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Major bank NAB has launched relief measures for customers affected by floods and storms in Victoria that began on 24 December 2023. The bank is offering $1,000 grants and additional financial relief to eligible customers in order to assist them in the immediate aftermath.
NAB confirmed the grants will go towards customers who have suffered substantial damage to their home, farm, or business to cover emergency expenses.
The major bank is also offering loan deferrals or reduced repayment arrangements for home, personal, and some business loans; hardship support for customers struggling to make minimum monthly payments on personal loans, home loans, or credit cards; deferring upcoming credit card payments and; waiving and/or refunding fees and charges, including merchant terminal fees and early access fees to term deposits.
NAB informed that the grants are not available for minor damage to homes or personal items such as appliances, sheds, garages, and gardens. This includes damage to investment properties or holiday homes.
NAB executive Krissie Jones said a range of support measures – from grants to loan payment deferrals and other relief measures – were in place to help NAB customers left devastated by the flooding.
“To impacted families, communities and businesses who have suffered damage to their homes, farms and premises: we are here to help,” Ms Jones said.
“This will be a testing time for our communities and we’re standing by them, providing immediate assistance, and making $1,000 grants available to help those most affected.
“NAB customers impacted in Victoria are encouraged to contact us as soon as possible.”
Support extended to South-East Queensland
Preceding this, Westpac also opened a disaster relief package for customers who have been impacted by extreme weather events in South-East Queensland.
The major bank launched a $3,000 grant per customer group for eligible small-business customers in order to help with urgent repairs as well as loan deferrals for up to three months and emergency credit card relief.
Managing director, cash and transactional banking at Westpac, Mandy Rutherford, said at the time: “This has been a challenging holiday season for some customers, with homes and businesses impacted by the ongoing bad weather across the country.
“We’re here to help, whether it’s in our branches, through our virtual banking centres, or via our small business recovery grants.
“We know the situation is continuing to develop in some parts of South-East Queensland, but we want our customer to know we’re here to support their recovery.”
Westpac’s grants are open for applications until 17:00 EST on 19 January 2024 or until the fund is exhausted.
[RELATED: More flood grants for Far North Qld]