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The $1,000 grant acts as additional financial relief for customers in the disaster areas of NSW, Victoria and Tasmania in conjunction with NAB’s existing relief options that include loan deferrals or reduced repayment arrangements, deferring upcoming credit card payments, and waiving/refunding fees and charges.
The grant aims to provide immediate access to funds for customers experiencing significant structural damage or major internal damage to properties.
Business and agriculture customers who have suffered loss of stock or livestock, along with substantial damage to property, equipment or fencing are also eligible for this grant.
In addition, the major bank has donated $100,000 to Disaster Relief Australia in order to fund “mud-army” recovery efforts that assist with flood clean-ups.
The Bureau of Meteorology issued a warning on 25 October 2022 that further showers, storms and major flooding will continue across NSW, Victoria and Tasmania, with severe weather warnings being issued for eastern and central Tasmania.
NAB group executive personal banking, Rachel Slade, said the flood-impacted communities have shown “incredible resilience in the face of worsening conditions”.
“Communities are rallying together in the face of rising flood waters and doing their best to protect their homes, farms, and businesses from the devastating impact of floods,” Ms Slade said.
“There are NAB customers who have already lost so much, and our message to them is that we are here to help you through this.”
Disaster Relief Australia chief executive Geoffrey Evans said: “Flood recovery is a marathon, not a sprint and we won’t give up until the job is done.
“We have disaster relief teams operating across states and they will be bolstered by the support of NAB and its philanthropic arm, NAB Foundation, for many months to come.”
ANZ, Westpac and the Commonwealth Bank (CBA) have also offered financial support for customers facing hardship as a result of the floods and extreme weather.
Deferred home loan repayments and waiving any restructuring fees for flood-affected customers have become commonplace for the major banks, along with CBA offering special arrangements through its CBA Emergency Assistance that includes temporary overdrafts, additional loans or emergency credit limits.
NAB retail executive, Krissie Jones, said at the time that these measures are there for customers to access immediate support.
“We know this is impacting a lot of families and businesses across NSW, Victoria and Tasmania. The number one priority is to stay safe and when people are ready to talk to their bank, we are here to help,” Ms Jones said.
[RELATED: Banks offer financial support for flood affected customers]