How Cyclone Alfred May Impact Your Mortgage - What You Need to Know 

As Cyclone Alfred approaches, it's crucial for homeowners to be prepared not only for the immediate impact but also for the potential financial implications. Here's a comprehensive guide to help you navigate these challenging times and ensure your mortgage and home are protected. 

Lender Emergency Access to Credit Limit Increases 

In the wake of Cyclone Alfred, many lenders are offering emergency access to credit limit increases to help homeowners manage unexpected expenses. This can provide much-needed financial relief for repairs, temporary accommodation, or other urgent needs. For instance, Commonwealth Bank has activated emergency assistance, including temporary overdrafts and additional loans. It's essential to contact your lender as soon as possible to discuss your options and ensure you have access to the necessary funds. 

Mortgage Repayment Relief 

Many lenders are also offering mortgage repayment relief to help homeowners affected by the cyclone. This can include deferring loan repayments, reducing repayment amounts, or restructuring loans to make them more manageable during this difficult period. For example, ANZ has announced short-term payment relief on home loans and other financial products. If you're struggling to meet your mortgage repayments, reach out to your lender's hardship team to explore the available options. 

Waived Fees 

In addition to credit limit increases and repayment relief, some lenders are waiving fees for affected customers. This can include waiving fees for accessing term deposits early, restructuring loans, or other financial services. Commonwealth Bank, for instance, is waiving fees and charges for customers impacted by the cyclone. Be sure to inquire about any fee waivers that may apply to your situation. 

In the aftermath of Cyclone Alfred, it's likely that many homeowners will need to file insurance claims for damage to their property. Here are some steps to help you prepare: 

1. Document Everything: Take photos and videos of your property before and after the cyclone to provide clear evidence of the damage. This will help support your insurance claim and expedite the process. 

2. Secure Important Documents: Keep copies of your insurance policy, mortgage documents, and other important papers in a safe, waterproof location. 

3. Contact Your Insurer: Notify your insurance company as soon as possible to start the claims process. Many insurers have dedicated hotlines and online portals for filing claims quickly. 

Handling Flood-Damaged Items 

Dealing with flood-damaged items can be overwhelming, but it's important to handle them properly to prevent further damage and health risks. Here are some tips: 

1. Safety First: Wear protective gear such as gloves, masks, and boots when handling flood-damaged items to protect against contaminants. 

2. Assess Damage: Determine which items can be salvaged and which need to be disposed of. Non-porous materials like metal and plastic can often be cleaned and saved, while porous materials like fabric and wood may need to be discarded. 

3. Proper Disposal: Dispose of flood-damaged items responsibly, following local guidelines for hazardous waste and recyclables. 

We're Here to Help 

As your trusted advisor, I'm here to assist you with any questions or concerns you may have about your mortgage, insurance claims, or preparing for Cyclone Alfred. Please don't hesitate to reach out to me for guidance and support. Together, we can navigate these challenging times and ensure your home and finances are protected. 

Stay safe and take care. 

I have used the following links to compile information for this Blog, and you may find them helpful to seek more information or clarification.  

: [ANZ support for customers impacted by Tropical Cyclone Alfred](https://www.anz.com.au/newsroom/media/2025/march/anz-support-for-customers-impacted-by-tropical-cyclone-alfred-in/) 

: [Emergency Assistance - CommBank](https://www.commbank.com.au/support/emergency-assistance.html) 

: [CBA Emergency Assistance for areas affected by Tropical Cyclone Alfred](https://www.commbank.com.au/articles/newsroom/2025/03/Tropical-Cyclone-Alfred-Emergency-Assistance.html) 

: [Vital home insurance move as Cyclone Alfred set to do millions of dollars worth of damage](https://www.msn.com/en-au/news/australia/vital-home-insurance-move-as-cyclone-alfred-set-to-do-millions-of-dollars-worth-of-damage-concrete-evidence/ar-AA1Ag1e7) 

: [Prepare Now: NRMA Insurance's essential steps for Cyclone Alfred readiness](https://www.iag.com.au/newsroom/customer/prepare-now-nrma-insurances-essential-steps-cyclone-alfred-readiness) 

: [How to Tell If Flood-Damaged Furniture Can Be Saved Before You Throw It Out](https://kinggong.com.au/flood-damaged-furniture/) 

: [How to Manage Flood-Damaged Items](https://drwaste.com/how-to-manage-flood-damaged-items/) 

: [How To Manage Waste After A Flood](https://kinggong.com.au/blog/how-to-manage-waste-after-a-flood/)