Flood relief pours in from banks, credit unions

What some of the banks are doing to provide hardship relief for their customers hit by the worst floods in Queensland since 1974.

Westpac

Customer resellers with damaged goods may apply for a personal loan at a discounted rate with no establishment fee to replace them. Westpac is also offering deferred credit terms and term deposit withdrawal without penalty.

• Mortgagees may defer repayments for up to three months
• Credit card holders may request an emergency credit limit increase or defer payments for 90 days
• Those with damaged goods may apply for a personal loan at a discounted rate with no establishment fee to replace them
• Those with term deposits can withdraw funds without incurring an interest penalty
• Home and contents insurance policy holders may be eligible for emergency funds and temporary accommodation.

Contact 1800 067 497

National Australia Bank

Business and agribusiness banking customers can apply for special dispensation in addition to packages for personal customers that includes:

• Suspending home loan repayments
• Waiving fees and costs for withdrawing term deposits early
• Waiving home loan and personal loan application fees
• Providing existing customers with access to low 'honeymoon' home loan rates and waiving the application fee to change to another loan at expiry
• Waiving the establishment fee for restructuring business loans
• Credit card and personal loan relief where appropriate
• Support to restructure other existing bank facilities

Contact 1800 701 599

ANZ

• Suspending repayments on loans for three months on request
• Waiving bank fees for impacted customers restructuring their finances, including accessing term deposits or for damaged business eftpos and credit card terminals
• Granting access to dedicated call-centre staff trained to help customers manage a crisis
• Making temporary adjustments to customer lending limits including credit cards

Contact 1800 149 549

Bank of Queensland

• A month free of credit card payments that attract no extra interest or fees. Credit line increases.
• Restructuring of home, business and personal loans, including suspension or recasting of repayments without arrears and bank fees waived.
• Customers with fixed loans who are ahead of their scheduled repayments will be allowed to redraw their early repaid principal at no cost.
• Up to three months deferral of equipment finance repayments.
• Waiving fees and penalties on term investments related to breaking the term deposit to access cash.
• No over-the-counter fees resulting from the disaster.
• Contact centre will help customers who have lost access to their PC or internet as a result of the floods.
• Hardship applications accepted.

Contact 1800 079 866

Members Equity

ME Bank is applying its customer hardship policy in response to the effects of the floods on homes and businesses. It helps to reduce the financial burden of customers who have suffered loss of property, employment or are financial difficulties.

• Up to three months suspension of repayments, with capitalised interest for home loan customers;
• Waiving of fees on any fixed term savings (super members term deposit, standard term deposit, business term deposit) where the customer needs to break their term early to access their savings;
• Personal loan customers can suspend their repayments for up to three months, with the interest capitalised to their loan;
• Prioritisation of customers applying for limit increases on their credit cards to access additional funds; and
• Business bankers will assess affected businesses to assess their needs and offer support.

Contact 1300 500 520