Flooding relief options made available here! At Platinum Mortgages we’re thinking of the many people, families and communities affected by the recent flooding in the upper North Island. Auckland in particular has been hit hard and it will be some time before all repairs can be made.
For families who are shouldering the heavy burden of cleaning up water damaged properties – and in some cases throwing out all their possessions including irreplaceable family treasures – we are here for you. Dealing with a clean-up of this size takes a huge emotional, mental and physical toll, as well as a financial one. We have a dedicated article with some tips on how you can protect your home from flooding.
However, if you find yourself in financial stress as a result of the flooding, get in touch. We can help you understand your choices and decide a way forward.
Flooding relief options from the main New Zealand banks
The main banks have shared the options available to their customers that need support, as listed below.
ANZ’s emergency relief package options are:
- home loan relief options, such as ability to restructure your home loan repayments
- you may be able to access your term deposit early if you’re facing hardship, with notice period requirements and interest rate recovery costs removed.
- access to an overdraft, a personal loan or increased credit card limits.
- applying for short-term funding to help with unexpected costs.
- removal of notice period requirements and interest rate recovery costs to access your term deposit early may be available if you’re facing hardship.
- waiver of fees to restructure business loans due to the impact of extreme weather.
- waiver of fees for term finance and investments that could improve the ability to respond to climate change in future.
For more information go to the ANZ website https://www.anz.co.nz/comms/auckland-floods/
ASB has an emergency assistance package for their customers affected by the flooding and storms. Detailed below, options are offered on a case-by-case basis and include:
- ability to suspend your home loan payments for up to 3 months (interest will still be added to the loan during the period).
- waiver of Early Repayment Adjustment fees* when repaying a fixed rate home loan, where a home is destroyed or suffered major damage as a result of the floods.
*maximum fee waiver of $2500.
- no establishment or adjustment fees when restructuring a home loan as a result of the natural disaster.
- immediate consideration of emergency requests to increase credit card limits.
- ability to access an overdraft facility of:
- up to $10,000 for ASB home loan customers.
- up to $2,000 (with no establishment fee) for other ASB personal customers.
- or a tailored solution depending on the customers’ circumstances.
For more information go to the ASB website: https://www.asb.co.nz/page/relief-package/support.html
For any BNZ clients requiring financial support as a result of flooding, the BNZ flood relief package includes:
- access to a temporary personal overdraft if needed to tide you over while you’re waiting on an insurance pay out.
- access to temporary overdrafts up to $100,000 for agribusiness, business, and commercial customers. No application fee required.
- access to temporary overdrafts up to $10,000 for small business customers. No application fee required.
- standard interest rates, credit criteria, terms and fees (including the overdraft facility fee) apply.
For more information go to the BNZ website https://blog.bnz.co.nz/2023/01/bnz-offers-support-for-customers-affected-by-flooding-and-severe-weather
Westpac have provided flooding relief options for eligible customers, including a fund for small businesses.
- suspension of home loan principal payments for up to three months.
- access to term deposit funds.
- suspension of business loan principal payments for up to 3 months.
- deferred payment on business credit cards for up to three months.
- temporary overdraft facility for businesses.
- hardship support for customers with significant financial challenges.
Cash grants for small trading businesses
Westpac has created a $1 million fund to support small businesses. This fund will remain available until it is fully allocated or until 5pm Friday 24 February 2023, whichever is first.
From this fund, cash grants of $2,500 are available to eligible small trading businesses affected by the flooding who:
- Are based a region that declared a state of emergency since Friday 27th January. So far this includes Auckland, Northland and Waitomo.
- Have their main business account with Westpac NZ.
- Have less than $2 million turnover per year from their combined businesses.
- Have experienced damage or business interruption resulting in a loss exceeding $2,500.
- Are relied on as a main source of income by their owner.
For more information go to the Westpac website https://www.westpac.co.nz/about-us/upper-north-island-flooding/
This is a tough time for many, but remember support is available. If you would like our help in managing your finances through this tough time, please reach out.