Lenders act quickly to aid flood victims

by AB30 Jan 2013

Home owners in Queensland affected by the floods are being offered special assistance packages by their lenders that aim to provide some much needed assistance in this difficult time.

Loan Market corporate spokesperson, Paul Smith, says that lenders and banks are moving quickly to offer support, with services such as fast-tracked claims, changes to loan repayments and waving certain charges or fees.

“This is obviously a very difficult time for many Queenslanders, with the 2011 floods being such a fresh memory. Many home owners are going to have priorities much more important than their finances at this moment, but anyone that needs assistance from their bank can expect heightened care, attention and service in this difficult time.”

Westpac’s Australian Financial Services division chief executive, Brian Hartzer, says everyone working for major bank has been ‘deeply affected’ by the events over the weekend.

“Our staff have been working around the clock to help our customers in every way possible as they deal with the impact of the devastating floodwaters. Coming so soon after the floods of 2011, this is a major blow for Queensland. But we know how resilient the state and its people are and Westpac is committed to help.”

Hartzer says Westpac is mobilising its resources on the ground to help people overcome the impact of the floods.

The bank is offering deferred home loan repayments, emergency credit card limit increases, restructuring of business loans without the usual establishment fees and discounted interest rates on personal loans to help purchase replacement goods.

ANZ, CBA, NAB and most non-major lenders are also offering assistance packages.

Smith says the lenders’ quick response to both these floods and the recent bush fires shows their care for the community and their customers.

“Losing your house to a natural disaster such as this is such a devastating event but it’s encouraging to see lenders and banks respond so quickly to offer assistance.”