Get help now. Don’t tough it out on your own.
21 March 2021
Australian banks are supporting communities in New South Wales after torrential rain and floods in parts of the state.
Floodwaters have inundated towns on the NSW North Coast, Sydney has been pummelled by heavy rain and more is forecast in coming days.
Australian Banking Association CEO Anna Bligh says banks have a range of measures in place.
“Once the cleanup begins, it’s important for people to know that they can talk to their bank to seek assistance”, Ms Bligh said.
“The message from banks is clear: don’t tough it out on your own, your bank is ready to help”.
“The message from banks is clear: don’t tough it out on your own, your bank is ready to help”.ABA CEO Anna Bligh
A range of services to help farmers and small businesses
ABA member banks offer a range of services to help farmers and small businesses affected by natural disasters. These can include:
- A deferral of scheduled loan repayments
- Waiving fees and charges, including break costs on early access to term deposits
- Debt consolidation to help make repayments more manageable
- Restructuring existing loans free of the usual establishment fees
- Deferring interest payments on a case-by-case basis
- Offering additional finance to help cover cash flow shortages
- Deferring upcoming credit card payments
- Increasing emergency credit card limits.
An average of $3.2 billion was lent to small business in the second half of 2021, up 24% from the $2.6 billion in the second half of 2020.
ore than 30 industry leaders addressed the audience throughout the day, deep-diving into the opportunities, digital disruptions, new customer trends and risks that face the banking industry.