Home and business owners impacted by the floods in NSW and QLD can apply to their lender for a three-month loan deferral or reduced payment arrangement.
Here are the summaries you can apply to or send the info below if you or someone you know has been impacted by the flood.
In 2019 Australia had the bushfires. In 2020 it was COVID-19 which is still hanging around with us) And the start of 2022 we’ve had half the eastern seaboard inundated with floods.
Luckily lenders are offering up to three months deferral on loan repayments for those customers affected by the flooding disasters in NSW and Queensland. This applied for home, personal and some business loans that are being offered across individual banks.
What are your options
Depending on your family’s or business’s circumstances, assistance from your lender may include:
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- 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.
Government grants and financial support
A range of federal and state government financial grants your household or business might be eligible for, including:
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- 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.
- QLD emergency hardship assistance grants: 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.
I am here for you
Finally, there are both refinancing and/or loan restructuring options you can explore in order to reduce your business or home loan repayments each month These include:
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- asking for a better rate or moving to a lender that can provide one;
- extending the length of your loan; and
- consolidating your debt
So if your business or household is one of the many doing it tough right now and you need help in sorting your finance – I can be contact via my website 24×7 and explore ways to help you.