WITH more rain likely and with a large cross-section of the community impacted by the devastation of recent floods 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,” said Anna Bligh, CEO of the Australian Banking Association (ABA).
Stating that the Australian Banking Association is ready to support Australian communities hit by rain and deluge, Ms Bligh advised, “Banks have very experienced hardship teams. They’ve worked with families who have experienced floods before and have a range of very practical measures to support people to get through these experiences.”
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 three months
Waiving of fees and charges, including for early access to term deposits
Debt consolation 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.
Find out more at www.ausbanking.org.au.
