9 June 2016
Sydney, 9 June 2016: Communities impacted by the extreme weather along the country’s east coast can get help from their bank, the Australian Bankers’ Association said today.
“There are a range of assistance packages offered by banks to support customers during their time of need,” ABA Chief Executive Steven Münchenberg said.
“Banks want to help people with their financial commitments as they deal with the impact of the floods and storms.
“Affected communities and businesses should contact their bank to see what help is available,” he said.
The type of assistance offered by banks will depend on each customer’s circumstances and needs, but may include:
- Suspending home loan or credit card repayments
- Waiving charges associated with withdrawing term deposits early
- Emergency accommodation assistance, and
- Waiving fees related to restructuring business loans.
Contact: Stephanie Arena 0477 470 677 or Nic Frankham 0435 963 913
“…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.”
Access to credit opens up opportunities and fulfills aspirations. Getting it right requires the right balance between consumer protections and the flow of credit.
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.