Commonwealth Bank has reaffirmed its range of measures announced in May 2016 to help dairy producers who continue to struggle with the recent fall in milk prices.
Commonwealth Bank Regional and Agribusiness Banking Executive General Manager, Geoff Wearne, said: “We are committed to continuing with our assistance package for our dairy farming customers who need support following the milk price changes announced a few months ago by processors. We understand that these changes impact our customers in different ways depending on farmers own financial circumstances.”
We have a number of options for our agribusiness customers, including:
- Cash management: allowing withdrawal of fixed term deposits before maturity without charges
- A business loan or mortgage repayment holiday
- Extending the business or mortgage loan term agreement
- Waiving fees and charges.
Commonwealth Bank always seeks to engage customers early to discuss options and work through any difficulties that may arise.
Those customers experiencing hardship can also contact the CBA Business Service Centre on 1300 772 968 or their Relationship Manager.
In addition, we encourage customers to contact the Department of Agriculture who provide free rural financial counselling for hardship cases: Rural Financial Counselling Service on 1800 686 175.
Commonwealth Bank's track record in supporting communities in time of need
When the community is in need, Commonwealth Bank provides support. Every year the extremes of weather provide challenges to people, businesses and communities across the nation. In the last Financial Year, Commonwealth Bank Group announced emergency assistance packages to support customers and communities affected by bushfires in Victoria, South Australia and Western Australia as well as flooding and storms along the entire east coast of Australia. These emergency assistance packages provide a range of options to our customers and are tailored to their individual circumstances and can include anything from emergency accommodation for our insurance customers, to fee relief and mortgage repayment holidays for our business and retail customers.
In addition, we understand that the provision of banking services is a critical community infrastructure. That’s why we sent our ‘pop-up’ mobile branches to two communities, Cannondale in Queensland and Picton in NSW, which lost their local branches to fire and flood respectively.