Banks stand ready to help cattle farmers affected by floods

8 February 2019

Queensland cattle farmers affected by flooding are being urged to contact their banks, who have special teams ready to help and provide a wide range of assistance.

As announced earlier this week banks stand ready to assist customers affected by Queensland floods, bushfires in Tasmania and other natural disasters through arrangements such as deferred loan payments, waiving fees and charges and assisting with debt consolidation.

CEO of the Australian Banking Association Anna Bligh said Australia’s banks stood ready to help farmers, including cattle farmers, who have been devastated by floods over the last few days and urged anyone needing assistance to contact their bank directly.

“After suffering through an extensive drought, many Queensland Cattle farmers have now been cruelly devastated by these floods,” Ms Bligh said.

“Banks stand ready to help cattle farmers and others affected by these floods and other natural disasters through deferred loan repayments, waiving fees and other arrangements.

“Banks have dedicated hardship teams ready to assist, however it’s important that customers contact their bank directly to flag they are experiencing hardship,” she said.

ABA member banks offer a range of services to help customers who have been affected by natural disasters or other circumstances outside their control.

Services on offer to customers who have been affected by natural disasters or other circumstances beyond their control can include:

  • A deferral of scheduled loan repayments
  • Waiving fees and charges, including break costs on early redemption of Farm Management Deposits
  • Debt consolidation to help make repayments more manageable
  • Restructuring existing loans free of the usual establishment fees
  • Deferring interest payments on a case-by-case basis
  • Offering additional finance to help cover cash flow shortages
  • Deferring upcoming credit card payments
  • Increasing emergency credit card limits
  • Waiving early termination fees for customers who wish to access their term deposits.

ENDS
Contact: Rory Grant 0475 741 007

Latest news

1 / 3
Media Release
Banks stand ready to help customers impacted by bushfires
11 November 2019

Australians facing financial difficulties as a result of fires raging across New South Wales and Queensland are being encouraged to contact their bank for assistance when they are able to do so. CEO of the Australian Banking Association Anna Bligh said that banks have hardship teams ready to assist customers affected by the fires.  … Read more »

Read more
October 2019 Newsletter
28 October 2019

On 17 October the ABA and a coalition of eight advocacy organisations held the Parliamentary Launch of the #StopElderFinancialAbuse campaign. The ongoing campaign has been run together with our partners Bauer Media, publisher of well known magazines such as the Australian Women’s Weekly.

View online
Media Release
One step closer to protecting older Australians
17 October 2019

The Stop Elder Financial Abuse campaign today held a Federal Parliament launch to brief Members and Senators on the actions needed to tackle the growing problem. Speaking at the launch Attorney General Christian Porter announced his plan for the next Council of Attorneys General meeting to set baseline standards of a national model of Power… Read more »

Read more