Don’t tough it out on your own

14 October 2022
With floods continuing to affect Australians, particularly those across the east coast of Australia the Australian Banking Association (ABA) urges all customers affected to contact their bank to find out about support that may be available.
Australian Banking Association Chief Operating Officer, Vanessa Beggs said Australia has once again been affected by multiple flood events which has tested the nations resilience.
“Australian banks are supporting their customers with tailored assistance to help them at this difficult time,” Ms Beggs said.
“Natural disasters can quickly turn into a financial emergency. To best prevent this from happening customers are encouraged to reach out to their bank as early as possible to get the support they need.
“The message from banks is clear: don’t tough it out on your own, call your bank as soon as you are able to, they are ready to help,” she said.
ABA member banks offer a range of measures to help customers affected by natural disasters. Depending on individual circumstances, assistance may include:
- A deferral of scheduled loan repayments, on home, personal and some business loans for up to 3 months
- Waiving of fees and charges, including for early access to term deposits
- Debt consolidation to help make repayments more manageable
- Restructuring existing loans free of the usual establishment fees
- Offering additional finance to help cover cash flow shortages
- Deferring upcoming credit card payments
- Emergency credit limit increases
Latest news
The ABA welcomes the release of the Council of Financial Regulators’ (CFR) reviewinto small and medium-sized banks. ABA CEO Anna Bligh said the review findings and recommendations would helpensure there is a more level playing field for Australia’s small and mid-tier banks. “This is an important step forward in ensuring Australia maintains a strong andcompetitive… Read more »
EO&E Nadia: Banks has been a big topic of discussion on the show this week because, of course, we’ve just been talking about behavioural security that the bank is bringing in. Earlier, I was telling you during the week that older women can’t get a credit card in their own name. They’re secondary card holders… Read more »
The Productivity Commission proposal to tax business cash flow is an experimental change that hasn’t been tried anywhere else in the world. This tax increase risks putting more pressure on all Australians still struggling under cost-of-living pressures. While some businesses may benefit under this proposal, it risks all Australian consumers and businesses paying more for… Read more »