It is a smart idea to contact your banks to get financial assistance for mortgage borrowers affected by the recent flooding and severe weather events in Queensland.
Australia’s major banks have rolled out their emergency support measures for their clients, offering relief packages for loans, credit cards, and other services.
Jacqueline Auf der Maur at ANZ is the General Manager, QLD & NT. She encourages clients to contact her bank at their most convenient time to discuss financial assistance options.
“When the time is right, ANZ will be there to help and we encourage customers to contact us when they are ready so we can provide some support through this devastating time,” she said.
These measures are available for ANZ customers
- An immediate payment reduction for credit cards, personal loans, and business loans (ANZ may still impose interest on deferred loans).
- Restructuring business loans exempt from fees
- Waivers are available for early access to term deposits
- Temporary accommodation and emergency funds are available for ANZ Home and Contents Insurance
How do I contact ANZ? A hotline for financial emergencies can be reached at 1800 149 549. Customers can also visit ANZ’s Natural Disaster Support Page.
CommBank offers flood-affected customers special arrangements
The bank’s emergency assistance package includes the following:
- You can customize payment plans for your personal, business, or credit card loan.
- Waiver or waiver of fees or charges
- Temporary overdrafts, additional loans or increases in credit limit (subject to approval)
- Waiver and notice periods for early access to term deposits
- Clients of CommInsure can speed up their claims
Angus Sullivan from CommBank, a retail banking executive, stated that the bank is open to discussing their customers’ needs.
“Dangerous conditions like this can cause a lot of distress and we want to alleviate some of that worry by offering a range of support measures to impacted customers,” he said.
How do I contact CommBank? Clients can call 1800 314 695 or visit CommBank’s Emergency Assistance page.
Tom Crowley from NAB Queensland executive retail said that the bank is available for customers to get immediate financial aid.
“We know this is impacting a lot of people across Queensland — we are here to help and the number one priority is to stay safe,” he said.
NAB customers can choose from the following options:
- Payments on personal and home loans reduced and/or suspended
- Personal and credit card debt relief
- For business restructuring facilities, waive the establishment fees
- Concessional loans to customers seeking support to restructure existing facilities to assist in repairs, restocking and re-opening for business
- NAB Assist offers customers tele-consults
- Customers and coworkers can receive wellbeing support
NAB will grant $1,000 to clients who have suffered significant damage to their homes.
The $1,000 grant will cover temporary accommodation, food and clothing expenses.
NAB contact NAB can be reached by customers at 1300 308 132 for individuals and 1300 769 656 (for business customers). The bank also has a dedicated branch. Disaster Relief page.
Ross Miller, Westpac’s chief customer engagement officer, said that customers who are currently facing financial difficulties because of the floods may be able to access tailored support.
“While safety should be everyone’s first priority, we want our customers to know that when they need financial support, we have our customer teams standing by ready to respond,” he said.
Westpac’s emergency support includes:
- You can defer your home loan for up to three months
- Payment deferrals for credit cards up to 90 days
- Personal loans with a reduced interest rate (no set-up fees)
- Waived interest rate adjustments for term deposits
- Restructuring existing loan s