2022 NSW and Queensland floods: What support is available?

The 2022 NSW and Southeast Queensland floods have caused widespread damage and grief, with the Insurance Council of Australia reporting that 107,844 claims have been lodged in flood-stricken areas, totalling an estimated $1.62 billion from March-April alone. 

Below, we’ve put together a list of financial assistance packages available to Australians who have been impacted by the recent severe weather events, along with various support measures rolled out by banks.

“Knowing who you can contact, what financial assistance services are available, and getting access to funds will be paramount for people as they rebuild their homes, businesses, and communities,” says Mozo spokesperson Tom Godfrey.

Income requirements will apply on many of these grants and allowances, so be sure to read the eligibility criteria carefully on the relevant government website.

There are three types of government financial assistance available to NSW residents who have been impacted by flooding or other natural disasters: 

• Disaster Recovery Allowance
  

• Disaster Relief Grant
  

• Disaster Recovery Payment
  

Disaster Recovery Allowance

• Who is it for: those who have lost income as a direct result of the floods.

• How much: fortnightly payments start from $573.30 for those in partnerships and go up to $862.10 for those in special circumstances. The payments are available for up to 13 weeks.

Disaster Relief Grant

• Who is it for: those whose homes or essential household items were destroyed by the floods.

• How much: amount not specified.

Disaster Recovery Payment

• Who is it for: those who have been seriously injured or whose homes have been destroyed or severely damaged.

• How much: up to $1,000 per eligible adult and $400 per eligible child.

To check your eligibility, head to the Service NSW website or use the Disaster Assistance finder .

Queensland residents who are uninsured (or unable to claim insurance) and have suffered damages or destruction to their home and contents might be eligible for up to three types of government grants: 

• Essential household contents grant
  

• Structural Assistance grant
  

• Essential services safety and reconnection grant
  

Essential household contents grant

• Who is it for: those whose essential household contents such as beds, linen, and white goods were destroyed.

• How much: grants go up to $1,765 for single adults and $5,300 for couples and families. 

Structural Assistance grant

• Who is it for: those whose homes require repairs to make it safe.

• How much: a one-off payment of up to $10,995 is available for single adults and up to $14,685 for couples and families.

Essential services safety and reconnection grant

• Who is it for: those who have lost connection to essential services (such as electricity, gas, water and sewerage or septic systems).

• How much: payments of up to $4,200 are available for the repair and reconnection of essential services. Up to $200 is also available for a safety inspection of each essential service needing reconnection.

Queensland residents who are experiencing hardship as a result of the floods may be also eligible for two types of financial assistance. These grants are available to claim for seven days following the activation of the grant in your area.

• Emergency hardship assistance

• Essential services hardship assistance grant
  

Emergency hardship assistance

• Who is it for: those who are unable to access essentials such as food, clothes, medical supplies, or temporary housing.

• How much: up to $180 per person and up to $900 for a family of five or more. 

Essential services hardship assistance

• Who is it for: those who have experienced the loss of one or more essential services for more than 5 days.

• How much: $150 per person and up to $750 for a family of five or more.

To check your eligibility, visit the Queensland Government Community Support page.

In light of the recent floods, a number of banks are providing support to customers in the form of loan deferrals and reduced repayment plans on home, personal, and business loans.

“It always pays to reach out to your bank if you are struggling or experiencing financial hardship, with a variety of emergency support packages available to those worried about meeting repayments in these tough times,” says Godfrey. 

NAB relief measures 

• $1,000 business grants are available to help restart or reopen and cover the cost of damaged property, equipment, fencing, and for loss of stock or livestock

• Credit card and personal loan relief

• Waivers on establishment fees for restructuring business facilities

• Concessional loans to customers seeking support to restructure existing facilities to assist in repairs, restocking and re-opening for business

• Reductions and moratorium on home and personal loan repayments

Commonwealth Bank emergency assistance 

• Customised payment arrangements for your home loan, credit card, personal loan and some business loans

• Waivers on fees and charges

• Temporary overdrafts, additional loans or emergency credit limit increases (subject to credit approval)

• Waivers on fees and notice periods for early access to Term Deposits

• Loan restructuring for business customers and existing loans

• Waivers on fees for temporary and damaged merchant EFTPOS terminals, as well as support with merchant terminal rental fees

CommBank has also launched a Flood Relief Fund , which will distribute a total of $2 million to not-for-profit and community organisations involved in clean-up, rebuilding and recovery efforts. Individual organisations will be able to apply for grants of up to $10,000.

ANZ disaster relief package

• Short-term payment relief on home loans, credit cards, personal loans, and some business loans (interest may still be charged)

• Waivers on fees for restructuring business loans

• Waivers on fees for accessing term deposits early 

Westpac and St George floods financial support

• Deferred home loan repayments for up to three months

• Deferred repayments to a credit card for up to 90 days

• Discounted interest rates with no establishment fee on personal loans to replace goods

• Waived interest rate adjustments for customers wishing to withdraw term deposits

• Halt on all interest accrual on unsecured credit products for a period of up to three months

• Deferred repayments on business loans for up to three months

• Loan restructuring without incurring the usual bank establishment fees

Customer Owned Bank Essential Banking Support Services 

Six customer-owned banks — Summerland Credit Union, BCU, G&C Mutual Bank, Greater Bank, Newcastle Permanent and Southern Cross-Credit Union — have partnered with Southern Cross University to provide immediate essential banking services to the residents of Lismore. 

Due to damaged infrastructure, Lismore residents have had limited access to banking services. These customer-owned banks hope to remedy this by delivering ATMs and physical cash to towns to help people buy goods while branches aren’t operating. A temporary banking hub has also been set up on Military Road, East Lismore.