Help is available

An ABA spokesperson said member banks had ”very experienced hardship teams”.

“The hardship teams have worked with families who have experienced floods before and have a range of very practical measures to support people to get through these experiences,” the spokesperson said.

“ABA member banks offer a range of measures to help customers affected by natural disasters.

“The message from banks is clear: don’t tough it out on your own. Call your bank as soon as you are able to, they are ready to help.

“Unfortunately for many, a natural disaster can turn into a 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.”

Depending on individual circumstances, assistance may include:

● a deferral of scheduled loan repayments on home, personal and some business loans for up to three 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; or

● emergency credit limit increases.

Customers can contact their bank by phone or through their bank’s website if they are unable to physically reach a branch.

ABA works with government, regulators and other stakeholders to improve public awareness and understanding of the industry’s contribution to the economy.

It ensures Australia’s banking customers continue to benefit from a stable, competitive and accessible banking industry.

The ABA advocates for a strong, competitive and innovative banking industry that delivers excellent and equitable outcomes for customers.

If you are flood-affected or in hardship and require help, a list of contact details can be found on the ABA website at https://www.ausbanking.org.au/for-customers/financial-difficulty/