“Banks want to reassure their customers that they are taking a sympathetic approach to the people in the communities who have been affected by these events,” Mr Gilbert said.

“I would urge customers who are facing financial hardship to contact their bank as soon as possible, so that their situation can be assessed and steps taken to provide assistance.”

“Banks will examine individual circumstances and discuss with their customers what help is most appropriate.”

Mr Gilbert said banks can assist in these difficult times and usually tailor solutions for customers based on their individual financial circumstances.

Depending on the individual customer circumstances, banks may consider:

• temporary suspension of home loan repayments for existing customers;
• waiving fees on early withdrawal of term deposits;
• waiving establishment fees for businesses with existing loans who may wish to restructure their borrowings;
• providing additional loan funds where appropriate; and
• emergency credit limit increases on credit cards to assist with unexpected costs due to the impact of the floods and fires.

The banking industry will make every effort to assist people through this difficult and stressful period.