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15 April 2021
Australian banks are ready to help customers in Western Australia who are rebuilding after the destruction inflicted by Tropical Cyclone Seroja.
Communities in WA’s mid-west were devastated by the cyclone last week, when it crossed the coast near the town of Kalbarri.
Geraldton, Northampton, Binnu, Chapman Valley, Mingenew and a number of other towns were also severely affected.
Australian Banking Association CEO Anna Bligh says banks have a range of measures in place.
“The destructive force of this cyclone has left many bank customers picking up the pieces. They can be assured that their bank is ready to help rebuild”, Ms Bligh said.
“It’s important for people hit by this cyclone to get in touch with their bank. Banks have a range of measures in place to get customers back on their feet.”
“It’s important for people hit by this cyclone to get in touch with their bank. Banks have a range of measures in place to get customers back on their feet.”ABA CEO Anna Bligh
Help available for 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.
The ABA has called upon Federal and State Australian governments to work together to combat the ongoing problem of elder financial abuse.