Loan repayments can be deferred for up to three months for flood victims.

bed floating in a flood of water

Flooded homeowners and business owners in New South Wales and Queensland can request a three-month loan delay or lower payment arrangement from their lender. If you or someone you know has been affected, here's how to apply.

Another year has passed, and another calamity has occurred.

It was the bushfires in 2019. It was COVID-19 in 2020. (which, you know, is still hanging around). In the year 2021, there will be a mouse plague. And now, as we prepare for the start of 2022, half of the eastern shore has been devastated by floodwaters.

Lenders are extending up to three months deferment on loan repayments for clients affected by the flooding catastrophes in NSW and Queensland, same as they did for the bushfires and COVID-19.

“Once the worst of the events have passed and the clean-up begins, we want Australians who have been impacted to know that their bank is ready to help them recover,” says Anna Bligh, CEO of the Australian Banking Association.

“Don’t try to go through it on your own. Individual banks are offering loan deferment or lower payback agreements for house, personal, and some commercial loans.”

What are some of the flood-damaged people’s options?

Depending on your family’s or business’s situation, your lender may be able to help you with:

– Deferring scheduled loan repayments, on home, personal and some business loans for up to three months.

– Waiving fees and charges, including for early access to term deposits.

– Debt consolidation to help make repayments more manageable.

– Restructuring existing loans free of the usual establishment fees.

– Offering additional finance to help cover cash flow shortages.

– Deferring upcoming credit card payments.

– Emergency credit limit increases.

Grants and financial assistance from the government

A variety of federal and state government financial awards may be available to your family or business, including:

– Australian government disaster recovery payment: eligible individuals can claim $1000 per adult and $400 per child. If you’re in NSW click here, QLD click here. A further $2000 per adult and $800 per child is available for residents in Richmond Valley, Lismore and Clarence Valley.

– Australian government disaster recovery allowance: a short-term payment of up to 13 weeks for eligible people for loss of income. NSW click here and QLD click here.

– NSW disaster relief grant for individuals: financial assistance to eligible individuals and families whose homes have been damaged by a natural disaster. Click here or phone 13 77 88.

– NSW storm and flood disaster recovery small business grant: eligible small businesses can apply here for a grant of up to $50,000 to help pay for the costs of clean-up and reinstatement.

– QLD emergency hardship assistance grant: grants of up to $180 are available per person and $900 for a family of five or more. Click here or call 1800 173 349.

– QLD essential household contents grant: up to $1,765 for eligible single adults and $5,300 for families to replace/repair (uninsured) household contents. Click here or call 1800 173 349.

– QLD structural assistance grant: grants of up to $10,995 for eligible single adults and $14,685 for families for one-off (uninsured) structural home repairs. Click here or call 1800 173 349.

– QLD essential services safety and reconnection grant: up to $200 for a safety inspection and, if required, up to $4200 to repair/reconnect essential services. Click here or call 1800 173 349.

– QLD extraordinary disaster assistance recovery grants: up to $50,000 grants for small businesses that experienced damage from the flooding event. Click here or call 1800 623 946.

We're also available to assist you.

Last but not least, you might look into refinancing and/or loan restructuring options to lower your monthly business or home loan payments (without hitting the pause button).

These are some of them:

– requesting a higher rate or switching to a lender who can;

– increasing the term of your loan; and

– combining your debts.

So, if your business or household is one of the many struggling right now and you need some help, please don’t hesitate to pick up the phone and call us today – we’re here to help you in any way we can.

Disclaimer: The content of this article is general and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your situation and may not be relevant to circumstances. Before taking any action, consider your particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced, or republished without prior written consent.

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