20 September 2019
Australians affected by the bushfires in NSW and QLD are encouraged to contact their bank to access a wide range of assistance available.
CEO of the Australian Banking Association (ABA) Anna Bligh said that banks stand ready to assist customers affected by bushfires, offering a range of services including deferred loan repayments, waiving fees and charges and restructuring of existing loans.
“I know only too well the grief and devastation that happens for many people after an event like this,” Ms Bligh said.
“Banks are ready to stand shoulder to shoulder with the victims of the devastating bushfires in Queensland and New South Wales.
“Banks have hardship teams ready to assist customers affected by natural disasters such as these, offering help which can include deferring loan repayments, waiving fees and consolidating debt to make it more manageable,” she said.
ABA member banks offer a range of services to help customers affected by bushfires 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 dev2.ausbanking.ds1.pensoagency.com/doingittough.
Contact: Kelly Stevens 0475 741 007
“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”
The Treasurer has indicated that the federal government is closely monitoring the situation.