Banks stand ready to help those affected by NSW and QLD bushfires

Australians
affected by the bushfires in NSW and QLD are encouraged to contact their bank
to access a wide range of assistance available.

CEO of the Australian Banking Association (ABA) Anna Bligh
said that banks stand ready to assist customers affected by bushfires, offering
a range of services including deferred loan repayments, waiving fees and
charges and restructuring of existing loans.

“I know only too well the grief and devastation that
happens for many people after an event like this,” Ms Bligh said.

“Banks are ready to stand shoulder to shoulder with the
victims of the devastating bushfires in Queensland and New South Wales.

“Banks have hardship teams ready to assist customers
affected by natural disasters such as these, offering help which can include
deferring loan repayments, waiving fees and consolidating debt to make it more manageable,”
she said.

ABA member banks offer a range of services to help
customers affected by bushfires or other circumstances outside their control. These
can include:

  • A deferral of scheduled loan repayments
  • Waiving fees and charges, including break costs
    on early redemption of Farm Management 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.

Small businesses affected by these bushfires are also
encouraged to contact their bank to access various forms of assistance to help
them through the recovery.

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