David Bell, Chief Executive of the ABA, said banks help all they can in dealing with their customers’ financial difficulties caused by natural disasters.

“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 floods,” Mr Bell 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 Bell said banks can assist in these difficult times and a number of banks have already announced details of emergency relief arrangements.

Depending on the individual customer circumstances, banks may consider:

• temporary suspension of home loan repayments for existing customers;
• support to re-structure loans;
• emergency credit limit increases on credit cards to assist with unexpected costs;
• providing additional loan funds where appropriate; and
• waiving early withdrawal costs for term deposits.

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