Mortgage repayments suspended for flood victims

RACQ Bank has announced flood affected customers in north Queensland could defer mortgage repayments on their home loans over the next few months, which would be a relief for homeowners in the wake of the devastating natural disaster.

Queensland Government via Courier Mail

RACQ Bank CEO Michelle Bagnall said this unprecedented flood event was yet to abate, and it had put a lot of strain on affected families.

“We’ve initiated a three-month moratorium on home loan repayments for Townsville flood victims because we get it – when times are tough, paying off your home loan is the least of your worries,” Ms Bagnall said.

“What this means is, if people cannot meet their repayments, they needn’t worry about it. If they do want to continue paying their regular mortgage, that’s fine, but if they’re unable, they have a three-month pause.

“Our message to customers right now is to focus on their safety and wellbeing.”

Ms Bagnall said Townsville’s RACQ Bank branch was forced to close yesterday due to flooding, but a dedicated phone hotline has been established for impacted customers.

“To initiate the moratorium on your home loan or to discuss options on how we can help you through this difficult event, call us on 1800 680 145.

“We’re here to help and our team are ready to chat when you are.”