Banks are on standby to support customers across the Mid-North Coast and Hunter regions impacted by the current severe weather and flooding.
ABA CEO Anna Bligh said with torrential rain and flooding taking place, banks were activating financial assistance and relief to support their customers.
"Banks recognise that this is a very challenging weather event and are making sure financial support is available to customers should they need it.
"You don't have to tough it out on your own. Banks have financial relief measures to help customers navigate through this incredibly challenging time.
"It doesn't matter if you're an individual, a farmer or a business customer, banks have a range of options from repayment deferrals through to loan restructuring to help you get back on your feet.
"Banks have highly experienced specialist teams ready to assist with any financial concerns or questions customers might have.
"I urge anyone who is facing financial stress as a result of this extreme weather event to reach out to their bank and discuss support options. This doesn't have to be today, it could be in the next few weeks or months as recovery efforts get underway."
Depending on individual circumstances, assistance may include:
- Deferral of loan or credit card repayments
- Waiving or refunding fees and charges
- Restructuring existing loans without penalty
- Emergency credit limit increases or temporary overdrafts
- Additional finance to help cover cash flow shortfalls
To learn more about natural disaster assistance visit: https://www.ausbanking.org.au/natural-disaster-assistance/
