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.
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“Australian banks are certainly better equipped now than they were in the GFC. They’ve got 2 to 2.5 times the capital reserves put aside for a rainy day than they had in the GFC”
“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.”