As North Queensland communities face the devastating impact of widespread flooding, customer-owned Queensland Country Bank is standing by those affected, offering their members a comprehensive Financial Relief Support Package to help ease the burden and assist with recovery.
“Many Queenslanders will experience financial hardship due to flood damage and loss of income, and for some, these impacts may be felt for many months to come,” said Queensland Country Bank CEO Aaron Newman.
“As a member-owned bank we are able to put the wellbeing of people ahead of profits, and we know from previous natural disasters that offering practical support to our Members helps to ease the financial burden during this challenging time.”
The support package offers a range of financial assistance options, including:
- Deferment of loan repayments for up to three months
- Temporary transition to interest-only loan repayments
- Loan restructuring to reduce repayments
- No establishment fees on new personal loans applied for before April 30, 2025
- Waived break costs on fixed-rate loans paid out with insurance payments
- No early withdrawal penalties on term deposits
Mr Newman said they are already assisting a number of flood-affected Members through the Financial Relief Support Package, and their insurance partner, CGU, currently has Claims and Major Event Specialists on-site at the Insurance Hub set up at the Townsville Sports Stadium.
“Many of our team members, including our call centre operators, live and work in the same local communities that are being impacted, so we’re well placed to understand every Member’s unique situation and the effects a natural disaster can have on individuals and communities,” he said.
“Queensland Country Bank and CGU will continue to closely monitor the evolving situation so we’re able to provide a swift response in caring for our Members and supporting affected communities in Far North Queensland,” he added.
Customer Owned Banking Association (COBA) CEO Michael Lawrence praised Queensland Country Bank for supporting the people and communities it serves in the wake of the devastating floods.
“At a time when North Queensland communities are facing immense hardship, Queensland Country Bank is stepping up to provide crucial financial relief. Their commitment to their members goes beyond banking; it’s about standing by these communities as they face the challenges of recovery. This is the essence of customer-owned banking,” he said.
For assistance, Members can contact Queensland Country Bank’s call centre on 1800 075 078. Further details and the latest branch updates are available at www.queenslandcountry.bank.