The Australian Banking Association (ABA) is the information source for the news media on the Australian banking industry, providing information, analysis and context on industry issues.
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“The hardship teams are dedicated groups within banks who work closely with families who have experienced floods and other difficult situations. They have a range of very practical measures to support people to get through these experiences.”
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“Agriculture in Australia has a proud record of overcoming extreme adversity, most recently meeting the challenge of major flood events head on. Banks are standing by to support customers affected and the message is to reach out to your bank if you need their support.”
Anna Bligh spoke to ABC Radio North Coast on how banks can help those impacted by floods in the Lismore region.
In the 12 months to February 2022, ABA member banks lent an average of $4.2 billion to agribusinesses across the country every month.
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.
The nation’s banking sector will come together for the inaugural Australian Banking Association (ABA) conference on Friday, with a focus on economic recovery and Planning for Tomorrow. Reserve Bank Governor Philip Lowe will headline the conference with a keynote speech, while attendees will also hear from prominent industry leaders including Westpac CEO and ABA… Read more »
options to defer loan repayments for up to 3 months for those customers affected by the flood disasters
“The small business sector is already powering Australia’s economic recovery. In the three months to August 2021, $10 billion in new lending was made to small business.”
“While existing regulations have served Australia well, we have seen unprecedented changes in how we pay each other.”
“This is an important loan scheme that’s helping Australian businesses fight their way through the pandemic,”
these options do give people you know, a breather, that’s what they’re designed to do, just take the load off for three months, while you get through everything else that you need to get through.”
“customers can rest assured that their bank will have their back”
The national support package will be available to all small businesses and home loan customers significantly impacted.
“Australian banks partnered with the Government throughout the pandemic. With this solid mix of investment and support for households and businesses, that collaboration is set to continue”
These guiding principles outline measures in place to help customers understand Lenders Mortgage Insurance (LMI), understand the default / LMI claim process, and the consumer protections in the shortfall debt recovery process.
“Over the past year, banks have cushioned the blow for their customers. Through 2021, their priority is helping customers rebuild and get ahead”
“right at the height of COVID, when things were at their absolute worst, only 10% of Australian mortgage holders deferred the payments on those mortgages. 90% of those people are now back paying in full.”
“This is the right product for the times. It includes more flexibility, and will allow small businesses to re-stock, rebuild and recover”, said ABA CEO, Anna Bligh.
“No customer is going to wake up the day after the 31st of March and find that there is some legal action being taken by their bank on their loan.”