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The major bank has extended its Emergency Assistance services to customers in flood-affected areas in Western Australia’s Kimberley region.
The Commonwealth Bank of Australia’s (CBA) Emergency Assistance offers flood-affected customers with customised payment arrangements for home loans, credit cards and personal loans, temporary overdrafts, certain fees and charges waived, and emergency accommodation for those who have taken out Home Insurance distributed by CommBank.
Retail banking services group executive, Angus Sullivan, stated: “Our thoughts are with everyone affected by dangerous flooding across a number of remote communities in the Kimberley and we thank emergency services who are working tirelessly to protect these communities.
“We are here to alleviate some concern with a range of support measures for our customers.”
CBA also extended help to brokers in flood-affected areas of Victoria by offering the option of accessing a portion of their trail commission in advance, similar to the support rolled out to brokers during the March 2022 floods.
Brokers were offered an advanced prepayment of 80 per cent of a broker’s next four months’ trail from eligible CBA loans.
Earlier last year, CBA also distributed a further $2 million in funding through its CanGive Flood Appeal to raise funds for those impacted by flooding throughout northern NSW and Queensland.
In addition to CBA’s support, NAB has offered a slew of flood-relief assistance to customers across flood-affected areas of the country, most recently extending the availability of its $1,000 grants to South Australian residents until 5 January 2023.
NAB’s $1,000 grants acted complementary to the existing flood-relief measures available, helping customers who had been severely affected by flooding and have experienced major structural damage or severe internal damage to their property.
This included business and agriculture customers who experienced extreme damage to property, equipment and fencing, or loss of stock and/or livestock.
However, the grants were not available for those who had experienced minor damage to homes or damage to personal items such as appliances, garages, sheds, gardens, or loss/damage to holiday homes or investment properties.
NAB first introduced the grant in October 2022 to act as immediate financial relief for customers in the disaster areas of NSW, Victoria, and Tasmania in addition to the major bank’s existing flood relief options that include loan deferrals/reduced repayment arrangements, deferrals of upcoming credit card repayments, and waiving or refunding fees and charges.
[RELATED: NAB extends SA flood support]
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