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Since October 2022, NAB along with other major and non-major banks have been offering financial relief for customers impacted by flooding in NSW, Victoria and Tasmania.
The financial relief measures offered by NAB include loan deferrals or reduced payment arrangements for home, personal and some business loans, deferrals of upcoming credit card payments, and waiving and/or refunding charges and fees that include merchant terminal fees and early access fees to term deposits.
Additionally, NAB extended the availability of its $1,000 grants until 22 November 2022. First offered in October, the grant acts as additional financial relief for flood-impacted customers in NSW, Victoria, and Tasmania.
The grant was designed to provide immediate access to funds for customers who have experienced substantial structural damage or major internal damage to their properties.
Business and agriculture customers who suffered a loss of stock and/or livestock along with structural damage to property, fencing, or equipment were also made eligible for this grant.
NAB has encouraged its South Australian customers to reach out to the bank if they are experiencing or likely to experience financial hardship due to the ongoing extreme weather conditions and widespread flooding.
NAB group executive personal banking, Rachel Slade, said the measures aim to provide instant reassurance and support to customers who may be affected by the flooding.
“We’re here to help customers, colleagues and their communities withstand and recover from natural disasters,” Ms Slade stated.
“Those who need assistance or anticipate financial hardship due to the impact of flooding, should contact us as soon as possible and we’ll talk through the best ways to help.”
More majors throw their hats in to support customers
ANZ, Westpac and the Commonwealth Bank of Australia (CBA) have also opened offerings to customers who have suffered as a result of the floods.
Much like NAB, the banks have been offering deferred home loan repayments (up to three months in Westpac’s case) and waiving any fees for restructuring loans.
CBA also opened special arrangements for customers in flood-affected areas through its CBA Emergency Assistance that included temporary overdrafts, additional loans, or emergency credit limit increases along with assistance with emergency accommodation for customers who opted for Home Insurance distributed by CommBank.
[RELATED: NAB extends $1k flood grant for customers]