Non-major announces bushfire relief measures

Malavika Santhebennur 05:35 AM, 30 Jan 2020 5 minute read

Macquarie Bank has announced measures to provide immediate financial relief to clients who have been impacted by the ongoing bushfire crisis, including business clients.

The non-major bank has also stated that it has commenced reaching out to those in affected areas, encouraging them to call the bank if they require assistance.

“We’ve also suspended collections activity for clients in affected areas whose accounts are in arrears,” the non-major bank said in a recent update.

The measures for those impacted by bushfires include:

credit cards – a three-month moratorium, including 0 per cent interest and no fees;
home loans – a one-month relief period for customers to assess their situation, or the bank can offer an immediate deferral of payments for three months;
leasing – a three-month deferral of payments and extension of the loan term;
term deposit – waive the term deposit break notice period; and
business banking – customers with existing loans and transactional banking can request restructuring and review with normal restructuring fees to be waived.

The financial assistance team will reportedly assess clients’ situations and find a “reasonable solution”, which the bank said may depend on individuals’ circumstances.

These solutions may include extending the period of their contract, reducing the payments due within a specific period and postponing the payments due within a specific period.

After the bank receives the application along with any other supporting information, the client will receive a written notice of the outcome of the assessment of the application within 21 days of receipt of all relevant documentation, the bank said.

“In addition to this immediate assistance, we’ll work with each client to put in place appropriate assistance tailored to their circumstances,” Macquarie stated.

The non-major bank also provided contact numbers for clients in need of immediate financial assistance for home loans, credit cards, leasing and business banking.

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Macquarie Bank joins various other lenders and the big four banks in announcing extended relief packages for customers who are bushfire victims in an effort to provide some financial relief during the ongoing bushfire crisis.

The Australian Financial Complaints Authority last week launched a bushfire support hotline to assist those impacted by bushfires who are facing disputes in relation to financial products and services.