Non-bank sets up $1m flood relief fund

La Trobe Financial has announced that eligible customers whose home has been impacted by the floods in the eastern states will be able to access $2,000 grants for the purpose of clothing, food and temporary accommodation.  

The fund aims to assist its customers as “they deal with the crisis in what has already been a stressful last 12 months”.

La Trobe Financial’s president and CEO, Greg O’Neill OAM, commented: “I cannot imagine how these people are feeling. We have just come out of bushfires and COVID-19, and to be confronted by these floods is a real test to their Australian spirit.

“However, we will stand together with all of our customers and support those most in need and help them rebuild their lives as quickly as possible.”  

He added that La Trobe Financial is also providing flood-hit borrowers experiencing financial hardship with a range of relief measures, including repayment deferrals of up to four months, reduced mortgage repayment arrangements, and temporary interest-only payment terms. 

The move adds to similar fund and grant initiatives from the major banks, as well as disaster support measures, following the widespread flooding, which started in NSW and lower Queensland in March. 

A combination of flash flooding and damaging winds left many families displaced, properties damaged, and some communities cut off.

While the majority of impacted communities have since returned, more flooding is expected along the NSW/QLD border region this week.

Major flood warnings are in place for the Barwon River at Mungindi from today (7 April), as flood water from the Macintyre River combines with water from the Weir River and rains from a new storm system exacerbate existing flooding in low-lying areas.

[Related: Flood victims warned about scammers]