Financial Assistance Available After Ex-Cyclone Alfred: What You Need to Know

 


Financial Assistance Available After Ex-Cyclone Alfred: What You Need to Know


Ex-cyclone Alfred has wreaked havoc across Queensland and northern New South Wales, causing significant property damage and endangering lives. If you’ve been affected by the cyclone, it’s essential to reach out to your bank for financial assistance as you navigate the aftermath.


Many lenders, including the big four banks, are stepping up to offer emergency financial support to customers impacted by this severe weather event. Here’s an overview of the assistance available from prominent banks:


Commonwealth Bank of Australia (CBA)

CBA has rolled out various emergency assistance measures, including:


  • Customised Payment Arrangements: Tailored terms for home loans, credit cards, personal loans, and select business loans.

  • Fee Waivers: Elimination of various fees and charges associated with your accounts.
  • Temporary Overdrafts & Increased Credit Limits: Access to emergency funds (subject to credit approval).

  • Early Access to Term Deposits: Waiving fees and notice periods for customers needing immediate access to their savings.

  • Emergency Accommodation: Assistance for customers with Home Insurance provided by Hollard, subject to claiming and policy terms.

  • Support for Claims: Helping clients navigate inquiries related to home insurance provided by Hollard.

  • Business Loan Restructuring: Options for restructuring existing loans for business clients.
  • Merchant Support: Waiving fees for damaged or temporary EFTPOS terminals and assistance with rental fees.

National Australia Bank (NAB)

NAB is also extending support by offering $1,000 grants for those impacted by the disaster.


Australia and New Zealand Banking Group (ANZ)

ANZ has introduced similar offerings:


  • Short-term Payment Relief: Relief on home loans, credit cards, personal loans, and some business loans (interest may still apply during this period).

  • Fee Waivers for Restructuring: Elimination of fees for restructuring business loans.

  • Early Access to Term Deposits: Waiving fees for early withdrawal.

  • Emergency Funds: Customers with ANZ Home and Contents Insurance may qualify for emergency funds and temporary accommodation.


Westpac


Westpac is promoting support for affected customers, including:


  • Deferred Repayments on Home Loans: Ability for home loan customers to postpone repayments.

  • Insurance Claims: Customers with home and contents insurance may submit claims for damages.

  • Credit Card Relief: Opportunities for customers to defer credit card repayments and halt interest accrual on unsecured products.

  • Access to Funds Before Term Deposit Maturity: Assistance with waiving the notice period for those experiencing hardship.

  • Business Loan Deferrals: Options for business customers to delay repayments.

  • Merchant Facility Support: Possible refunds on monthly terminal access fees.


Importance of Financial Hardship Assistance

Back in 2009, ASIC released a report highlighting the importance of lenders providing financial hardship assistance, revealing that most institutions offer this type of support. In light of recent events, many lenders are demonstrating their commitment to their customers by providing financial assistance to those affected.


Anna Bligh, CEO of the Australian Banking Association, urges consumers to speak with their lenders and explore available support.


“This is a difficult time for many households, businesses, and farmers across southern Queensland and northern NSW. I want to reassure customers that banks are here to support you. If you find yourself facing financial difficulties in the coming days, 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. Contact your bank as early as possible to discuss tailored assistance.”

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