NAB extends $1k flood grant for customers

NAB first started offering the $1,000 grant in October to act as additional financial relief for customers in the disaster areas of NSW, Victoria, and Tasmania.

This is to work in conjunction with existing relief options offered by the major bank such as loan deferrals or reduced payment arrangements and waiving fees and charges related to their accounts.

The grant aims to provide immediate access to funds for customers who have experienced substantial structural damage or major internal damage to their properties.

Business and agricultural customers who have suffered significant damage to property, fencing, or other equipment as well as loss of stock or livestock are also eligible for the grant.

However, the grant is not available for customers who have only experienced minor damage to homes or damage to personal items and appliances, garages, sheds, gardens, or loss/damage to investment properties or holiday homes.

Additionally, the major bank has donated $100,000 to Disaster Relief Australia to fund “mud-army” recovery and clean-up operations.

NAB executive retail Krissie Jones stated some flood-impacted communities were still facing the brunt of worsening conditions and the bank was here to help.

“The flooding in parts of NSW and Victoria has worsened over the past week with emergency warnings impacting a number of communities,” Ms Jones added.

“Flood levels in many locations were expected to peak across the weekend and as a result, we will continue to make sure anyone affected can get the support they need.”

Flood-impacted brokers supported by CBA

In late October, the Commonwealth Bank of Australia (CBA) opened an offer to broker partners who have been severely affected by flooding in Victoria, giving them the option of accessing a portion of their trail commission in advance.  

The CBA’s Broker Emergency Assistance Package was aimed at broker partners “significantly impacted” by the severe flooding in Victoria, similar to its support package that was rolled out during the March 2022 floods.

The assistance package offered an advanced prepayment of 80 per cent of a broker’s next four months’ trail from eligible CBA loans.

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.”

[RELATED: CBA offers flood-impacted brokers support]

Written by Adrian Suljanovic

Last Updated: 08 November 2022

Published: 09 November 2022