Australian banks are rolling out disaster support to customers affected by the current bushfires in Victoria.
ABA CEO Simon Birmingham said banks were continuing to monitor the evolving situation across Victoria and are on standby to assist impacted customers.
"This is an extremely challenging time for many Victorian communities, households and businesses," Mr Birmingham said.
"There are now special arrangements in place for those who may need additional financial assistance from their bank in the coming days, weeks and months.
"Banks have highly experienced specialist teams ready to help individual and business customers across the state.
"If you need financial relief, please reach out to your bank as soon as possible so support can quickly be put in place.
"Practical support options are available from loan and credit card payment deferrals through to loan restructuring to help you get back on your feet.
"It doesn't matter if you're an individual, a farmer or a business customer, banks are here to support you through this extremely challenging and uncertain time."
Depending on individual circumstances, banks can assist by:
- deferring upcoming credit card payments
- deferring scheduled loan repayments
- providing emergency credit limit increases
- restructuring existing loans
- waiving or refunding fees and charges
- offering additional finance to help cover cash flow shortages.
