Banks offer deferred loan repayments for flood victims

Australia’s banks have announced options to defer loan repayments for up to three months for those customers affected by the flood disasters in New South Wales and Queensland.

Australian Banking Association CEO Anna Bligh said: “As people affected by these terrible floods start the long, slow recovery, this will give some financial peace of mind.

“Loan deferral or reduced repayment arrangements for home, personal and some business loans are being offered across individual banks.

“Customers are encouraged to talk to their bank, as soon as they are able, and find out what assistance is available to get them through this tough time.”

ABA member banks offer a range of measures to help customers affected by natural disasters. Depending on the 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   
  • emergency credit limit increases.
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