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Those who have been impacted by the cyclone should reach out to their bank for financial assistance.
Plenty of lenders, including the big four, are offering emergency financial assistance to support customers impacted by the weather event.
For example, CBA’s emergency assistance includes:
- Customised payment arrangements for home loans, credit cards, personal loans, and some business loans.
- Waiving fees and charges.
- Temporary overdrafts, additional loans, or emergency credit limit increases (subject to credit approval).
- Waiving fees and notice periods for early access to term deposits.
- Emergency accommodation may be available for customers who have taken out Home Insurance provided by Hollard, distributed by CommBank, subject to making a claim and policy terms and conditions.
- Helping direct claims inquiries for customers seeking support through their Home Insurance provided by Hollard, distributed by CommBank.
- Loan restructuring for business customers with existing loans.
- Waiving fees for temporary and damaged merchant EFTPOS terminals, as well as support with merchant terminal rental fees.
Meanwhile, NAB is offering $1,000 grants for those affected by the disaster.
ANZ has similar offerings:
- Short-term payment relief on home loans, credit cards, personal loans, and some business loans (ANZ may still charge you interest during that period).
- Waiving fees for restructuring business loans.
- Waiving fees for accessing term deposits early.
- Also, those with ANZ Home and Contents Insurance may be eligible for emergency funds and temporary accommodation.
And Westpac is promoting:
- Home loan customers may apply to defer repayments.
- Customers with home and contents insurance may be eligible to make a claim.
- Credit card customers may apply to defer repayments to their card, while customers experiencing hardship may also be offered a halt on all interest accrual on unsecured credit products for a period.
- Term deposit customers experiencing hardship may apply to waive the minimum notice period to access funds prior to maturity.
- Business loan customers may apply to defer repayments.
- Business customers with merchant facilities may be eligible to receive assistance, including monthly terminal access fee refunds.
Way back in May 2009, ASIC released a report discussing the importance of lenders providing financial hardship assistance. It revealed that the vast majority offer this support.
Now with plenty of lenders coming forward to show solidarity and offer financial assistance for affected customers, this support is still being upheld.
Australia Banking Association CEO Anna Bligh urged consumers to speak to their lender and see what types of support are available to them.
“This is a difficult time for many households, businesses and farmers across southern parts of Queensland and Northern NSW. I want to reassure customers that banks are here to support you. In the coming days, if you begin to face financial difficulties and need assistance, reach out to your bank,” said Bligh.
“Our banks have highly experienced specialist teams ready to assist with any financial concerns or inquiries you might have. Banks have a range of practical measures that they can put in place to help you navigate through these uncertain times. You don’t have to tough it out on your own.
“It doesn’t matter if you’re an individual or a business customer, or both, banks have a variety of options available from repayment deferrals through to loan restructuring to help you get by. In the coming days, if you need help from your bank, contact them as early as possible to discuss what tailored assistance can be made available.”
