Banks are ready to assist customers in financial difficulty
3 June 2021
Customers affected by the mouse plague are being encouraged to contact their bank to access assistance on offer, which can include deferring principal payments on business loans, credit card and personal relief and waiving costs for withdrawing term deposits early.
Chief Executive Officer of the Australian Banking Association Anna Bligh said as the plague continues to worsen banks are ready to assist communities and have been helping customers in need.
“Whether it be a drought, flood, COVID-19 or a mouse plague, Australian banks are committed to assisting customers in need,” Ms Bligh said.
“I’m urging anyone who has been affected by the mouse plague to get in touch with their bank and find out about the assistance on offer.”ABA CEO Anna Bligh
“I’m urging anyone who has been affected by the mouse plague to get in touch with their bank and find out about the assistance on offer.”
“No one needs to suffer in silence and we all know natural disasters and plagues can bring unwanted stress into people’s lives, so customers should make the most of this opportunity and speak to their bank to find out what’s on offer.”
ABA member banks are offering a range of assistance measures to help customers in need. These measures can include:
- Deferring principal payments on business loans and/or leasing payments
- Offering a reduction on home loan and personal loan repayments
- Credit card and personal loan relief
- Waiving application fees for restructuring business facilities
- Mental health support via specialist programs
Customers are encouraged to contact their bank directly to discuss hardship arrangements available to them.
The number of micro businesses grew 10% to 1.55 million in the year to June 2022. During the same period, the number of small businesses grew 3% to 955,861 after an extraordinary period of growth during the 2021 financial year, jumping 15% to 931,791.
The ABA recently visited regional Victoria to see the impact of the recent floods first-hand. The tour of Rochester and Echuca was set up to share the support available by banks and encourage customers affected to contact their bank.The ABA also gathered feedback from impacted bank customers and the local community to hear what further… Read more »
“Agriculture in Australia has a proud record of overcoming extreme adversity, most recently meeting the challenge of major flood events head on. Banks are standing by to support customers affected and the message is to reach out to your bank if you need their support.”