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Victorian flood-affected brokers are being offered advanced trail payments to help them manage, the major bank has announced.
Broker partners who have been adversely affected by Victoria’s recent floods are being offered the option of accessing a portion of their trail commission in advance, the Commonwealth Bank of Australia (CBA) has announced.
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Similar to the support rolled out to brokers during the March 2022 floods, CBA's Broker Emergency Assistance Package is aimed at broker partners "significantly impacted" by the flood emergency in Victoria.
It offers an advanced prepayment of 80 per cent of a broker’s next four months’ trail from eligible CBA loans.
The support, paid in an upfront sum, will be determined by their actual September commission payment and capped at $5,000, CBA explained.
To qualify, a broker must be an accredited CommBank residential mortgage broker and be significantly impacted either via direct flood damage (to their home and/or business premises), and/or direct involvement in the flood rescue, relief and response efforts.
Brokers are encouraged to reach out to their relationship manager for more information, the bank explained.
CBA’s general manager, third-party banking, Adam Croucher, said: “We are thinking of everyone affected by the dangerous flooding in communities across the east coast of Australia and want to alleviate the concerns of our customers and brokers through a range of support measures, including our Broker Emergency Assistance Package.
“Under our Broker Emergency Assistance Package, our broker partners can access an advanced pre-payment of 80 per cent of their next four months’ upfront trail.
“The amount will be determined by their September commission payment and capped at $5,000.”
More rain and flash floods expected
The support has come as the Bureau of Meteorology (“the Bureau”) warns that widespread showers, rain and thunderstorms will continue to impact eastern Australia in the coming days and into early next week.
Showers and thunderstorms are possible for much of eastern Australia, from northern Queensland into New South Wales, northern Victoria and eastern South Australia, with heavy rain leading to flash flooding a primary risk.
In response to the latest disaster, the federal government’s one-off, non-means-tested Disaster Recovery Payment (of $1,000 per eligible adult and $400 per eligible child) has started for eligible families, as well as banks announcing support to customers.
CBA 's interstate support during flood periods
As well as offering brokers support, the major bank has been offering customers relief if they have been impacted by the floods.
Earlier this year, the bank also distributed a further $2 million in funding through its CanGive Flood Appeal, which it set up in March, to raise funds for those impacted by the floods throughout northern NSW and Queensland.
The more recent additional $2 million was to be distributed to help a number of flood-affected charities and communities as they recover.
[Related: Major bank distributes another $2m to flooding appeal]
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