Australian banks have announced they will offer to defer loan repayments for Queenslanders and NSW residents who have been affected by severe flooding.
Australian Banking Association CEO Anna Bligh said as people affected by these terrible floods start the long, slow recovery, this will give some “financial peace of mind”.
“The message from banks is clear: don’t tough it out on your own, call your bank, they are ready to help,’’ Bligh said.
Banks are offering loan deferral or reduced repayment arrangements for home, personal, and some business loans.
Bligh is encouraging customers to talk to their bank as soon as they can to find out what assistance is available to get them through this uncertain time.
“Once the worst of the emergencies are over and the clean-ups begin, we want Australians who have been impacted to know their bank is ready with tailored support to assist as they recover.”
ABA member banks offer different measures to help customers affected by natural disasters which can include a deferral of scheduled loan repayments on home, personal and some business loans up to three months.
Other measures include waiving fees and charges on term deposits, offering additional finance to cover cash flow shortages and debt consolidation.
‘’A lot of our branches in flood affected areas are closed, so our customers can go to our website Natural Disaster Support | ANZ and complete an assistance form which will be picked up immediately,” Wake said. “ANZ staff are contacting their commercial customers who are in flood-affected areas across Queensland and NSW. Alternatively, our customers can call the dedicated hardship number on 1800 149 549 for assistance.’’
Wake said ANZ understood the importance of assisting customers right now with what they need, but also implementing long-term planning which is what banks need to do during the recovery phase.
‘’We want to assist our customers and the community to get back on their feet once the flooding has resided. We want to make sure we are not just there straight away, but for the long term as well. If you need assistance, please reach out through these means so we can assist as soon as possible.’’
All the major banks are offering loan deferrals and also other forms of assistance. Westpac has launched a $2 million fund to help small businesses that have been impacted by floods across Queensland and NSW. Small business customers who meet the eligibility criteria can apply for $3,000 in cash grants to assist with urgent expenses or repairs by contacting their banker or calling the Westpac support team.
NAB’s disaster relief package includes credit card and personal loan relief, waiving the establishment fee for restructuring business facilities and concessional loans to assist in repairs. It is also offering $1,000 grants for temporary accommodation, food and clothing and $1,000 business grants to cover the cost of damaged property, equipment and fencing, and stock loss.
CBA has donated $500,000 to the CanGive Flood Appeal and will be dollar matching donations to the appeal up to $500,000. It is also assisting customers in a number of other ways, including waiving fees and charges, providing temporary overdrafts and loan restructuring.
