In response to continuing drought across Queensland and New South Wales, Commonwealth Bank announced today support for drought affected rural and agribusiness customers.
Geoff Wearne, Executive General Manager of Regional and Agribusiness Banking, Commonwealth Bank said, “Areas of Queensland and New South Wales are suffering from an extended period of drought and we understand the profound impact this is having on our rural and agribusiness customers.
“Today, we are announcing support measures for drought affected customers in Queensland and New South Wales which should provide some relief during this difficult time.
“We have long standing relationships with our rural and agribusiness customers, many of whom run viable and successful businesses under more favourable climate conditions,” said Mr Wearne.
The Bank will work on a case-by-case basis to review the individual needs of customers involved in agriculture and related businesses.
Our drought support measures will consider a range of options including:
- A business loan or mortgage repayment holiday;
- Interest free period for an agreed term;
- Extending the business or mortgage loan term agreement; and
- Waiving fees and charges.
Commonwealth Bank rural and agribusiness customers experiencing financial hardship as a result of the drought should contact the Business Service Centre on 1300 772 968 or their Relationship Manager.
In addition, we continue to encourage customers to contact the Department of Agriculture who provide free rural financial counselling for hardship cases. If any customer requires counselling, they can contact the Rural Financial Counselling Service on 1800 686 175.