Banks stand ready to support North Queensland communities affected by floods

The Australian Banking Association (ABA) is urging customers in North Queensland affected by the floods to get in touch with their bank if they are in need of financial relief.

ABA CEO Anna Bligh said banks are on standby to assist households and businesses who have been impacted by these severe floods.

“My message to North Queenslanders is banks are ready and are here to help you in your time of need,” Ms Bligh said.

“Banks have dedicated and highly experienced hardship teams ready to assist. They have a range of very practical measures in their toolkits to support people through these tough times.

“You don’t need to tough it out on your own. Banks are here to help, and the sooner you get in touch the easier it will be for support options to be put in place. 

“It doesn’t matter if you’re an individual or a business customer, or both, banks can put in place a range of support options from repayment deferrals through to loan restructuring to help you get back on your feet.

“I encourage North Queenslanders to reach out to their bank as soon as possible if they need support.”

Depending on individual circumstances, banks can assist by:

• deferring upcoming credit card payments
• deferring scheduled loan repayments
• providing emergency credit limit increases
• restructuring existing loans
• waiving or refunding of fees and charges
• offering additional finance to help cover cash flow shortages

For more information on Natural Disaster Assistance visit: https://www.ausbanking.org.au/natural-disaster-assistance/

Banking support