Australian Banks and Insurers Offer Relief to Flood-Affected Communities

Australian banks and insurers are providing emergency relief packages to customers affected by the recent floods in New South Wales and Queensland. The Australian Bankers' Association and the Financial Services Council have announced measures to give fast relief to communities hurt by the floods. These measures include deferring home loan repayments, restructuring business loans, and waiving interest rate penalties. Insurers are also advancing payments to affected families and boosting staff to process flood-related inquiries.

Key Takeaways:

• The Australian Bankers' Association (ABA) is providing emergency relief packages to customers affected by the floods in NSW and Queensland.
• Individual banks are offering assistance measures such as deferring home loan repayments for up to three months, restructuring business loans without incurring fees, and waiving interest rate penalties.
• The ABA's chief, Steven Munchenberg, urges customers to contact their bank to discuss available assistance.
• The Financial Services Council is helping by advancing payments to affected families of flood victims on a case-by-case basis and boosting staff to process flood-related inquiries.
• The council is also acting as a centralized contact point for affected Queenslanders who cannot determine who their insurer is.

Statistics:

• Up to three months of home loan repayments can be deferred.
• Business loans can be restructured without incurring fees.
• Emergency credit limit increases are available for credit card holders.
• Insurers are advancing payments to affected families on a case-by-case basis.
• Staff at insurance companies are being boosted to process flood-related inquiries.

Sources:

• "Australian bankers and insurers say they are putting measures in place to give fast relief to communities hurting from the floods." (Asia Pulse, Jan 14)
• Statement by Steven Munchenberg, chief of the Australian Bankers' Association.