Mortgage business logo

South Australians offered $1k flood grant

NAB has opened applications for $1,000 grants for flood-impacted customers in declared disaster areas of South Australia.

The $1,000 grant will act in addition to the slew of current financial relief measures that have been offered by the major bank across NSW, Victoria, Tasmania, and most recently, South Australia, since October 2022.

The existing 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.

Riverland region customers will be supported by having access to the grant to cover costs such as temporary accommodation, food, and clothing if eligible.

It provides access to funds for those who have been affected by major structural damage and/or severe internal damage to their primary place of residence.

Access to a $1,00 business grant is also available to help restart, reopen, and cover the cost of damaged property, equipment, and fencing as well as covering the cost of loss of stock/livestock.

Customers who have experienced minor damage to homes or damage to personal items such as appliances, sheds/garages, gardens, or damage to investment properties or holiday homes will not be eligible for the grant.

Applications for the grant are open until 19 December 2022 with inquiries being assessed on a case-by-case basis.

NAB executive retail, Krissie Jones, said some communities in the region were preparing for the floodwaters travelling down the Murray River.

“Flood levels in the region are expected to peak in the coming days, with a number of areas in the region being declared a natural disaster zone,” Ms Jones said.

“For those who have experienced physical damage, we will provide additional support including $1,000 emergency grants. I urge those who require assistance to contact us as soon as possible.”

Other support available from major banks

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 expands flood-relief offering to SA]

You need to be a member to post comments. Become a member for free today!
Share this article

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!

brokerpulse graph

What are the main barriers to securing a mortgage at the moment?