Banks offer support to Northern Queensland communities impacted by floods

Banks stand ready to support customers in north and north-west Queensland currently experiencing heavy rainfall and flooding.

ABA CEO Simon Birmingham said customers didn't have to tough it out on their own with banks on standby to assist communities get through this challenging time.

"Banks recognise the significant financial and emotional toll an extreme weather event like this can take," Mr Birmingham said.

"I want to urge anyone who may be concerned about their financial situation to reach out to their bank to see what support they can provide.

"Banks have highly experienced hardship teams ready to assist customers in the days, weeks and months ahead.

"It doesn't matter if you're an individual, a farmer or a small business customer, banks have a range of financial assistance available from repayment deferrals through to loan restructuring to help you get back on your feet.

"You don't have to tough it out on your own, the sooner you reach out to your bank the quicker financial help can be put in place."

Depending on individual circumstances, banks can assist by:

• deferring upcoming credit card payments
• deferring scheduled loan repayments
• providing emergency credit limit increases
• restructuring existing loans
• waiving or refunding fees and charges
• offering additional finance to help cover cash flow shortages.

For more information on financial assistance from banks, please visit: https://www.ausbanking.org.au/financial-assistance-hub/