Flood-hit borrowers get bank support

Thursday 13 January 2011

Article by Mozo

Australia's big four banks have been working to restore services in flood-hit Queensland while offering support to customers affected by the disaster.

Flood-hit borrowers get bank support

Primary goals among the banks include re-opening branches and ATM networks following widespread closures, the AAP reported.

Westpac said it had established a temporary mobile bank at Brisbane's main evacuation centre and was aiming to set up another mobile bank in Ipswich's showgrounds.

Meanwhile, ANZ Banking Group said it was hoping to re-open eight branches tomorrow (January 14th).
It was also reported that the major banks are seeking to support borrowers and cut bureaucracy when dealing with requests for support.

"Like other lenders, ANZ, NAB and Westpac have suspended repayments on mortgages, other loans and credit cards for up to three months upon request, and waived any fees associated with refinancing, including breaking term deposits," said the AAP, adding that comment was being sought from CBA on the matter.

Yesterday, the Courier-Mail reported that more than 170 financial service branches had been forced to close across the flood region.

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