Flood Relief Packages for 2022 | What Support Is Available? - Home Loan Experts

Flood Relief Packages For 2022 | What Support Is Available?

Published by Otto Dargan on April 20, 2022

The major banks in Australia have announced their financial relief packages for customers affected by significant flooding across southeast Queensland and parts of northern New South Wales.

The following services are now available to customers whose finances the current floods have affected:

Commonwealth Bank

  • Customised payment arrangements for your home loan
  • Waived fees and charges for customers
  • Temporary overdrafts, additional loans or emergency credit limit increases (subject to credit approval)
  • Emergency accommodation if your home has been damaged (CommInsure customers only)
  • Loan restructuring for their business loan customers and existing home loans

More details at: commbank.com.au

NAB

  • Access to $1,000 grants to help cover costs such as temporary accommodation, food and clothing
  • $1,000 business grants to help restart or reopen and cover the cost of damaged property, equipment, fencing, and loss of stock or livestock
  • Support and counselling through the employee assistance program
  • Credit card and personal loan relief
  • Waived establishment fee for restructuring business facilities
  • Concessional loans to customers seeking to restructure existing facilities to assist with repairs
  • Reduction in home and personal loan repayments

More details at: nab.com.au

ANZ Bank

  • Short-term payment relief on home loans, credit cards, personal loans and some business loans (may still charge interest during this period)
  • Waiving fees for restructuring business loans
  • Waiving fees for accessing term deposits early

More details at: anz.com.au

Westpac

  • $3,000 cash grants to help with urgent expenses or repairs as a result of the floods (small-business customers)
  • Repayment deferral for up to three months
  • Waivers on premiums
  • Waived interest rate adjustments for affected customers wishing to withdraw term deposits.
  • Offer to halt all interest accrual on unsecured credit products for a period of up to three months (in severe cases)

More details at: westpac.com.au

St. George

  • Repayment deferral for up to three months on home or business loans
  • Personal loan at a discounted interest rate with no establishment fee (to purchase replacement goods)
  • Waived interest-rate adjustments
  • Loan restructuring without incurring the usual bank establishment fees

More details at: stgeorge.com.au

Are You Affected By The Flood?

Please contact your lender’s financial relief or hardship department if you have been affected by the floods and require assistance.

Our customer care department can also help you find out what assistance is available from your lender and how you can apply. Contact us by dialling 1300 889 743.