Australia's big banks have revealed a suite of changes to loan and credit card repayments to assist people affected by the devastating bushfires burning across the country.
In a statement on Friday, the Australian Bankers Association announced the range of natural disaster services available to customers of ABA members, which include the big four banks and a number of other lenders.
Depending on individual circumstances, services could include deferral of loan repayments, waiving fees and charges, restructuring existing loans free of charge, additional finance and increasing credit card limits.
"It's hard to truly comprehend the grief and devastation that communities and individuals have experienced, through one of the worst bushfire seasons that Australians have ever known," the acting CEO of the ABA, Vanessa Beggs, said.
The remains of a house destroyed by a bushfire outside Batemans Bay. Source: AAP
"Banks stand ready to support their customers through these very difficult times."
Those affected by the fires, including small businesses, are encouraged to contact their bank to find out what assistance is available.
"Banks have hardship teams that are ready to assist customers affected by natural disasters such as these, offering help which can include deferring loan repayments, waiving fees and consolidating debt to make it more manageable," Ms Beggs said.
One of the participating banks, the National Bank of Australia (NAB), also announced a $1 million disaster relief package for people affected by the bushfires on Friday.
The fund will allow NAB customers who have lost homes to immediately access up to $2,000 in grants to go towards temporary accommodation, food and clothing.
NAB Chief Customer Officer Mike Baird said the fund is designed to assist communities as they deal "with the personal impact of the bushfires both immediately and throughout 2020".
"There are horrific tales of lost homes, lost livelihoods and most tragically, the loss of loved ones. Many families and businesses face an uncertain future and we want to do all we can," he said.
More than 140 bushfires continue to burn in NSW and another 50 in Victoria ahead of catastrophic fire conditions forecast for Saturday. Significant fires are also burning in Tasmania, South Australia, Queensland and Western Australia, with more than five million hectares of land already scorched.
