Don’t tough it out on your own
13 July 2022
The ABA is encouraging all flood impacted customers particularly those in Sydney and South-Eastern NSW to contact their bank to find out about support that may be available.
“As the worst of the emergencies from the most recent floods have come to an end and the clean-ups continue, we want Australians who have been impacted, some multiple times, to know their bank is ready with tailored support to assist them as they recover,” ABA CEO Anna Bligh said today.
“Unfortunately for many, a natural disaster can turn into financial disaster and customers are encouraged to talk to their bank, as soon as they are able, and find out about the assistance that may be available to get them through this tough time.
“Australian banks are currently supporting almost 3000 people in and around the NSW Northern Rivers region impacted by the previous floods and stand ready to support those affected by the most recent disaster, predominantly in Sydney and South-Eastern NSW.
“Banks have very experienced people available to provide bespoke and tailored packages to customers and offered on a case-by-case basis depending on customers’ individual circumstances.
“The message from banks is clear: don’t tough it out on your own, call your bank, they are ready to help.”
ABA member banks offer a range of measures to help customers affected by natural disasters.
Depending on individual circumstances, assistance may include:
- A deferral of scheduled loan repayments, on home, personal and some business loans for up to 3 months
- Waiving of fees and charges, including for early access to term deposits
- Debt consolidation to help make repayments more manageable
- Restructuring existing loans free of the usual establishment fees
- Offering additional finance to help cover cash flow shortages
- Deferring upcoming credit card payments
- Emergency credit limit increases
- Access to grants.
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