Banks Activate Emergency Relief Packages for Brisbane Communities
In Response to the Queensland floods banks have implemented relief packages for Brisbane home and business owners affected by the floods.
According to the Queensland Financial Ombudsman service the following packages are now in available:
NAB has put in place a package of relief measures it will consider for Retail and Homeside customers facing financial difficulty as a result of the Queensland floods. The package 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.
For more information and assistance, NAB customers can visit their local branch, call 1800 701 599 or go to the NAB website.
Commonwealth Bank has activated its emergency assistance package for customers affected by the disaster.
Key features of the bank’s special assistance package include:
- Providing changes to repayment arrangements for Commonwealth Bank home loan customers who may experience difficulties because of the flooding.
- Loan restructuring for business customers with existing loans, without incurring the usual bank establishment fees.
- Considering requests for additional loans (including emergency credit limit increases) where, based on enquiries, the customer could meet the additional repayments without financial difficulty.
- Expediting claims to CommInsure for customers seeking help through their home, contents and motor vehicle insurance.
- Waiving prepayment charges over the next month for affected customers wishing to access term deposits, Commonwealth Investment Bonds and CBFC debentures ahead of the maturity date.
- Waiving branch service fees where the customer is looking to obtain a service from the bank as a result of the disaster.
Commonwealth Bank customers seeking assistance should call 13 2221, visit their nearest branch, or go to the Commonwealth Bank website.
- ANZ has implemented a support package to help impacted customers manage their finances during the Queensland floods, including:
- Suspending repayments on all loans for three months on request.
- Waiving all bank fees for impacted customers restructuring their finances, including accessing term deposits or for damaged business EFTPOS/credit card terminals.
- Access to dedicated call centre staff (1800 149 549) specifically trained to help customers manage finances through a crisis.
- Temporary adjustments to customer lending limits, including credit cards, to assist them to cope financially with unexpected costs arising from the floods.
ANZ customers affected by the floods can visit their local branch if they are able to or contact their relationship manager to discuss the impact on their business or personal circumstances. Customers can also contact ANZ’s dedicated Queensland flood relief call centre consultants 24 hours a day, seven days a week on 1800 149 549 or visit the ANZ website.
Westpac has put together the following support package:
- Affected customers with Westpac home loans may apply to defer repayments for up to three months.
- Affected businesses with existing loans should contact their Relationship Manager.
- Afected credit card customers may request an emergency credit limit increase.
- Affected credit card customers may apply to defer payments to their card for 90 days.
- Customers wishing to purchase replacement goods may apply for a personal loan at a discounted rate with no establishment fee.
- Westpac will waive interest penalties for affected customers wishing to withdraw term deposits.
- Affected Westpac customers with home and contents insurance may be eligible to receive assistance, including emergency funds and temporary accommodation.
Westpac customers who wish to utilise these special relief measures or who need assistance with lost credit cards should contact their local Bank Manager or Relationship Manager, call Westpac Telephone Banking on 132 032, Business Direct on 132 772, Westpac Assist on 1800 067 497, or visit the Westpac website.
Suncorp customers affected by the floods may be eligible for special assistance, including:
- An opportunity to suspend home loan repayments for a period.
- Residential, business and agricultural loan restructuring without the cost of most bank fees.
- Waived early withdrawal fees for those customers wishing to withdraw from term deposits.
- Credit card relief where necessary.
For further information, Suncorp customers should call 13 11 75 or visit the Suncorp website.
Bank of Queensland
The Bank of Queensland is providing the following special assistance package:
Lending and credit cards
- Restructuring of home/business and personal loans, including suspension or recasting of repayments without impacting arrears (on a case-by-case basis). All bank fees (establishment or conversion) will be waived in these instances.
- Waiver of establishment fees for personal loans and overdrafts where related to the provision of assistance.
- Customers with fixed rate loans who are ahead of their scheduled repayments will be allowed to redraw their early repaid principal at no cost.
- Deferral of equipment finance repayments, when required, for up to three months.
For Term Investment customers, waiver of fees and penalties related to breaking the term deposit if required to access cash (on a case-by-case basis).
- Waiver of over-the-counter service fees (e.g. bank cheques or cashing of cheques) resulting from the disaster.
- In the event that customers have lost access to their PC or Internet, the Bank of Queensland Customer Contact Centre will:
- Action BPay for customers who have an existing Internet Banking and or Telephone Banking profile for amounts less than $5000 if they have lost their PC or lost access through down power lines, phone lines, etc.
- Transfer customers to Customer Relations for special needs other than actioning BPay on behalf of the customer.
- Under the Bank’s current Hardship Assistance Policy the customer’s Branch Manager/Lender would discuss hardship with the customer and complete the application and submission.
- The Hardship Team can take application details over the phone if the customer cannot contact their branch.
- When the hardship application is taken over the phone, the Hardship Team will act in partnership with the Branch to process the applications and submissions.
Customers can contact the Hardship Team on 1800 079 866.Tags: banks, home loans, investing, property, Queensland