Big four joins majors in offering bushfire relief

The Commonwealth Bank of Australia (CBA) has offered relief for customers impacted by the fires in Western Australia.

The emergency assistance is being extended to customers and businesses impacted by the current bushfires across Western Australia’s South-West, Great Southern and Wheatbelt regions.

It includes:

• “Customised payment arrangements” for home loans, credit cards, personal loans and some business loans
• Loan restructuring for business customers and existing loans
• Waiving fees and charges, as well as waiving fees for temporary and damaged merchant EFTPOS terminals, as well as support with merchant terminal rental fees
• Temporary overdrafts, additional loans or emergency credit limit increases (subject to credit approval)
• Waiving fees and notice periods for early access to term deposits
• Assistance with emergency accommodation for CommInsure customer if their home has been damaged

Business banking group executive Mike Vacy Lyle said: “Our thoughts are with all those impacted by the fires across Western Australia and we thank the emergency service workers for their continued efforts to protect local communities.

“As the dangerous conditions continue to threaten farmland and properties in the region, we want customers to know CBA’s support measures are available and we are here to help. We encourage those impacted to reach out to us, when they are ready to do so, to discuss their individual circumstances.”

The bank is urging affected customers to get in touch with the bank or their dedicated CommBank business relationship manager should they require assistance.

CBA is the last of the majors to announce relief for bushfire-affected customers in Western Australia after fires ravaged through more than 60,000 hectares of Western Australia’s South-West region and throughout the Wheatbelt this past week.

A home has already been reported as lost in Bridgetown, as well as sheds, vehicles, fences and equipment.

It’s also been reported that an additional four homes near the southern coastal town of Denmark were lost to the fires.

In the wake of the devastation, several lenders – including the other major banks – have announced financial relief measures for their impacted customers.