Farmers offered banking assistance during drought

Farmers offered banking assistance during drought
Farmers offered banking assistance during drought

Farmers affected by the worsening drought crisis in NSW and Queensland are being urged to contact their bank to access assistance on offer.

The drought assistance has been available during the drought. 

There is a Federal Government roundtable on drought affected communities with banks invited by Minister for Agriculture and Water Resources, the Hon David Littleproud to participate. 

Anna Bligh, the CEO of the Australian Banking Association, said that banks were willing to help drought affected communities and have been rolling out assistance for to their customers in need. 

“I have seen firsthand the difficulties that drought brings to our farmers and regional communities, including significant financial stress,” Ms Bligh said. 

“Australian banks are ready to lend a hand to drought affected communities, particularly throughout New South Wales and Queensland, who are doing it tough. 

“My message for regional communities is there’s no reason for anyone to struggle in silence, call your bank today and ask what assistance can be offered to help you through this difficult time.

"The Industry will continue to work with government to play its part in helping those affected.

"Customers are encouraged to contact their bank to discuss what hardship arrangements are available to them," she said. 

ABA Member banks offer a range of services to help customers experiencing drought or other circumstances outside their control. 

These can include: 

  • A deferral of scheduled loan repayments
  • Waiving fees and charges, including break costs on early redemption of Farm Management 
  • Deposits
  • Debt consolidation to help make repayments more manageable
  • Restructuring existing loans free of the usual establishment fees
  • Deferring interest payments on a case-by-case basis
  • Offering additional finance to help cover cash flow shortages
  • Deferring upcoming credit card payments
  • Increasing emergency credit card limits
  • Waiving early termination fees for customers who wish to access their term deposits.
Rural Economy Drought

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