The ABA is urging customers to contact their banks for emergency relief if they’ve been affected by the severe weather in Queensland and New South Wales.
Individual banks have assistance packages to help brokers, their families and their clients in the communities affected by the floods and violent storms.
ABA CEO, Steven Münchenberg, says banks realise this is a difficult and stressful time for households and businesses affected by the extreme weather - and not a time when people want to be worrying about their finances.
“The banks’ emergency packages provide practical help by giving immediate financial relief to those in most need of assistance. If someone’s home, income, or business has been affected by the floods or storms, they should contact their bank as soon as they are able to. If you think you are going to miss a payment, then banks try to help customers get back on their feet.”
He says banks offer a range of support options and the assistance provided to any customer depends on their individual circumstances and needs, but may include:
deferring home loan repayments, restructuring business loans without incurring fees and/or refinancing loans at a discounted fixed rate.
“It’s often not well understood that banks do offer their customers assistance during these difficult times and go beyond what might be legally required to offer immediate financial relief and support to affected customers and their communities. If you know someone affected, let them know that banks are offering emergency packages.”