Finance Mar 10, 2022

Australian Flood Relief Packages 2022

8 min read

Australian Flood Relief Packages 2022
Australian Flood Relief Packages 2022

With many parts of the east coast of Australia heavily affected by floods, lenders and banks have put together a range of flood relief packages for households and businesses. Below is a summary of some of the support available but do get in touch if your lender is not listed and we can look into it further for you.

For a broad overview, go to The Australian Banking Association website here: https://www.ausbanking.org.au/for-customers/financial-difficulty/

Which Banks How they Support/What they Offer Eligibility Criteria (subject to change, check with your bank to see if you qualify)
AMP
  • A pause in loan RPMTs for 3 months.
  • Access to term deposits before maturity w/o interest penalties.
  • Fee waivers where customers require same day fund transfers via SWIFT.
Must be a home loan, practice finance or deposit customer.
ANZ
  • Short-term PMT relief on home loans, credit cards, personal loans, some business loans (may still charge interest).
  • Waive fees for restructuring business loans.
  • Waive fees for accessing term deposits early.
 
Bank Australia
  • Lower repayments and extended loan term.
  • Pause repayments until the client can pay them again.
Be a Bank Australia customer who is experiencing financial difficulty.

Apply through the hardship assistance form.

Bank of China
  • Deferred repayments on home loans up to 3 months.
  • Loan restructuring for existing loans without bank fees.
Have to apply through financial hardship application.
Bendigo and Adelaide Banks
  • Home Loan and Business Loan customers can apply for relief on loans for up to three months
  • Discounted interest rates on new personal loans taken out by existing Bendigo Bank customers
  • Waiver of interest rate reduction for early withdrawals on term deposits prior to maturity
  • No ‘loan break’ costs for customers with a fixed rate who use an insurance payment to pay out their loan
  • Merchant rental fees may be waived for impacted businesses.
  • Bendigo Banks agribusiness specialist ‘Rural Bank’ provides disaster assistance measure to customers: they will work the impacted farming customers to apply the most appropriate support.
Those affected by natural disasters in South-East Queensland/Northern NSW.
BOQ
  • 90 Day deferral of loan RPMTs (home, business, personal, asset finance) – may be capitalised to the loan over the remaining term.
  • Waiver of fees associated with transactions related to financial difficulty assistance.
  • Early release of funds held in term deposits (includes waiving fee).
  • Temporary overdrafts for transaction accounts.
Available to customers of BOQ, BOQ specialist, and BOQ Finance who are affected by extreme weather.
CBA Support for Individuals:

  • Customised PMT arrangements such as option to defer loan RPMTs.
  • Waived fees/charges.
  • Temporary overdrafts, additional loans or credit limit increases.
  • Early access to term deposits.
  • Emergency accommodation assistance for CommInsure Residential Home Insurance customers whose homes have been damaged.
  • Expedited CommInsure home/contents insurance claims.

 

Support for Businesses:

  • Deferred business loan RPMTs if eligible.
  • Refund merchant terminal fees up to 90 days/waiver of merchant terminal non-return fees for eligible customers.
  • Specialised tailored support for larger business customers.
  • Early access to term deposits, cash deposit, farm management term deposit and business investment accounts.
Customers who have been impacted by the floods, or whose business has been.

 

Can apply online, in person, or over the phone to discuss individual circumstance.

 

 

ING Temporary Difficulties

  • Capitalisation of arrears (money owed on your home loan is added to the balance and paid off over its life)
  • Extending term of your loan to reduce RPMTs.
  • Agreed to IR only PMTs for a short period.
  • Changing home-loan type.

 

Permanent Difficulties

  • Agree on an alternative arrangement/plan/contract.
  • Change loan terms.
  • Give you time to sell your property.
  • Give you info about bankruptcy/insolvency arrangements.
Customers who have experienced temporary or permanent difficulties because of the flooding.
Liberty Depending on individual circumstances, customers can:

  • Reduce current RPMTs to the minimum monthly RPMT
  • Defer repayments
  • Access a payment moratorium.
  • Switch to interest-only.
  • Redraw funds.
  • Access insurance to cover them in the event of involuntary unemployment.
For customers who:

·      Lost their job

·      Experienced reduced income.

·      Suffered illness/injury.

·      Been affected by natural disasters or COVID-19.

Macquarie
  • Changes to RPMT terms for home loans, credit cards and car loans.
  • Re-assessment of loan terms for busines banking clients.
  • Living fees/restrictions that may apply to Macquarie’s products.
  • Range of emergency assistance measures to support clients with urgent needs.
Available for anyone across Queensland and NSW who have been affected by the recent flooding.
NAB
  • Credit card and personal loan relief
  • Waiving the establishment fee for restructuring business facilities
  • ·      ​​​​​​​Concessional loans to customers seeking support to restructure existing facilities to assist in repairs, restocking and re-opening for business
  • Reducing and moratorium on home and personal loan repayments
  • Providing $1,000 grants to customers/colleagues affected by the flooding – for those whose homes have experienced significant damage to their homes.

 

All customers in South-East Queensland who have been impacted by the flooding.
Virgin Money
  • 90-day deferral of loan repayments which may be capitalised to the loan over the remaining term.
  • Waiver of fees associated with transactions relating to the financial difficulty assistance.
  • Temporary overdrafts for transactional accounts;
Provide Emergency Fast Track Relief assistance to customers affected by the flooding across Queensland and Northern NSW.
Bank of Melb/St George For Customers:

  • Customers with home loans can apply to defer repayments up to 3 months.
  • Affected credit card customers can apply to defer RPMTs for up to 90 days.
  • Those wishing to purchase replacement goods may apply for a personal loan at a discount IR with no establishment fee.
  • Customers wishing to withdraw term deposits may be eligible for waived IR adjustments.
  • Those experiencing hardship may also be offered a halt on all Interest accrual on unsecured credit products for up to 3 months.

For businesses:

  • Customers with business loans may apply to defer RPMTs for < 3 months.
  • Affected businesses w/ existing loans can request loan restructuring w/o incurring bank establishment fees.
  • Affected businesses w/ merchant facilities are eligible to receive assistance, including monthly terminal access fee waivers for < 3 months.
Available for eligible customers affected by the flooding in South-East Queensland/Northern NSW.
Westpac For Customers:

  • Customers with home loans can apply to defer repayments up to 3 months.
  • Affected credit card customers can apply to defer RPMTs for up to 90 days.
  • Those wishing to purchase replacement goods may apply for a personal loan at a discount IR with no establishment fee.
  • Customers wishing to withdraw term deposits may be eligible for waived IR adjustments.
  • Those experiencing hardship may also be offered a halt on all Interest accrual on unsecured credit products for up to 3 months.

For businesses:

  • Customers with business loans may apply to defer RPMTs for < 3 months.
  • Affected businesses w/ existing loans can request loan restructuring w/o incurring bank establishment fees.
  • Affected businesses w/ merchant facilities are eligible to receive assistance, including monthly terminal access fee waivers for < 3 months.
  • Small business customers who are eligible can apply for $3,000 in cash grants per customer to help with urgent expenses/repairs.
Available for eligible customers affected by the flooding in South-East Queensland/Northern NSW.