Don’t tough it out on your own
3 March 2022
Australia’s banks have announced options to defer loan repayments for up to 3 months for those customers affected by the flood disasters in NSW and Queensland.
Australian Banking Association CEO Anna Bligh said: “As people affected by these terrible floods start the long, slow recovery, this will give some financial peace of mind”.
“Loan deferral or reduced repayment arrangements for home, personal and some business loans are being offered across individual banks”.
“Customers are encouraged to talk to their bank, as soon as they are able, and find out what assistance is available to get them through this tough time”.
“Once the worst of the emergencies are over and the clean-ups begin, we want Australians who have been impacted to know their bank is ready with tailored support to assist as they recover,” Ms Bligh said.
“The message from banks is clear: don’t tough it out on your own, call your bank, they are ready to help”.
ABA member banks offer a range of measures to help customers affected by natural disasters.
Depending on your 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.”