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Banks offer WA cyclone support

Major banks have announced financial support packages for customers and businesses who have been affected by tropical cyclone Ilsa.

ANZ and the Commonwealth Bank of Australia (CBA) have made a range of immediate financial support measures available for customers in the wake of tropical cyclone Ilsa hitting the northern Western Australian coastline on 13 April 2023.

Cyclone Ilsa crossed the Western Australian coastline as a Category 5 system; however, it has since been downgraded to a Category 2 system as it made its way eastward earlier today (14 April 2023).

ANZ are offering its customers short-term payment relief on home loans, credit cards, personal loans and some business loans, waiving fees for restructuring business loans and waiving fees for accessing term deposits early.

The major bank noted that these support measures follow the financial relief for customers impacted by the severe flooding in the Kimberley region of the state earlier in January this year.

ANZ general manager for Western Australia, Kathleen Jahour, said: “We are thinking of those impacted by Tropical Cyclone Ilsa overnight and over the coming days.

“We have specialist staff available to discuss how we can support our customers during this time, including short-term payment relief on a range of products, such as home loans and some business loans.

“Our Port Hedland branch is open and our dedicated staff are available to assist the community,” Ms Jahour said.

CBA has also made special arrangements for customers impacted by cyclone Ilsa, with CBA Emergency Assistance offering a range of support, including temporary overdrafts, additional loans or emergency credit limit increases; waiving fees, charges and notice periods for early access to term deposits; custom payment arrangements for home and personal loans, credit cards and some business loans.

In addition, CBA is offering loan restructuring for business customers and existing loans, waiving fees for temporary and damaged merchant EFTPOS terminals (with support for merchant terminal rental fees) and helping direct claims enquiries for customers looking for support through their home or car insurance distributed by CommBank.

CBA’s regional manager for Western Australia, Karen Reid, said: “We’re here to support our customers and employees through Tropical Cyclone Ilsa and we have a range of tailored support options available for our customers if they need it.

“Our website has the most up-to-date branch and service information.

“We also thank emergency services who are working hard to protect communities in the region,” Ms Reid said.

[RELATED: Australia’s economy “vulnerable” to disaster, Treasurer warns] 

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