NSW flood relief: Banks launch emergency support

As severe flooding hits the Mid-North Coast and Hunter regions of New South Wales, Australia’s major banks have activated emergency support measures to assist affected customers.  

Financial relief includes loan deferrals, emergency overdrafts, fee waivers, grants, and dedicated disaster response teams. 

“You don’t have to tough it out on your own,” said Anna Bligh (pictured upper left), CEO of the Australian Banking Association. “Banks have financial relief measures to help customers navigate through this incredibly challenging time. 

“It doesn’t matter if you’re an individual, a farmer or a business customer, banks have a range of options... to help you get back on your feet.” 

Major banks activate emergency financial assistance 

Westpac, Commonwealth Bank (CBA), and NAB have all outlined their disaster relief programs. 

Westpac’s Carolyn McCann (pictured upper right) said specialist teams are in place. 

“Westpac has a dedicated team of specialists standing by, ready to provide a range of support measures for customers and businesses,” McCann said. 

Assistance includes: 

• Deferred or reduced loan repayments 
• Fee waivers 
• Early access to term deposits 
• Emergency overdrafts (up to $50,000 for businesses) 
• Merchant terminal fee relief 

CBA’s emergency measures are similar and include: 

• Customised payment arrangements 
• Temporary credit limit increases 
• Fee waivers, including for EFTPOS terminals 
• Emergency access to term deposits 
• Support for insurance claims via Hollard 

“We’ve activated a range of emergency assistance measures and encourage anyone affected to reach out,” said Angus Sullivan (pictured lower right), group executive of retail banking services at CBA. 

NAB has launched $1,000 Disaster Relief Grants for eligible customers in affected LGAs including Port Macquarie, Coffs Harbour, Newcastle, and others. Grants are open until June 19. 

“We’re providing immediate assistance and making $1,000 grants available to help NAB customers impacted,” said Tony Story (pictured lower left), NAB executive retail, NSW. 

Additional support includes: 

• Deferral of loan and credit card repayments 
• Waived fees and early access to term deposits 
• Extra care for customers facing hardship 

Customers urged to act — support available now 

ABA advises customers to contact their bank directly if they’ve been impacted. Available assistance may include: 

• Loan and credit card repayment deferrals 
• Loan restructuring with no penalties 
• Emergency overdrafts and credit limit increases 
• Fee waivers and refunds 
• Additional finance for cash flow shortfalls 

“I urge anyone who is facing financial stress as a result of this extreme weather event to reach out to their bank and discuss support options,” Bligh said. “This doesn’t have to be today – it could be in the next few weeks or months as recovery efforts get underway.” 

Read the announcements from ABA, Westpac, CBA, and NAB. For more on disaster support, visit: ausbanking.org.au/natural-disaster-assistance.