NAB extends cyclone help to WA customers

The major bank has announced that will be providing financial support to customers in cyclone-affected areas of Western Australia.

NAB has urged its customers experiencing financial hardship due to tropical cyclone Ilsa to get in contact to discuss a range of financial relief measures. 

Customers experiencing hardship can be offered loan deferral or reduced repayment arrangements for home loans, personal loans, and some business loans, along with deferrals of upcoming credit card payments and waiving and/or refunding fees and charges such as merchant terminal fees and early access fees to term deposits. 

NAB retail executive Krissie Jones said the measures are intended to provide “immediate financial support and reassurances to customers who have been impacted”. 

“We want NAB customers to know that we are here to help. Those who need assistance due to the impact of Tropical Cyclone Ilsa should contact us as soon as possible and we’ll talk through the best ways to assist,” Ms Jones said.

“We’d also like to recognise local emergency services who have been working hard with local communities to protect and recover from Tropical Cyclone Ilsa.”

This followed two other major banks — ANZ and the Commonwealth Bank of Australia (CBA) — extending immediate financial support measures for customers affected in the region. 

ANZ is offering its customers short-term payment relief on home loans, credit cards, personal loans, and some business loans; waiving fees for restructuring business loans; and waiving fees for accessing term deposits early.

The major bank noted that these support measures followed the financial relief for customers impacted by the severe flooding in the Kimberley region of the state earlier in January this year.

CBA has made special arrangements for its customers with CBA Emergency Assistance offering support including temporary overdrafts, additional loans or emergency credit limit increases; waiving fees, charges, and notice periods for early access to term deposits; custom payment arrangements for home and personal loans, credit cards, and some business loans.  

Furthermore, CBA is offering loan restructuring for business customers and existing loans, waiving fees for temporary and damaged merchant EFTPOS terminals (with support for merchant terminal rental fees), and helping direct claims inquiries for customers looking for support through their home or car insurance distributed by CommBank.

[RELATED: Banks offer WA cyclone support]

Adrian Suljanovic is a journalist at Broker Daily with more than two years experience reporting on all facets of the third party distribution channel.

Adrian has written for a range of business and finance titles including IFA, Investor Daily and Lawyer’s Weekly before joining the mortgages team in 2022.

He graduated from the University of Wollongong in 2021 gaining a Bachelor of Communication & Media with a major in Digital & Social Media.

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