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Major bank opens $1k cyclone grant

A major bank has opened applications for a $1,000 emergency grant to financially assist customers impacted by tropical cyclone Ilsa.

NAB’s grant is intended to provide immediate access to funds for those experiencing major structural damage or severe internal damage to their primary place of residence.

This includes business and agriculture customers who have suffered severe damage to property, equipment, fencing or loss of stock or livestock.

The $1,000 grant will also go towards covering costs such as temporary accommodation, food, and clothing if eligible.

However, the grant is not available for damage to homes or personal items such as appliances, sheds, garages, and gardens or loss or damage to investment properties or holiday homes.

NAB executive retail Krissie Jones said that cyclone-affected customers in Western Australia need support and the major bank is there to help.

“The recovery will be long and this is one step forward in helping them start that journey,” she said.

In addition to the grant, NAB opened up a range of financial support measures for customers experiencing hardship.

Those financial support measures include loan deferral or reduced repayment arrangements for home loans, personal loans, and some business loans, along with deferrals of upcoming credit card payments and waiving and/or refunding fees and charges such as merchant terminal fees and early access fees to term deposits.

Ms Jones commented at the time: “We want NAB customers to know that we are here to help. Those who need assistance due to the impact of Tropical Cyclone Ilsa should contact us as soon as possible and we’ll talk through the best ways to assist.

“We’d also like to recognise local emergency services who have been working hard with local communities to protect and recover from Tropical Cyclone Ilsa.”

Furthermore, ANZ and the Commonwealth Bank of Australia (CBA) also extended immediate financial support measures for customers affected in the region.

ANZ is offering its customers short-term payment relief on home loans, credit cards, personal loans, and some business loans; waiving fees for restructuring business loans; and waiving fees for accessing term deposits early.

The major bank noted that these support measures followed the financial relief for customers impacted by the severe flooding in the Kimberley region of the state earlier in January this year.

Meanwhile, CBA has made special arrangements for its customers with CBA Emergency Assistance offering support including temporary overdrafts, additional loans, or emergency credit limit increases; waiving fees, charges, and notice periods for early access to term deposits; custom payment arrangements for home and personal loans, credit cards, and some business loans. 

CBA is offering loan restructuring for business customers and existing loans, waiving fees for temporary and damaged merchant EFTPOS terminals (with support for merchant terminal rental fees), and helping direct claims inquiries for customers looking for support through their home or car insurance distributed by CommBank.

[RELATED: NAB extends cyclone help to WA customers]

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