Commonwealth Bank reiterates drought package for farmers

The Commonwealth Bank has issued a Christmas reminder to farmers that the Bank is ready to ease some of the financial burden of coping with the continuing drought, through its special drought assistance package.

The Bank’s rural and regional senior executive, Steve Morgan, said: "While recent rains in parts of NSW, Qld and the Kimberley region were most welcome, the drought continues to be very severe across the majority of the country.

"With that in mind, the Commonwealth Bank is reiterating our readiness to help farmers in drought declared areas who need to take advantage of our special emergency assistance program."

The key features of the Bank’s drought assistance package include:

• additional carry on finance to meet short term needs, such as purchasing stock feed, agistment, or to re-sow crops once rain is received;
• restructuring of existing business and home loans free of additional related fees or charges;
• providing interest only facilities during the drought;
• extending the terms of facilities;
• review and postponement of credit card payments for customers of good standing;
• waiving of prepayment charges for affected customers wishing to access term deposits, Commonwealth Investment Bonds and CBFC debentures ahead of the maturity date.

"As we said in July, our focus is on assisting any of our customers who may be suffering financial difficulty as a result of the drought conditions", Mr Morgan said. "Our specialist agribusiness bankers are available to discuss with our farmer customers their overall financial position and to work with them to determine the most appropriate financial actions.

"The Bank has well-established, strong relationships with primary producers and I can assure all affected farmers that the Commonwealth Bank’s support for the rural sector will continue through this drought and beyond", Mr Morgan said.

Farmers interested in assistance should contact their local Commonwealth Bank branch or Agribusiness Specialist.