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With many parts of Australia devastated by bushfires many lenders & Life Insurers are offering support to their clients whether they be home owners, business owners or employees of businesses that have been affected by the fires.
We have received numerous emails from lenders and insurers indicating they will assist their clients. Some of the assistance offered includes:-
- Premium freezes on life insurance policies
- Paying one off payments to clients whose property has been destroyed
- Providing relief through suspension of the need to make loan repayments for up to 12 months (This applies not only to people who have had their homes damaged or destroyed but also to employees of businesses that have been destroyed in the fires)
- Topping up payments from insurance companies to assist borrowers who have to rebuild or repair their home
- Reducing the interest rates on small business loans
- Special assistance for owners of income producing rural properties
Additionally one of the major lenders have indicated they will pay full wages to any of their employees who have been fighting the fires and consequently been absent from work.
Many lenders have committed large sums of money to various charities, counselling organisations and the Rural Fire Service.
It has been a harrowing time for all those affected by the bushfires and the overwhelming support shown across the globe is fantastic to see.
If you know someone affected by the fires I encourage you to pass on these details and get them to contact their lender and/or life insurer as soon as possible to see what assistance is available.
