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
“The Australian Banking Association (ABA) welcomes the agreement reached today on the proposed safeguard mechanism reforms, given it paves the way for the passing of a critical piece of legislation for Australia.
“This is about engaging with the entire banking ecosystem in order to ensure the accessibility of the sector’s services are best serving our diverse community now, and into the future.”
“What is underpinning this bank failure is a number of things, but not least of all, it’s a very niche bank with high exposure to one part of the economy. And that’s the part of the economy that’s been quite volatile and troubled”