30 March 2017
Sydney, 30 March 2017: Queensland residents impacted by Cyclone Debbie are encouraged to contact their bank to access emergency support, such as a suspension of loan repayments or fee waivers.
Australian Bankers’ Association Executive Director – Retail Policy Diane Tate said: “In a time of crisis people will rightly turn to their bank for support. We want everyone impacted by the cyclone to know their bank has programs in place to help them.
“Bank customers affected by the cyclone should get in touch with their bank to learn about the support packages that are in place.
“The packages vary, but all seek to ensure people affected by the cyclone can continue to meet their financial commitments while they rebuild,” Ms Tate said.
The type of assistance offered by banks will depend on each customer’s circumstances and needs, but typically include:
- Suspending home loan or credit card repayments
- Waiving charges associated with withdrawing term deposits early
- Emergency accommodation assistance, and
- Waiving fees related to restructuring business loans.
The contact details for banks’ financial hardship teams can be found here.
Contact: Stephanie Arena 0477 470 677 or Nic Frankham 0435 963 913
Access to credit opens up opportunities and fulfills aspirations. Getting it right requires the right balance between consumer protections and the flow of credit.
Interviewed by AM’s Peter Ryan, ABA CEO Anna Bligh talked about the substantial drop in loan deferrals since their peak during the pandemic, falling from 900,000 to 300,000.