Banks announce disaster relief for Victorian storm victims

Several lenders, including major banks, have offered loan repayment cuts and fee waivers to Victorians hit by severe thunderstorms last week.

From Thursday (October 28) and throughout the weekend, large swathes of Victoria and parts of South Australia and Tasmania suffered power outages and property damage after thunderstorms, hailstorms, heavy rains and high winds that hit the southern states.

Wind gusts reached 122 kilometers per hour at Frankston Beach on Friday morning (October 29), with destructive southwest winds also reported over the weekend, in the form of a cold front and a through low the region.

The savage weather had resulted in thousands of requests for help from the State Emergency Service (SES), particularly in Victoria, with the vast majority of calls for help related to downed trees and damage to buildings , due to storms.

In light of the storms, several lenders have announced disaster relief for those affected in Victoria.

The Commonwealth Bank of Australia (CBA) said it was providing emergency assistance to customers and businesses in storm-affected areas across Victoria.

This includes “personalized payment terms” on mortgages, personal loans and credit cards, as well as the elimination of fees and charges.

Additional services include loan restructuring for business customers and existing loans and expedited claims through CommInsure for customers seeking help through their home and contents insurance, among other temporary measures.

Angus Sullivan, Group Director of Retail Banking, said, “Our hearts go out to all of those affected by the storms that swept through Victoria.

“We know that events like this can cause a lot of concern for our customers and we want to alleviate some of those concerns by offering a range of support measures to affected customers.”

Likewise, the National Australia Bank (NAB) is encouraging customers affected by storms to contact the bank to discuss a range of financial assistance measures, including discounts on mortgage and personal loan repayments, and postponement. primary business loan and / or leasing payments. Payments.

NAB said customers can access credit card and personal loan relief and waive business facility restructuring application fees and the costs and fees for early withdrawal of term deposits (including management deposits). agricultural).

The bank also offers welfare support services for colleagues and clients.

NAB Executive Retail Regional Victoria, Mil Kairouz, said: “We know this is impacting many people in the region – we are here to help and the number one priority is to stay safe.

“We’re here to support all NAB customers, employees and the wider community before, during and after a natural disaster. Anyone who needs help or advice can contact us so that we can discuss their situation and find the best way to help them.

Westpac also announced it is providing emergency assistance to households and businesses affected by severe weather events in Victoria and South Australia.

This includes deferrals of mortgage and commercial loan repayments for up to three months; loan restructuring at no charge; credit card repayment deferrals up to 90 days; and discounted personal loans for those who need to replace property, among other measures.

Ross Miller, Head of Customer Engagement at Westpac, said: “Westpac is here to help our customers who have been affected by severe storms in the past 24 hours.

“Westpac, BankSA and Bank of Melbourne will provide clients with access to tailored financial support, including home and business loan deferrals and emergency credit card relief.

“We know that at times like these, being able to pick up the phone and talk to your bank can alleviate some of the financial pressures. Our customer support teams are here to help and we encourage customers who have been affected to give us a call, ”Miller said.

[Related: Banks offer relief to Sydneysiders]

Banks announce disaster relief for Victorian storm victims

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Last updated: 01 November 2021

Posted: 01 November 2021

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Annie kane

Annie kane

Annie Kane is the editor-in-chief of The Adviser and Mortgage Business.

In addition to writing about the Australian brokerage industry, mortgage market, financial regulation, fintechs and the broader lending landscape – Annie is also the host of Elite Broker and In Focus podcasts and The Adviser Live webcasts. .

Contact Annie at: This e-mail address is protected from spam. You need JavaScript enabled to view it.

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