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
“Since the Banking Code was first introduced in 1993, the process to independently review the Code has continued to deliver improvements.”
“A number of our banks actually have maternity leave lending products that are specific to people on parental leave, paid and unpaid, to help them through, what as I said, can be a difficult time.”