Banks have begun offering immediate support to flood-affected customers in Victoria, NSW and Tasmania.
Bendigo and Adelaide Bank has reassured its customers located in flood-risk areas that they will be offered swift financial relief following heavy rainfall over the past week.
“A range of measures are now available to eligible customers with Bendigo and Adelaide Bank as we continue to monitor the situation and review and update our response as necessary,” said general manager retail banking Dennis Teale (pictured above left).
“We want to reassure all our customers that right now, their number one concern needs to be their safety and that their bank will be there to help when the time comes.”
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Teale said Bendigo and Adelaide Bank was offering its home loan, business loan and agribusiness loan customers impacted by the floods a range of relief measures including loan repayment deferrals of up to three months.
“The package also includes discounted interest rates, fee waivers and other concessions. Our team members are available to ensure requests for assistance are managed promptly,” he said.
“We understand the impact severe weather events such as floods can have on customers financially.”
The key features of Bendigo and Adelaide Banks assistance package for flood affected customers include:
- Home loan, business loan and agribusiness loan customers can apply for loan repayment deferrals of up to three months
- Discounted interest rates on new personal loans taken out by existing Bendigo Bank customers
- Waiving 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
- For impacted customers, Bendigo Bank powered by Tyro merchant customers can apply to have merchant terminal rental fees waived
The bank advises concerned customers to speak with their local branch manager, business banking manager or agribusiness relationship manager when safe to do so.
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On October 14, ANZ announced customers and businesses impacted by the floods in Victoria, NSW and Tasmania would have access to a financial support package to help them begin their recovery.
ANZ is offering immediate financial help for customers who have been affected by flooding, with a range of financial support measures including short-term payment relief on home loans, credit cards, personal loans and some business loans, waiving fees for restructuring business loans and waiving fees for accessing term deposits early.
ANZ general manager Victoria and Tasmania Cameron Home (pictured above centre) said the recent wide-spread flooding across Victoria, NSW and Tasmania had impacted many homes and businesses and at this time it was important for people to continue to monitor the ongoing situation and stay safe.
On October 13, NAB also announced it was making financial support available to customers in flood-affected areas in those three states.
NAB retail executive Krissie Jones (pictured above right) said the bank encouraged customers affected by the floods to contact the bank to discuss a range of financial relief measures.
“These can include loan deferral or reduced repayment arrangements for home, personal and some business loans, as well as deferring upcoming credit card payments and waiving and/or refunding fees and charges,” she said.
“We know this is impacting a lot of families and businesses across NSW, Victoria and Tasmania. The number one priority is to stay safe and when people are ready to talk to their bank, we are here to help. Anyone who needs assistance or advice can contact us so we can discuss their circumstances and work out the best way to help.”
