In the wake of the devastating floods that have affected Queensland and New South Wales, substantial support has been extended to both businesses and individuals grappling with the aftermath. This aid encompasses various forms of assistance, including relief in loan repayments for a broad spectrum of individual and business loans. Notably, for truck operators who have trucks under finance, specific flood support measures have been put forth to alleviate the burden on businesses and truck loan holders.
Beyond the measures introduced by state and federal governments, the Australian Banking Association (ABA) promptly offered assistance through its member banks. The nature and extent of the available support will hinge on the unique circumstances of individual businesses and the eligibility criteria established by individual lenders.
For those individuals and businesses contending with truck finance and adversely impacted by or incurring losses due to the floods, steps are being provided to navigate the process of procuring the pertinent assistance.
Loan Repayment Support
Through the Australian Banking Association, Australian banks issued an announcement of options for a range of bank customers affected by the floods in regard to loan repayments. The Association’s CEO Anna Bligh said that the assistance would provide ‘financial peace of mind’ to those affected. The measures including loan deferrals are for personal loans, home mortgages and some types of business loans.
Ms. Bligh urged those who have been affected by the floods to reach out to their respective banks in order to initiate discussions regarding the available assistance for their particular situations. She further emphasized that as the emergency phase recedes and the focus shifts to cleanup and recovery, the banks are fully prepared to offer customized support.
It's important to note that the precise form of assistance that both individuals and businesses can access will be contingent on their individual circumstances as well as the policies and provisions set forth by their respective banks.
The assistance options mentioned include:-
- Deferral of loan repayments for up to a period of 3 months.
- Consolidating debt to achieve more manageable repayments.
- Restructure of current loans with usual loan establishment fees exempted.
- Finance for shortages with cash flow.
- Credit card payment deferrals
For truck operators who currently hold existing truck loans with banks and find themselves in need of assistance due to the floods, it's essential to reach out to your respective bank to ascertain whether your specific loan is eligible for the support measures that are presently being offered. These measures share similarities with the support that was extended during the height of the economic challenges posed by the COVID-19 pandemic. While this announcement pertains specifically to loans from banks, it's plausible that many non-bank lenders will also be extending comparable support.
In cases where you find it challenging to meet the scheduled loan repayments due to the aftermath of the floods, it's of utmost importance to communicate with your lender. The floods have significantly disrupted income streams for many truck operators, with road closures and damage, as well as potential shutdowns of construction sites, causing financial strain. Engaging in a dialogue with your lender can lead to potential assistance, such as repayment deferrals, being provided. It's crucial to remember that if repayments are not made and there's no communication with the lender, this could adversely affect your credit rating, which could subsequently impact future loan applications.
Action Where Truck ‘Under Finance’ is Written Off
In the unfortunate event that your vehicle has been rendered a total loss due to the floodwaters, and if the truck is currently under finance, your initial action should be to reach out to your insurance company. The insurer will guide you through the necessary procedures to initiate a claim. Simultaneously, it's advisable to contact your lender as well. Inform them of the circumstances and work with them to potentially temporarily halt repayments while the insurance claim is being processed and finalized. This proactive approach ensures that both the insurance claim and the loan obligations are appropriately addressed during this challenging time.
Replacing Damaged and Lost Trucks
For operators that urgently need to replace their trucks in order to get back to work, it is not necessary to wait until the insurance claim is resolved before applying for a truck loan to purchase a new vehicle. For an Easy Online Truck Finance Interest Rates Quote contact Jade Finance and we can commence your loan application process.
Finance is available through our consultants with quick quotes and fast approvals so the purchase of a replacement truck can be made asap using your choice of loan products.
Current Truck Loan Applications
If you have a truck loan application currently in progress with Jade Truck Loans and have been affected by the floods, rest assured that your application will continue to be processed as planned, unless you receive alternative guidance. Our dedicated team of consultants remains fully operational to provide assistance to our valued customers.
However, if your situation has been significantly affected by the crisis and you wish to make changes or temporarily pause your loan application, we encourage you to get in touch with your Jade consultant. They will be more than willing to discuss the available options with you and help tailor a solution that suits your circumstances. As a Truck Loan Broker - Commercial Leasing, their expertise extends beyond the financial aspect, encompassing a deep understanding of the industry landscape, which can prove invaluable during times of uncertainty.
Recovery and Rebuilding Phase
The process of recovery and rebuilding in the aftermath of the floods will undoubtedly be extensive and prolonged, especially for regions severely impacted in both Queensland and New South Wales. Towns such as Lismore have faced particularly devastating consequences, experiencing near-total destruction. Furthermore, a substantial effort will be required to urgently restore many roads, with the responsibility falling on local and state government authorities.
Many contractors and trades will be required to assist with the workload. If you are looking to upgrade or replace trucks in order to be well-placed to assist in rebuilding many of the communities devastated by the flood disaster, speak with us about truck finance options to make those purchases.
General Support for Flood Victims
In the event that your business has been adversely affected by the floods, Jade Truck Loans provides a variety of finance solutions aimed at addressing cash flow shortages and other financial needs. It's worth noting that financial support, including grants, will likely be accessible through the governments of Queensland and New South Wales, and potentially even the Federal Government. Additionally, aid and community organizations may also offer direct assistance to those in need.
Contact Jade Truck Loans on 1300 000 003 for quick assistance in finance for replacing trucks lost due to the floods or to upgrade to be ready to assist with the rebuilding.
DISCLAIMER: THIS INFORMATION IS ISSUED PURELY FOR THE PURPOSE OF GENERAL INFORMATION PROVISION. IT IS NOT TO BE TAKEN AS THE ONLY SOURCE OF INFORMATION FOR BASING FINANCIAL DECISION-MAKING. THOSE REQUIRING FINANCIAL GUIDANCE AND ADVICE SHOULD CONSULT WITH THEIR FINANCIAL CONSULTANT OR ADVISOR. NO LIABILITY IS ACCEPTED FOR ANY MISREPRESENTATION OF POLICIES, DATA OR ERRORS IN THIS CONTENT.