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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.
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“Australian banks are certainly better equipped now than they were in the GFC. They’ve got 2 to 2.5 times the capital reserves put aside for a rainy day than they had in the GFC”
“The Australian Banking Association (ABA) welcomes the agreement reached today on the proposed safeguard mechanism reforms, given it paves the way for the passing of a critical piece of legislation for Australia.
“This is about engaging with the entire banking ecosystem in order to ensure the accessibility of the sector’s services are best serving our diverse community now, and into the future.”