Banks announce disaster relief for Victorian storm victims

Starting on Thursday (28 October) and continuing over the weekend, large swathes of Victoria and some parts of South Australia and Tasmania experienced power outages and property damage after thunderstorms, hailstorms, heavy rain and strong winds battered the southerly states.

Gusts of wind reached 122 kilometres per hour at Frankston Beach on Friday (29 October) morning, with damaging south-westerly winds reported over the weekend as well, as a cold front and low pressure pushing through the area.

The wild weather had resulted in thousands of requests for assistance from the state emergency service (SES), particularly in Victoria, with the vast majority of calls for assistance related to felled trees and building damage, on account of the storms.

Given the storms, several lenders have announced disaster relief for those impacted in Victoria.

The Commonwealth Bank of Australia (CBA) said it is providing its Emergency Assistance to customers and businesses in storm-affected areas across Victoria.

This includes “customised payment arrangements” on mortgages, personal loans and credit cards, as well as the waving of fees and charges.

Additional services include loan restructuring for business customers and existing loans and expedited claims through CommInsure for customers seeking help through their home and contents insurance, among other temporary measures.

Retail banking services group executive, Angus Sullivan, said: “Our thoughts are with everyone impacted by the storms sweeping across Victoria. 

“We know that events like this can cause a lot of concern for our customers and we want to alleviate some of that worry by delivering a range of support measures to impacted customers.”

Similarly, National Australia Bank (NAB) is encouraging customers affected by the storms to contact the bank to discuss a range of financial relief measures, including reductions on home loan and personal loan repayments, and the deferral of business loan payments principal and/or leasing payments. 

NAB has said customers can access credit card and personal loan relief and is waiving the application fee for restructuring business facilities and costs and charges for withdrawing term deposits early (including Farm Management Deposits).

The bank is also offering wellbeing support services for colleagues and customers. 

NAB executive retail regional Victoria, Mil Kairouz, said: “We know this is impacting a lot of people in the region – we are here to help and the number one priority is to stay safe.

“We are here to support all NAB customers, employees and the wider community before, during and after a natural disaster. Anyone who needs assistance or advice can contact us so we can discuss their circumstances and work out the best way to help.” 

Westpac similarly announced that it is providing emergency support for households and businesses affected by the severe weather events in Victoria and South Australia.

This includes deferrals of mortgage and business loan repayments for up to three months; fee-free loan restructuring; credit card repayment deferrals of up to 90 days; and discounted personal loans for those needing to replace goods, among other measures.

Ross Miller, Westpac chief customer engagement officer, said: “Westpac is here to help our customers who have been impacted by the severe storms over the last 24 hours.

“Westpac, BankSA and Bank of Melbourne will provide customers with access to tailored financial support including home and business loan deferrals and emergency credit card relief.

“We know in times like these being able to pick up the phone and speak with your bank can alleviate some of the financial pressures. Our customer assist teams are here to help, and we encourage customers who have been impacted to give us a call,” Mr Miller said.

 [Related: Banks offer relief to Sydneysiders]