In response to catastrophic flooding across large areas of North Western Queensland, Commonwealth Bank today announced it will pledge up to $50 million in concessional loans for eligible agribusiness customers.
The new support measure is in addition to the existing Emergency Assistance Package available for Townsville and surrounding areas. Today’s announcement also follows the recent removal of default interest rate charges from business term loans for agribusiness customers affected by natural disasters.
Kerry McGowan, CBA’s General Manager of Regional and Agribusiness Banking in Queensland, said: “The catastrophic storms and flooding in North Western Queensland have caused extensive damage to regional communities, including many grazing operations. Supporting our customers in this time of need is our number one priority.
“We understand that affected graziers will have additional costs and working capital needs, and we hope that offering customers access to funds at a reduced rate will give them some peace of mind. We encourage customers to contact their banker to understand the range of assistance available,” said Mr McGowan.
The support measures on offer to all Commonwealth Bank customers in flood impacted areas across the North West will be assessed on a case by case basis and may include:
- A business term loan up to $2 million with a reduced variable interest rate, for eligible existing customers with business lending for the purposes of re-stocking or property repairs/damage mitigation caused by flooding.
- An asset finance (vehicle) facility for a maximum term of 5 years with a reduced fixed interest rate and reduced documentation fee for eligible new and existing customers who apply by 15 May 2019.
- Emergency accommodation assistance for CommInsure customers whose homes have been damaged.
- Expediting claims for CommInsure customers seeking help through their home, contents and motor vehicle insurance.
- Assistance for Commonwealth Bank home loan, credit card and personal loan customers who are affected.
- Considering requests for additional loans including emergency credit limit increases (subject to credit approval).
- Loan restructuring for business customers with existing loans.
- Waiving fees for temporary and damaged merchant EFTPOS terminals, as well as merchant fees until trading recommences.
- Waiving charges and notice periods for affected customers wishing to access term deposits ahead of the maturity date.
- Waiving other selected fees and charges.
Commonwealth Bank recently donated $100,000 to activate a drive in nationwide fund raising to support communities in disaster affected areas.
“We live in a country where people look out for their mates. Anyone across Australia who is interested in supporting the many communities affected by these natural disasters can donate at their local Commonweatlh Bank branch or via CANGive in the CommBank App,” said Mr McGowan.
Funds raised will support the Australian Red Cross in its emergency work for communities affected by floods in Queensland, fires in Tasmania and Victoria, as well as other emergencies as and when they happen.
Affected customers are encouraged to discuss their individual circumstances by speaking with their Relationship Manager or visiting their nearest Commonwealth Bank branch. All customers can keep up to date about available services, including branch and ATM locations, at www.commbank.com.au/info.