Powered by MOMENTUM MEDIA
subscribe to our newsletter

Non-bank sets up $1m flood relief fund

A non-bank lender has established a $1-million Flood Disaster Relief Fund to assist its customers affected by the NSW and Queensland floods. 

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.”  

Advertisement
Advertisement

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.

PROMOTED CONTENT


[Related: Flood victims warned about scammers]

Non-bank sets up $1m flood relief fund
Non-bank sets up $1m flood relief fund
mortgagebusiness

Are you a new-to-industry broker in the process of growing your business? Then there’s some great news: The Adviser’s New Broker Academy is back in 2021 and will provide you with essential insights into cutting-edge tools, strategies and processes to fast-track to success. Don’t miss your chance to attend. To secure your FREE place, visit newbroker.com.au now!

Annie Kane

Annie Kane is the editor of The Adviser and Mortgage Business.

As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts. 

Contact Annie at: This email address is being protected from spambots. You need JavaScript enabled to view it.

Latest News

Reverse mortgage lenders have accessed a small fraction of the potential retiree housing market in Australia, according to Deloitte. ...

Pepper Money has priced its second I-Prime deal for the year, upsizing the figure to $850 million. ...

The LMI provider has announced a new CFO following the resignation of its current CFO, effective 24 September. ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.