ANZ boosts aid for flood-impacted customers

ANZ is offering additional relief package for customers whose family farms were devastated by the catastrophic floods that inundated northern parts of Queensland.

The additional relief package is targeted at flood-affected family farms and will be provided on a case-to-case basis, depending on factors such as the extent of herd loss and the infrastructure rebuild required.

“Farmers across northern Queensland have just been hit by devastating floods after enduring years of tough drought conditions, so they need help now more than ever,” said Mark Hand, ANZ acting group executive Australia. “We appreciate the seriousness of the situation many flood-affected farmers now face and we will take all practical steps to assist them.”

To support customers with flood-affected family farms, ANZ said it will:

• not take possession of a farm without permission of the property owner for a period of three years;
• where possible, and taking into account the customer’s interests and ANZ lending obligations, conversion of lending to interest only for a period of up to three years;
• where possible, discounted lending for approved loan requests for the purpose of rebuilding, including herd replacement and associated infrastructure costs, to a maximum term of three years. This will extend ANZ’s existing $130 million commitment of discounted loans for previously drought-affected areas to $200 million. This funding would be available for purposes such as restocking or replacing farm infrastructure

The additional support follows ANZ’s initial relief package announced earlier this month, plus its $100,000 donation.