Supporting those impacted by floods
The wet weather and flooding that has ravaged the southeast of Australia has left many homeowners doing what they can to protect their property and then facing a large clean-up ahead of them.
Our thoughts are with anyone impacted by these trying times and we are available to provide support in a number of ways. Here are some of the measures in place to help people in impacted regions.
Lenders offering financial reprieve
When you’re facing ongoing damage or a cleanup of your property, the financial matters including mortgage repayments could be the last thing you likely want to look at. Here we can help. The Australian Banking Association’s chief executive officer Anna Bligh said banks are ready to offer support to communities hit by rain and flooding.
“Banks have very experienced hardship teams. They’ve worked with families who have experienced floods before and have a range of very practical measures to support people to get through these experiences,” she said.
Depending on individual circumstances, assistance may include:
- A deferral of scheduled loan repayments, on home, personal and some business loans for up to 3 months
- Waiving of fees and charges, including for early access to term deposits
- Debt consolidation to help make repayments more manageable
- Restructuring existing loans free of the usual establishment fees
- Offering additional finance to help cover cash flow shortages
- Deferring upcoming credit card payments
- Emergency credit limit increases
If you are experiencing any hardships, reach out to us immediately. We can speak with your lender on your behalf to establish a plan and do what we can to ensure you receive the support you need.
Getting insurance for home purchases
During an extreme weather event it is a normal process for insurers to temporarily stop accepting new insurance policies until the event has subsided. However, as it is a requirement of lenders for home buyers to have insurance for their property before settlement date, our Concierge service is able to apply to the underwriter to put a policy in place if you have a signed contract in place - provided there is no existing damage to the property.
In most cases the Concierge service is able to put insurance policies in place for our customers who are organising finance, even if there is an insurance embargo or restriction in their geographic area.
Get in touch if you would like assistance arranging your insurance.
Government support
The Federal Government is offering a one-off payment to people in impacted local government areas across New South Wales, Victoria and Tasmania. The Disaster Recovery Payment is non-means tested, providing $1000 per eligible adult and $400 per eligible child.
You can find more information on eligibility and apply through the Services Australia website.
If you have been impacted by the floods in any way, or are facing financial troubles, please reach out to us as soon as possible so we can provide support.