With the flood waters now subsiding, Australia’s majors have all offered increased emergency assistance including the suspension of mortgage and credit card payments for up to three months, an immediate raise in credit limits, the waiving of most fees on new personal and business loans, and no penalties for customers withdrawing term deposits.
Smaller institutions like Rural Bank and Bendigo Bank have hardship policies in place, offering similar assistance on a case-by-case basis.
Similarly, mortgage insurer Genworth has also come to the fore with various flood relief initiatives.
Speaking to The Adviser, Genworth’s chief executive Ellie Comerford said the insurer had activated its own disaster relief package.
Ms Comerford said the insurer was working with lenders to make sure all affected homeowners were able to keep on top of their payments and not fall into arrears.
Genworth was also appealing to its employees to raise money for the Premier's Flood Relief, with every dollar raised to be matched by the company.
So far through its global appeal, Genworth has raised over $32,000, which includes matching by the company.
“Everybody is doing their bit, giving where they can to help the relief effort. The money our employees have raised is a testament to the Australian spirit. We want to do all we can for those affected by the floods,” Ms Comerford said.
“Some of our employees are also working in the flood affected regions on the clean-up efforts.”