NSW and QLD floods: Banks announce home loan, credit card relief

Posted: 3 March 2022 12:24 pm
News
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Borrowers in flood-impacted areas across Queensland and northern New South Wales can now claim up to 3 months of home loan deferrals.

It's one of a raft of support measures Australia's banks have announced in the wake of the epic 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 being offered across individual banks," confirmed Anna Bligh, CEO of the Australian Banking Association (ABA).

"As people affected by these terrible floods start the long, slow recovery, this will give some financial peace of mind. Customers are encouraged to talk to their bank, as soon as they are able, and find out what assistance is available to get them through this tough time."

What financial relief is available?

Depending on your personal situation, you may be eligible to:

  • Defer repayments on your home loan, personal loan, credit cards and some business loans for up to 3 months.
  • Apply for waived fees and charges, including for early access to term deposits.
  • Consolidate your debts to help make repayments more manageable.
  • Access temporary overdrafts, additional loans or emergency credit limit increases (subject to credit approval).

Angus Sullivan, Retail Banking Services Group Executive at CommBank, said each customer's situation will be assessed on a case by case basis.

"For CommInsure customers, we are able to assist with emergency accommodation if your home has been damaged… and we can also expedite claims to CommInsure for customers seeking help through their home and contents insurance," he said.

You can apply for hardship relief by calling your bank directly, using the ABA's list of member banks' Emergency Assistance and Financial Hardship contact details.

NAB announces $1,000 flood relief grants

While the majority of banks are providing loan repayment relief, NAB has also announced financial hardship grants of $1,000 each for NAB customers directly impacted by the current floods.

Rachel Slade, NAB Group Executive Personal Banking, said the bank is offering immediate access to $1,000 grants to help cover costs such as temporary accommodation, food and clothing.

"We are also providing NAB colleagues with emergency grants who have experienced damage to their homes, while they continue to support their local customers during these floods," she said.

"Many of our branches have also been impacted and we encourage customers in impacted areas to contact us."

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