Information from Financial Institutions for Victorians Affected by Bushfires

Relief packages are available on a case by case basis for Victorians affected by bushfires.  Assistance from financial institutions may include the following details, however, consumers should contact their relative bank for further assistance according to their circumstances.

National Australia Bank

• A $10,000 grant for the full loss of home, farm building or business premises that are secured against a mortgage held by NAB.

• A $5,000 grant for the partial loss of home, farm building or business premises that are secured against a mortgage held by NAB.

• Waiver of loan establishment fees for customers who plan to rebuild homes, farm buildings or business premises that have been destroyed by bushfires

• Waiver of excess for all home, contents and motor insurance claims on policies held through National Homes Insurance (underwritten by Allianz).

Other additional assistance measures may include:

• Suspending home loan repayments;

• Waiving fees for home and personal loan applications;

• Credit Card and Personal Loan relief where appropriate;

• Support to restructure existing banking facilities;

• Waiving fees for transaction accounts where appropriate.

• Waiving establishment fees for restructuring business loans; and

• Repayment deferral on business loans where principal payments can be suspended for a period of time.

Affected customers should call 1300 661 114 or visit their local branch to discuss the assistance available.

ANZ

• A $10,000 cash grant where their home has been totally destroyed.

•  Customers whose homes have been partially destroyed through structural damage to their home or amenities will receive a $5,000 grant.

•  A $10,000 cash grant to customers whose home, stock and machinery have been totally destroyed.

• $5,000 to customers whose home and farms are partially destroyed to assist with stock management and essential farm items.

Other additional assistance:

• Suspended repayments on all loans for three months.

• Waiver of fees associated with restructuring business loans considered necessary due to bushfire impacts.

• Waiver of early withdrawal costs for term deposits.

• Consideration of temporary adjustments to customer lending limits including credit cards to assist them to cope financially with unexpected costs arising from the bushfires.

Customers may approach their local ANZ branch or contact ANZ’s National Customer Service Centre on 13 13 14 to discuss the impact of the fires on their business or personal circumstances.

Commonwealth Bank

• Will provide additional loans or changes to repayment arrangements for Commonwealth Bank home loan customers who may experience difficulties because of the bushfires.
• Will waive the Early Repayment Adjustment charge for a fixed rate home loan or business loan where a home or business is destroyed or damaged.
• Customers will not pay interest on their home loan for up to 3 months where their income or expenses have been affected by the fires, and business loan customers will also be eligible for repayment holidays.
• Will not charge interest on a home loan while our customers resolve insurance claims where their home has been damaged or destroyed.
• Insurance claims will be handled as quickly as physically possible.
• All charges for customers wishing to access term deposits, Commonwealth Investment Bonds or CBFC debentures ahead of maturity date, will be waived.
• Any business restructuring of an existing loan will incur no establishment fees.
• Will review credit card instalments for customers of good standing and consideration of requests for emergency credit limit increases.
• Will waive branch service fees where the customer is looking to obtain a service from the Bank as a result of the disaster.

In addition, we will provide immediate cash assistance of $10,000 to our home loan customers where their home has been destroyed by the bushfires, or $5,000 where their home has been partially destroyed.

Similar assistance is available to business customers who have a loan for their business premises.

For further details please visit your Commonwealth Bank branch or contact the Bank’s dedicated bushfire support team on 1300 720 814.

Westpac

Westpac has activated the Disaster Relief Package for affected customers:

• Customers with Westpac home loans may apply to defer repayments for up to three months.
• General insurance assessment and decisions will be fast tracked.
• Affected businesses with existing loans can request loan restructuring without incurring the usual bank establishment fees.
• Affected credit card customers may request an emergency credit limit increase.
• Affected customers with Westpac personal loans can apply to refinance their loan at a discounted fixed interest rate.
• Westpac will waive interest penalties for affected customers wishing to withdraw term deposits.

Customers may contact Westpac Telephone Banking on 132 032, Business Direct on 132 772 or their business banking relationship manager.

GE Money

Practical measures have been put in place to help customers affected by the Victorian bushfires.

GE Money’s package of emergency measures for customers affected by the disaster on a case-by-case basis can include:

• restructuring loans and waiving applicable fees
• suspending loan and credit card repayments
• suspending accrual of interest on loans and credit card accounts
• considering credit limit increases for emergency relief
• prioritising and expediting settlements on insurance claims

GE Money has a Special Assistance Team to help customers impacted by the Victorian fires, for loans and credit cards call 1800 220 718 and for insurance claims call  1800 800 230.