ASB Extending Financial Relief And $2,000 One-off Payment To Customers Affected By Cyclone Gabrielle

Wednesday, 15 February 2023, 8:05 am
Press Release: ASB

ASB is extending its support to customers hardest hit by the extreme weather causing damage across many regions of New Zealand.

Following the Auckland Anniversary weekend flooding, ASB offered a one-off ex gratia payment of $2,000 per household for customers whose homes had been red or yellow stickered, and to small businesses that had been significantly impacted. Following the declaration of a national state of emergency today, the offer is being extended to any customer nationwide who is similarly impacted as a result of Cyclone Gabrielle.

Business customers with turnovers of less than $2m a year and who have their main business account with ASB, and personal customers whose homes have been red or yellow stickered since Friday 27 January, and who had an active banking relationship with ASB prior to the damage occurring are eligible for the payment.

ASB chief executive Vittoria Shortt says the gesture is a one-off payment to help alleviate some pressure for those who have been hardest hit. The fund was originally capped at $2m and that has been raised to $3m today given the ongoing situation.

“The past few weeks have been incredibly tough for many New Zealanders. We know a lot of people have had damage to their homes or businesses already, and the current cyclone continues to wreak havoc as it moves down the country. We hope this payment helps to cover some of the unexpected costs, whether that be clothing, bedding, food, or accommodation costs or replacement business equipment at this difficult time.”

ASB is also extending broader financial support to weather impacted customers, including the option to suspend home loan principal repayments for up to three months, an overdraft of up to $10,000 for home loan customers and $2000 for other personal customers, and targeted solutions for eligible business and rural customers, including access to working capital of up to $100,000.

Eligible customers can call ASB’s dedicated phoneline 0800 272 735 (option 3) to apply for the payment. Applications must be received by 31 March. Customers requiring additional financial support should speak to their relationship manager or call 0800 803 804.

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