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Lenders lend a helping hand

by Steven Cross7 minute read

Australian lenders have banded together to provide financial support to help relieve the suffering of Western Australians who have been affected by bushfires over the past few days.

A private power pole sparked the inferno, which destroyed 55 homes in the Parkerville region west of Perth on Sunday.

“Australians are again digesting news of a bushfire devastating a community and with weather conditions worsening it is shaping up as potentially a long fire season,” said ANZ’s managing director, retail products and marketing, Matt Boss.

To help victims and families, all major lenders, including subsidiary brands such as Bankwest and St George, have suspended loan payments, waived fees and allowed victims to access both term deposits and other loan products with no extra cost.

CBA and Bankwest have each made a $30,000 donation to the Lord Mayor's Disaster Relief Fund and provided emergency accommodation assistance to customers.

ING DIRECT has also provided a range of options to assist with mortgage repayments, including hardship assistance and waiving fees involved with restructuring loans – as well as donating a total of $100,000 to the Red Cross and the Foundation for Rural & Regional Renewal.

“We understand that times like these can be extremely hard – emotionally, physically, but also financially,” said Ken Luehman, regional general manager at Westpac.

“By offering support to our customers, we hope to help alleviate any concern they have with their financial commitments so that they can concentrate on more important issues at hand.”

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