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Brokers are reminding their clients to remain vigilant and formulate a bushfire strategy as El Niño has been officially declared and bushfire season has started.
As the Bureau of Meteorology officially announced the commencement of the El Niño season, firefighters were engaged in combating numerous blazes across Queensland on Sunday (17 September). Flames ignited in the northern and southern areas of the state and residents in two Queensland towns were compelled to evacuate due to separate fires posing threats to homes.
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Fires were reported in Emerald, located 240 kilometres west of Rockhampton, Beerwah in the Sunshine Coast hinterland and Julago, near Townsville.
Speaking to The Adviser, Elena D’Addario, a mortgage broker at Aussie Home Loans in Beerwah, said the bushfire did not come as a surprise to many, considering the absence of rain and the absence of controlled burning in the region.
She noted that although there was visible smoke in the vicinity, the Rural Fire Brigade promptly gained control over the fire, which was situated in a bushland area adjacent to rural properties.
In light of the harrowing experiences endured in 2020 during the Black Summer bushfires that engulfed a significant portion of the east coast of Australia, Matt Goodyear, a Sunshine Coast mortgage broker, has also emphasised that the recent fire served as a poignant reminder for clients to remain vigilant.
Mr Goodyear recalled the devastating impact of the 2020 bushfires on the Sunshine Coast, which left an indelible mark on the community, homes, and finances.
He expressed relief that the recent fire was swiftly brought under control and did not immediately endanger residences.
“However, it serves as a sobering reminder that we must always be prepared,” Mr Goodyear said.
“I believe it’s an excellent opportunity for all of us in the financial services industry to reflect on the importance of preparedness and risk management.
“Events like these underscore the significance of having adequate insurance and [are] a timely reminder for mortgage brokers to reach out to our clients and ensure policies are not only up to date but also paid and comprehensive enough to provide them with adequate protection.”
During times of crisis like bushfires, banks typically deploy dedicated hardship teams to assist affected customers. These teams extend support in various ways, including payment deferrals, fee waivers, and loan restructuring.
“I would encourage all brokers to proactively check in with their clients to discuss their insurance needs and ensure they have the coverage that suits their individual circumstances,” Mr Goodyear said.
“As mortgage brokers, our role extends beyond securing loans.”
He explained that brokers can provide valuable support by liaising with the appropriate bank hardship teams, guiding clients through the process, exploring refinancing options or loan modifications, and assisting clients in developing a financial recovery plan to regain stability once the immediate crisis subsides.
“We can be a valuable resource for clients affected by bushfires,” Mr Goodyear said.
[Related: Brokers encouraged to ‘give a hand’, as floods continue]
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