ANZ Regional Commercial Banking General Manager, Tania Motton said that ANZ has a long-term commitment to Regional Australia and this means working with farmers to help them manage through the drought.
"With our long history in regional Australia, we recognise that adverse seasonal conditions are a normal and cyclical event in Australian agriculture which should be considered as part of long-term financial planning and drought-preparedness. However, it is inevitable that adverse events will impact on the short–term trading performance of farm customers,” said Ms Motton.
“Our aim is to help customers in regional and rural Australia with their short-term cash flow and long-term sustainability.
“We are already working with those customers that we know are impacted on a case-bycase basis to help them develop strategies to manage their finances through the drought,” Ms Motton explained.
To help farmers and other businesses in drought-affected communities, ANZ has a range of hardship relief options available for customers on a case-by-case basis such as:
- capitalising interest or establishing interest-only repayments on loans;
- loan restructuring to minimise financial outgoings during this adverse trading period;
- waiving fees associated with loan restructuring;
- providing additional carry-on finance to meet short-term needs; and / or
- waiving fees associated with accessing deposit funds ahead of the maturity date.
Ms Motton encouraged customers affected by the drought to approach ANZ as soon as possible to discuss the likely impact on their business or personal circumstances.
Customers affected by the drought who wish to discuss the relief arrangements should continue to contact their ANZ representative or local branch.