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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.”  

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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.

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[Related: Flood victims warned about scammers]

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

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