Banks offer emergency financial support
Westpac and ASB have offered emergency financial support to customers impacted by severe weather in the South Island.
Read more: Major banks offer relief to flood-affected customers
After a deluge of rain caused flooding, evacuations, and damage to houses in parts of the South Island, a state of emergency was declared across the West Coast, Nelson, and Tasman districts, while a heavy rain warning was placed for the Buller, Nelson, and Westland regions.
Martin Gay, ASB South Island regional manager, said the CBA-owned bank would offer relief to impacted customers, including the suspension of home loan repayments and emergency overdraft facilities, Stuff reported.
“We know the situation throughout the country is likely to get worse before it gets better and there will be a lot of concerned customers out there,” Gay told the news agency. “Those affected by flooding and other weather damage may have a long road ahead, and we hope these measures will help to alleviate some pressure, so they can focus on more immediate tasks at hand.”
Support is also available to personal, farming, and business customers on a case-by-case basis, he said.
Read next: Banks extend repayment relief to flood-affected customers
Mortgage holders could opt to suspend their home loan repayments for up to three months or arrange an overdraft of up to $10,000. For business and rural customers, emergency options included access to up to $100,000 in working capital. Other ASB customers could access an overdraft of up to $2,000, with other options available depending on the circumstances, Gay said.
Westpac has also made available a range of options for personal and business customers who were hit by flooding in the Nelson, Tasman, and West Coast regions, including suspending principal loan payments for up to three months, deferred payment on business credit cards for up to three months, or a temporary overdraft facility for business customers, Stuff reported.
