Australian banks are supporting communities in Far North Queensland affected by Tropical Cyclone Niran.
The storm caused significant damage to banana crops in the region this week, leaving some growers potentially without income for months.
Australian Banking Association CEO Anna Bligh says banks have a range of support measures in place.
"It's devastating to see so many banana growers hit so hard by this cyclone", Ms Bligh said.
"The message from banks is clear: don't tough it out on your own, your bank is ready to help".
"I know how resilient Far North Queensland is and I've seen the region come through tough times before. I have no doubt that communities affected will make it through the worst, but banks are standing by ready to help."
"I know how resilient Far North Queensland is and I've seen the region come through tough times before. I have no doubt that communities affected will make it through the worst, but banks are standing by ready to help."
ABA CEO Anna Bligh
ABA member banks offer a range of services to help farmers and small businesses affected by the cyclone.. These can include:
- A deferral of scheduled loan repayments
- Waiving fees and charges, including break costs on early access to term deposits
- Debt consolidation to help make repayments more manageable
- Restructuring existing loans free of the usual establishment fees
- Deferring interest payments on a case-by-case basis
- Offering additional finance to help cover cash flow shortages
- Deferring upcoming credit card payments
- Increasing emergency credit card limits.
