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Lenders are providing emergency assistance to customers and businesses as fears grow that floods could worsen in parts of NSW.
Banks have rolled out support measures in response to widespread flooding across parts of NSW, amid fresh warnings of evacuations and flash flooding across much of the region.
Record flood waters on the Mid North Coast of NSW had left more than 48,000 people isolated on Thursday afternoon (22 May) after about four months of rain was dumped in two days.
Prolonged heavy rainfall is set to continue as Mid North Coast communities remain on high alert for major flooding, according to NSW State Emergency Service (SES).
Flash flooding remains a “significant risk”, with SES responding to almost 600 flood rescues.
Given the flooding, banks have confirmed that they will be on standby to support flood-affected customers across the Mid North Coast and Hunter regions.
Australia and New Zealand Bank (ANZ) has activated a relief package for affected customers in NSW Hunter and Mid North Coast areas, including short-term payment relief on loans and waived fees for restructuring business loans.
ANZ general manager, NSW and ACT, Andrew de Lautour, said: “The scale and speed of the damage to homes, businesses and infrastructure have made this one of the region’s most challenging weather events, but our priority is to ensure our customers and staff are safe and know that support is available.
“We’ve activated our relief measures to help ease the pressure, whether it’s managing financial commitments or accessing assistance when it’s safe to do so.
“As the situation unfolds, we’ll continue to be here in the days ahead – ready to support our customers and staff as they begin to navigate what comes next.”
Similarly, Commonwealth Bank of Australia (CBA) is offering customised payment arrangements, including deferred loan repayments, along with waived fees and temporary overdrafts.
Business customers can also apply for deferred business loan repayments, while larger businesses can make use of specialised tailored support.
CBA has also encouraged brokers who have been significantly impacted to contact their relationship manager to better understand available options.
Angus Sullivan, CBA retail banking services group executive, commented: “With communities across the Mid-North Coast and Hunter region in NSW being impacted by flood waters, our priority is to ensure our customers have access to the support they need.
”We’ve activated a range of emergency assistance measures and encourage anyone affected to reach out. We’re here to help you navigate the challenges ahead.”
Westpac is also providing assistance for NSW customers affected by flooding.
The major is offering mortgage customers reduced and deferred repayments and business customers temporary overdrafts up to $15,000 for small firms and up to $50,000 for larger businesses.
“We are thinking of all our people, customers and communities impacted by the severe weather event in New South Wales,” said Carolyn McCann, acting CEO, consumer, Westpac.
“Westpac has a dedicated team of specialists standing by, ready to provide a range of support measures for customers and businesses.”
National Australia Bank (NAB) has launched a range of support, including $1,000 disaster relief grants, loan deferrals, and reduced repayment arrangements.
“This is a difficult time for our communities and we’re here to help. We’re providing immediate assistance and making $1,000 grants available to help NAB customers impacted,” NAB executive, retail, NSW, Tony Story said.
Other lenders are also supporting customers. A Macquarie Bank spokesperson told The Adviser: “Our thoughts are with everyone doing it tough due to the flooding across NSW.
“We encourage any impacted customers to contact us, so we can offer tailored support. This may include temporary repayment arrangements for home loans, credit cards or car loans, fee waivers and a range of other emergency assistance measures. We have also paused any collection activity for customers in arrears within impacted areas.”
The CEO of the Australian Banking Association (ABA), Anna Bligh, said banks were activating financial assistance and relief to support their customers, including loan repayment deferrals, waived fees, and loan restructuring.
“Banks recognise that this is a very challenging weather event and are making sure financial support is available to customers should they need it,” she said, noting they have financial relief measures to “help customers navigate through this incredibly challenging time”.
“It doesn’t matter if you’re an individual, a farmer or a business customer, banks have a range of options from repayment deferrals through to loan restructuring to help you get back on your feet.”
The disaster relief comes hot on the heels of other significant and disruptive weather events recently.
Earlier this month, North Queensland was battered by a tropical low weather event, which resulted in record-breaking flood conditions across the area. Lenders and both state and federal governments came out to provide disaster relief and funding for flood-affected communities.
Earlier this year, banks also offered support to victims of major flooding after Tropical Cyclone Alfred, which caused significant damage estimated to cost more than $1 billion in total.
The broking industry also offered support, with aggregator Loan Market Group (LMG) raising funds for those affected at its second annual Growth conference earlier this week.
[Related: LMG to launch fundraiser for impacted QLD/NSW communities]
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