Borrowers in flood-affected areas of Queensland and northern New South Wales can now claim up to 3 months of home loan deferral.
It is one of several support measures announced by Australian banks following the epidemic downpour, which saw Brisbane receive more rain in 1 week than London typically receives in 1 year.
“Loan deferral or reduced repayment arrangements for home, personal and some business loans are offered at individual banks,” confirmed Anna Bligh, CEO of the Australian Banking Association (ABA).
“As those affected by these terrible floods begin a long and slow recovery, it will give them some financial peace of mind. Customers are encouraged to speak to their bank, as soon as they can, and find out what help is available to get them through this difficult time.”
What financial assistance is available?
Depending on your personal situation, you may be eligible for:
- Defer repayments on your home loan, personal loan, credit cards and some business loans for up to 3 months.
- Apply for waiver of fees and charges, including early access to term deposits.
- Consolidate your debts to make it easier to manage repayments.
- Access temporary overdrafts, additional loans, or emergency credit limit increases (subject to credit approval).
Angus Sullivan, group director of retail banking at CommBank, said each customer’s situation will be assessed on a case-by-case basis.
“For CommInsure customers, we are able to help with emergency accommodation if your home has been damaged…and we can also expedite claims with CommInsure for customers requesting assistance through of their home and contents insurance,” he said.
You can ask for help in case of difficulties by calling your bank directly, using the list of ABA member banks. Emergency aid and financial difficulties contact details.
NAB Announces $1,000 Flood Relief Grants
While the majority of banks are offering loan repayment relief, NAB has also announced financial hardship grants of $1,000 each for NAB customers directly affected by the current flooding.
Rachel Slade, NAB Group Executive Personal Banking, said the bank is providing immediate access to $1,000 grants to help cover costs such as temporary accommodation, food and clothing.
“We are also providing emergency grants to NAB colleagues who have experienced damage to their homes, while continuing to support their local customers during these floods,” she said.
“Many of our branches have also been affected and we encourage customers in affected areas to contact us.”