Bankers, insurers help Queensland business owners with 'relief packages'

By From: AAP, 14 January 2011

The Australian Bankers' Association (ABA) says individual banks are offering emergency relief packages to those customers affected by the floods in NSW and Queensland and other areas.

ABA chief Steven Munchenberg said the measures banks have put in place will provide practical help by giving immediate financial relief to those in most need of assistance and will help people and businesses get back on their feet.

"If you have been impacted by the floods and are worried about your financial situation now or in the future, contact your bank as soon as possible to discuss what assistance may be available," he said.

Some of the bank's assistance measures include deferring home loan repayments for up to three months, restructuring business loans without incurring fees, giving credit card holders an emergency credit limit increase and waiving interest rate penalties if term deposits are drawn early.

The Financial Services Council says its insurer members are helping by advancing paying a portion of life cover to affected families of flood victims on a case-by-case basis and boosting staff to fast track flood related inquiries.

The council says it is also acting as a centralised contact point for affected Queenslanders who cannot determine who their insurer is or if they do not know who their deceased's insurer is.