Victoria flood victims 'should contact banks about Aussie credit changes'

People affected by the Victoria floods should seek advice from their bank as soon as they can to help with their finances, according to one industry expert.

Victoria residents affected by the latest floods should get in touch with their banks as soon as possible to see about temporary Aussie credit increases, one industry expert has said.

Steven Munchenberg, chief executive of the Australian Bankers' Association, said organisations will be aware that it is a difficult time for individuals and financial difficulties could occur.

He advised consumers to ask their institution about possibly deferring home loan repayments and accessing term deposits early.

Other assistance that may be provided by the organisations includes the restructuring of business loans without customers incurring fees.

Mr Munchenberg added: "Each and every financial situation will be different, but be assured bank relationship managers will sit down with customers to discuss strategies to deal with the floods."

This news comes after Westpac announced a host of options on Sunday (September 5th) for people affected by the natural disaster including waiving interest rate penalties for those accessing term deposits early.

By Mark Hornby