In Fire & Rescue

Queensland Opposition Leader John-Paul Langbroek

QLD Flood Relief: Banks Asked To Give Reprieve On Interest Payments

Victor P Taffa

Australia’s Banking Industry has been asked to provide an interest rate moratorium to small business owners and homeowners whose properties have been inundated during the worst Queensland floods in modern history.

Queensland Opposition Leader, John-Paul Langbroek, who met with flood affected residents and businesses in St. George yesterday, asked banks to be proactive and flexible with Queenslanders requiring hardship relief.

“These people have already been hit hard and we need to make their rebuilding process easy. I’m asking banks to take the initiative and automatically defer interest payments for three months for anyone who has experienced inundation.” Mr. Langbroek said.


“I keep getting told the same story from flood affected Queenslanders, they are panicking, really panicking about how they can afford to get through day to day.”

“These Queenslanders are worried about mounting bills and everyday living expenses because a lot of them have lost their immediate income due to the closure of so many businesses or having to go weeks without a wage until employers can open their businesses again.” Mr. Langbroek said.

Mr. Langbroek also called on the Premier to give Bipartisan Support to the LNPs Plan and use the resources of Government to lobby and make representations to the Banking Industry.

“The LNPs Plan would see 100% of interest payments deferred in the first month, 50% in the second and 25% in the third month. The total of the deferred interest would then be repaid over a future period.”

“After the recent negative publicity over interest rates, now is an opportunity for banks to win back public support.” Mr. Langbroek said.

“Interest on a $400,000 Mortgage could be over $2,000 per Month, so this Plan would offer significant and immediate assistance.”

“We all need to play our part and I am asking the banks to be good citizens and put people before profits and flexibility before red-tape.” Mr. Langbroek said.


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