Australian banks are supporting communities in New South Wales after torrential rain and floods in parts of the state.
Floodwaters have inundated towns on the NSW North Coast, Sydney has been pummelled by heavy rain and more is forecast in coming days.
Australian Banking Association CEO Anna Bligh says banks have a range of measures in place.
"Once the cleanup begins, it's important for people to know that they can talk to their bank to seek assistance", Ms Bligh said.
"The message from banks is clear: don't tough it out on your own, your bank is ready to help".
"The message from banks is clear: don't tough it out on your own, your bank is ready to help".
ABA CEO Anna Bligh
A range of services to help farmers and small businesses
ABA member banks offer a range of services to help farmers and small businesses affected by natural disasters. 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.
Don't tough it out on your own. Your bank is ready to help.
/Public Release. This material from the originating organization/author(s) might be of the point-in-time nature, and edited for clarity, style and length. Mirage.News does not take institutional positions or sides, and all views, positions, and conclusions expressed herein are solely those of the author(s).View in full here.
