The Australian Banking Association says Queensland cattle producers affected by flooding are being urged to contact their banks, which have special terms in place to provide a wide range of assistance.
The ABA said banks can help customers affected by natural disasters through arrangements such as deferred loan payments, waiving fees and charges and assisting with debt consolidation.
CEO of the Australian Banking Association Anna Bligh urged anyone needing assistance to contact their bank directly.
“After suffering through an extensive drought, many Queensland cattle farmers have now been cruelly devastated by these floods,” Ms Bligh said.
“Banks stand ready to help cattle farmers and others affected by these floods and other natural disasters through deferred loan repayments, waiving fees and other arrangements.
“Banks have dedicated hardship teams ready to assist, however it’s important that customers contact their bank directly to flag they are experiencing hardship,” she said.
ABA member banks offer a range of services to help customers who have been affected by natural disasters or other circumstances outside their control.
Services on offer to customers who have been affected by natural disasters or other circumstances beyond their control 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
Waiving early termination fees for customers who wish to access their term deposits.
Source: Australian Banking Association