As residents in parts of NSW return to flood-damaged homes in the wake of yet another extreme weather event, lenders and Federal Government have stepped up with a range of support measures for those impacted by the recent flooding. Along with Government’s Disaster Recovery Payment, lenders are providing emergency assistance for impacted homeowners and are urging those affected to contact their lender as soon as possible should they require support. Here’s an outline of the support measures available.

Federal Government Support

A Disaster Recovery Payment amounting to $1,000 per eligible adult and $400 per eligible child is available to residents in 29 local government areas impacted by the latest round of devastating floods. The funding aims to assist those whose homes have sustained severe damage or who have experienced a significant injury in the recent flooding along the east coast of NSW and metropolitan Sydney. 

Residents of the following municipalities can apply via Services Australia or the Australian Government Emergency info line on 180 22 66: Blacktown, Blue Mountains, Camden, Canterbury-Bankstown, Campbelltown, Central Coast, Cessnock, Fairfield, Georges River, Hawkesbury, Hornsby, Kiama, Lithgow, Liverpool, Northern Beaches, Penrith, Shellharbour, Shoalhaven, Sutherland, The Hills, Wingecarribee, Wollondilly, Wollongong, Bayside, Dungog, Lake Macquarie, Maitland, Singleton and Upper Lachlan.

This funding is in addition to the joint state and commonwealth support measures that are already in place. Furthermore, Government is extending the Disaster Recovery Allowance to employees and sole traders in the 29 local government areas who experienced a loss of income as a result of the disaster. A maximum of 13 weeks of payments can be collected by eligible workers.

Lenders offer support for customers

Below is an outline of some of the lender support available to impacted borrowers, most lenders have some form of support offering:  

ANZ

Relief package measures for affected customers include:

• "Short-term payment relief" on home loans, credit cards, personal loans and some business loans (however, interest may still be charged during this period)
• Waived fees for those restructuring business loans
• Waived fees for those accessing term deposits early
• Customers with ANZ Home and Contents Insurance may also be eligible for emergency funds and temporary accommodation 

Commonwealth Bank

• Customised payment arrangements for home loan, credit card, personal loan 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
• Loan restructuring for business customers and existing loans
• Waiving fees for temporary and damaged merchant EFTPOS terminals, as well as support with merchant terminal rental fees
• Assistance with emergency accommodation for CommInsure customers if their home has been damaged and will expedite claims for those seeking help through their home and contents insurance. 

NAB

• Loan deferral or reduced repayment arrangements for home, personal and some business loans, as well as deferring upcoming credit card payments
• Waiving and/or refunding fees and charges, such as merchant terminal fees and early access fees to term deposits
• $1,000 grants are now on offer to affected customers.

Westpac

• Up to three-month repayment deferrals for affected mortgage customers and business loan customers
• Up to 90 days’ repayment deferrals for affected credit card customers
• Fee-free loan restructuring for affected business loan customers
• Discounted interest rates and waived fees on personal loans for affected customers wishing to purchase replacement goods
• Waived interest rate adjustments for affected customers wishing to withdraw term deposits
• A halt on all interest accrual on unsecured credit products for a period of up to three months for affected customers experiencing hardship
• Up to three-month terminal access fee waivers for affected business customers with merchant facilities
• Eligible small-business customers can also apply for a $3,000 grant per customer group to help with urgent expenses or repairs through Westpac Group’s $2 million flood support fund launched earlier this year. 

Get help right away

If you’ve been impacted by the recent flooding and you need support during this time, please contact your lender as soon as possible. Also reach out to your mortgage broker if you’d like financial advice at this time. Our team is standing by ready to assist you.

While all care has been taken in the preparation of this publication, no warranty is given as to the accuracy of the information and no responsibility is taken by Finservice Pty Ltd (Mortgage Express) for any errors or omissions. This publication does not constitute personalised financial advice. It may not be relevant to individual circumstances. Nothing in this publication is, or should be taken as, an offer, invitation, or recommendation to buy, sell, or retain any investment in or make any deposit with any person. You should seek professional advice before taking any action in relation to the matters dealt within this publication. A Disclosure Statement is available on request and free of charge.

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