Banks across Australia are mobilising support services for residents in western Queensland and parts of New South Wales hit hard by recent floods.
ABA CEO Anna Bligh (pictured) highlighted the sector’s commitment to helping communities withstand the financial impacts of the floods.
“This is a challenging time for many communities impacted by heavy rainfall and flooding,” Bligh said. “Banks recognise the financial and emotional stress of extreme weather events, and they are here to help customers and communities navigate through these uncertain times.”
Banks are offering various relief measures, such as deferred payments, increased credit limits, loan restructuring, fee waivers, and additional financing options, tailored to individual circumstances.
Customers facing financial difficulties are encouraged to contact their banks to explore available support options.
“We want our customers to know that we are here to help them,” Angus Sullivan, group executive of retail banking services, said in a media release.
“We are thinking of everyone in the impacted regions and have several measures in place to support affected customers and employees through this challenging time.”
CBA’s assistance includes customised payment arrangements on loans and credit cards, fee waivers, and additional loans or overdraft facilities to manage immediate financial challenges.
Westpac is also providing support to its customers, with Peta Ward, national general manager regional and agribusiness, highlighting the significant impact of the floods.
“Many communities have been hit by the worst flooding in more than 50 years,” Ward said. “Farmers are now facing widespread livestock losses and infrastructure damage that represent generations of work swept away.
"In response to these floods, we’re launching a comprehensive Disaster Relief Package to provide immediate financial assistance to those affected.
“By providing financial breathing room, we hope affected Queenslanders can focus on what truly matters, the safety of their families and friends, and the recovery of their communities.”
Westpac offers various support measures for affected customers, including temporary overdrafts up to $50,000 for businesses, repayment deferrals for loan and credit card holders, and early term deposit access for those facing hardship.
NAB has introduced $1,000 grants to help customers who have suffered considerable damage to their homes or businesses.
“We’re offering immediate relief, including making $1,000 grants available, to help those most affected,” Peter Atkins, NAB’s executive retail for Queensland, said in a media release. “For someone who has suffered major damage to their home, business or farm, this can be a crucial step towards recovery once the flood waters recede.”
The bank also provides options for loan deferment and reduced repayment arrangements.
The NAB Assist team will assess all inquiries individually to determine eligibility, and Disaster Relief Grants will remain open until April 30.
ANZ is offering short-term payment relief on loans, fee waivers for early term deposit withdrawals, and restructuring business loans to alleviate the financial burdens faced by those affected by the floods.
“The safety of our customers and colleagues is our highest priority, and we will continue to monitor the event as it progresses,” Cameron Home, ANZ general manager, Australian branch network, said in a media release.
“Our relief package is here to provide essential support and financial relief, giving customers a sense of stability and peace of mind as they navigate uncertainty and begin to rebuild their lives.”
Customers with ANZ home and contents insurance may also be eligible for emergency funds and temporary accommodation.
Amidst the support, the ABA warns customers to remain vigilant against scammers exploiting the disaster.
CBA also advised customers to be cautious of unsolicited communications and verify any suspicious messages directly with their banks.
Here are some additional tips on how to protect yourself from scams:
For more detailed information on the assistance programs and how to apply, customers are encouraged to visit their respective banks’ websites or contact customer service centers directly.
