Banks continue to support FNQ flood recovery efforts

The ABA is reminding customers across North and Far North Queensland that they don’t have to tough it out on their own, as they continue to recover from February’s severe flooding event.

ABA CEO Anna Bligh recently met with Queensland’s State Recovery Coordinator Andrew Cripps to discuss how banks can assist customers facing financial difficulty in the aftermath of the floods.

Ms Bligh said banks would continue to standby individuals, businesses and communities as they start to get back on their feet.

“We are acutely aware that the recovery and rebuild from the floods in North and Far North Queensland will take months, if not years,” Ms Bligh said.

“With financial stress adding to the burden of recovery, banks have highly experienced specialist teams ready to assist with any financial concerns or enquiries customers may have.

“There are a range of support options that customers can access from repayment deferrals through to loan restructuring to help them get back on their feet.”

“I encourage those who are facing financial difficulty to reach out to their bank as soon as possible to see what tailored assistance can be put in place.”

Depending on individual circumstances, banks may be able to assist with:

• customised arrangements or deferrals of upcoming credit card payments or loan repayments
• temporary overdrafts or emergency credit limit increases
• restructuring of existing loans
• waiving or refunding fees and charges
• offering additional finance to help cover cash flow shortages.

For more information: www.ausbanking.org.au/natural-disaster-assistance/