The Australia & New Zealand Banking Group (ANZ) has announced it will offer special financial support to mortgage holders affected by Cyclone Debbie.
The cyclone, which hit Northern Queensland yesterday (28 March), is expected to cause great hardship for those in its path.
“After closely monitoring the impact of Cyclone Debbie, we have activated our financial relief package to customers in the region. Our thoughts go out to everyone affected during this difficult time,” Tony Tapsall, ANZ general manager for Northern Queensland and Northern Territory, said.
As part of its assistance package, ANZ will offer a variety of support for those holding mortgages with the bank, a spokesperson told Australian Broker.
“To support mortgage payers, we will suspend repayments on mortgages for three months – in exceptional circumstances we may do this for longer.”
Interest will still accrue during this three month period, they added. However, ANZ would waive any late payment fees throughout this time.
The bank will also waive any application fees for restructuring finances and applying for new home or personal loans.
“On unsecured products (personal loans and credit cards) we waive interest and fees,” the spokesperson said. “Personal loan applications will go through the same approval process.”
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