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Banks and insurers to help fire victims

Jan 05, 2015
The burnt-out remains of a property in Gumeracha. Photo: AAP

The burnt-out remains of a property in Gumeracha. Photo: AAP

Insurers and major banks have promised to do all they can to help the victims of the South Australian bushfires.

The Insurance Council of Australia has declared a catastrophe for bushfire-affected regions and has set up a team to work with affected policy-holders.

“The ICA is liaising with the State Government, emergency services, local governments and members of parliament to provide support and help resolve issues,” chief executive Rob Whelan said today.

Whelan said the ICA didn’t yet have firm estimates of the bushfire damage but expected to have a better idea in the next few days as owners returned to properties.

And, he said, farmers whose livestock were injured didn’t have to wait for assessors before euthanasing animals.

Meanwhile, banks are offering relief packages.

BankSA chief executive Nick Reade said South Australians caught up in some of the worst bushfires in the state’s history needn’t worry about immediate financial commitments.

Affected customers can defer mortgage repayments, while businesses can restructure their loans without incurring usual establishment fees.

Credit card customers can request an emergency credit limit increase or apply to defer repayments.

Customers wishing to purchase replacement goods can apply for a personal loan at a discounted interest rate with no establishment fee.

The ANZ, Westpac, Commonwealth Bank and NAB announced similar measures.

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