Farmers and residents in western Queensland and parts of New South Wales affected by recent floods are urged to seek assistance from their banks as they navigate the financial challenges posed by this weather disaster. Anna Bligh, CEO of the Australian Banking Association (ABA), stressed that individuals needn’t face these hardships alone, as banks offer various support measures aimed at alleviating financial stress.
Bligh acknowledged the significant difficulties faced by many communities due to the devastating rainfall and flooding, stating that banks are equipped to help customers manage the emotional and financial strain that follows such extreme weather events. She encourages those experiencing financial hardship as a result of the floods to promptly contact their banks to explore available support options.
Regardless of whether they are individuals, farmers, or business clients, customers can benefit from a range of assistance measures. These may include options such as repayment deferrals, loan restructuring, temporary overdrafts, and emergency credit limit increases, designed to help individuals regain their footing.
The ABA has outlined specific support services for those impacted by flooding. These include customised arrangements for credit card payments, waiving fees, and additional financing to help cover cash flow shortages. Furthermore, banks are ready to offer community support such as on-site assistance, access to emergency funds, and grants to community organisations.
To access these services, affected customers should reach out to their banks through telephone, in-person visits, or by looking up their bank’s natural disaster support services online. This proactive approach allows individuals and communities to tap into the resources necessary for recovery in the wake of such devastating circumstances.