properties and businesses, and challenges in evacuating locals to safety.

Chief Executive Officer, Anna Bligh said, “This weather system has affected many in the region and banks stand ready to support impacted communities and businesses. Our message to those experiencing these challenging times is ‘don’t tough it out on your own’. When you can, call your bank if you are in financial difficulty, they are ready to help.”

“Banks hardship teams have experience working with those impacted by floods and can assist with a range of practical measures to support people to get through,” Ms Bligh said.

Depending on individual circumstances, ABA member banks offer assistance to help customers including:

• 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

“Our thoughts are with emergency services, those lending support to others and the entire Kimberley region”, said Ms Bligh.