Bank of Melbourne covers mortgage repayments, provides interest free and discounted loans to bushfire affected consumers and businesses
13 January 2020
Bank of Melbourne has today announced additional support for customers and communities impacted by ongoing bushfires across Victoria.
For Bank of Melbourne home loan customers who have lost their principal place of residence due to the bushfires, Bank of Melbourne will pay the customer’s mortgage repayments for one year (up to $1,200 per month).
The Bushfire Recovery Support Package also includes interest free home loans for consumers who need to rebuild, low-interest loans for businesses, and an additional $2.5 million allocated for bushfire emergency cash grants taking the total to $3 million.
Bank of Melbourne Chief Executive Mark Melvin said these new measures will make a difference to customers, businesses and communities across Victoria as they recover from the bushfires.
“With this additional support, we hope to help our customers rebuild their lives, homes and businesses after the devastating effects of the bushfires. We’re providing practical, local support for our staff, customers, and the many people caring for impacted communities across Victoria.”
Together with existing measures in place, the Bushfire Recovery Support Package will include the following:
- For mortgage customers who have lost their principal place of residence due to the bushfires, Bank of Melbourne will cover the customer’s mortgage repayments for one year (up to $1,200 per month)
- Interest-free home loans for customers to cover the gap between insurance payouts and rebuilding costs, approved subject to our credit criteria ($250 million allocation)
- Up to $2,000 in emergency cash grants for customers whose properties have been destroyed or damaged by bushfires
- A grant of up to $15,000 to assist small businesses with the cost of refurbishing premises that have been destroyed during the bushfires
- 2.83% three-year variable rate, low-interest rebuilding loans for business customers, up to $1 million individual loans ($1 billion allocation)
- Up to $2,000 emergency cash grants for customers whose business premises have been destroyed or damaged by the bushfires
- No foreclosures for three years on any farming businesses in the affected areas
- Fast track credit approvals to provide short-term assistance
- An additional $2.5 million to provide emergency cash grants to customers in affected towns and regions, bringing the Westpac Group total available to $3 million
- $500,000 donation to Financial Counselling Australia to provide financial counselling services to people in affected towns and regions to help them through the recovery and rebuild
- Volunteer fire fighters nationally can access the Disaster Relief Package
- Appointing the new role of CEO, Bushfire Recovery, to lead the response. This includes mobile customer support teams for localised decision making.
Bank of Melbourne customers who need assistance should contact the Bank of Melbourne Assist team on 1800 600 266 or visit their local branch. Insurance claims can be lodged on this number 24 hours a day, 7 days a week and online at www.bankofmelbourne.com.au.