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A big four bank has released an emergency assistance package to support brokers who have been directly and significantly impacted by the flood emergency in Queensland and NSW.
The Commonwealth Bank of Australia (CBA) is offering early access to commissions to accredited brokers who have experienced direct flood damage to their home and/or business and/or have had direct involvement in the flood rescue, relief and response efforts for the ongoing floods in the eastern states.
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Under the Broker Emergency Assistance Package, affected brokers can access prepayment of 80 per cent of their next four months’ CommBank trail commissions for eligible loans (determined by their actual February commission payment), capped at $5,000.
The prepayment will then be evenly deducted from future eligible commission trail payments, across at least four months, effective from March 2022.
The bank said that it hopes the package will provide those affected by the floods with “the immediate assistance required to respond and recover in the short term”.
Accredited CommBank brokers are also being given access to receive complimentary counselling through MyCoach Support.
Eligible brokers are being asked to contact their relationship manager should they wish to access the package.
Adam Croucher, general manager of third-party banking at CBA, commented: “Our thoughts are with everyone affected by the devastating floods in Queensland and New South Wales. I also want to thank emergency services and community volunteers who are working tirelessly to protect the community.
“We have activated this emergency assistance package to provide support to our broker partners who have been affected by these difficult weather conditions, and assist them to get back on their feet as they respond and recover.”
The bank, along with the other big four banks and members of the Australian Banking Association, haS also been offering customers disaster relief support as a result of the floods.
The federal government has also extended its disaster grants to the NSW North Coast, as well as South-East Queensland.
As part of the Disaster Recovery Payment, up to $1,000 per eligible adult and $400 per eligible child, are available for flood-impacted victims.
[Related: Brokers encouraged to ‘give a hand’, as floods continue]
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