fbpx
Click here for the latest banking information on COVID-19

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.  

“While the immediate concern for all is the safety of communities in bushfire areas, banks stand ready to help customers where needed across NSW and Queensland,” Ms Bligh said.  

“Any customer who has been impacted by these fires should contact their bank when they are able to do so to access a wide range of help, including deferring loan payments, waiving fees and consolidating debts,” she said.

ABA member banks offer a range of services to help customers affected by bushfires and other natural disasters such as drought, floods or other circumstances outside their control. These 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.

Small businesses affected by these bushfires are also encouraged to contact their bank to access various forms of assistance to help them through the recovery.

For more information, or to find the number for your bank’s hardship team go to www.ausbanking.org.au/doingittough.

Latest news

1 / 3
Transcript
TRANSCRIPT: ABA CEO Anna Bligh on ABC NewsRadio: banks still supporting customers
20 January 2021

“…banks can go back to their normal processes and that is working out what’s right for every single customer, on an individual tailored basis with a proper assessment. That is the best thing for the customer.”

Read more
Op-Ed
Efficient and Responsible: Getting the Lending Balance Right
25 November 2020

Access to credit opens up opportunities and fulfills aspirations. Getting it right requires the right balance between consumer protections and the flow of credit.

Read more
Transcript
TRANSCRIPT: ABA CEO Anna Bligh on ABC Radio’s AM 18 November “a chance to get back on their feet”
18 November 2020

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.

Read more