As hundreds of households across New South Wales struggle to come to terms with the damaged caused by fires over the past week, lenders are stepping in to offer some relief.
La Trobe Financial has announced a support package to assist its customers who have been affected by the fires. Assistance will be provided to borrowers who have suffered a reduction in income due to the impact of the fires, or their property has been damaged as a result of the fires.
“It is important to support our community during such a crisis and we have therefore put together a Hardship Assistance Team to make the necessary assessments and assist the community,” says the La Trobe Financial COO, Brian Ford.
Ford adds that there are a number of borrowers affected where the security property is not in the disaster area. He says consideration will also be given to borrowers whose property is undamaged, but as they derive their income from the area their ability to service the loan may be hampered.
Each of the major banks, as well as ME Bank and various other non-major lenders are also offering disaster relief packages , allowing customers to suspend home and personal loan repayments, as well as a number of further initiatives including the waiving of some home loan and personal loan fees and charges.