Grazier and NAB customer Deborah Smith was given 6 months to repay $800,000 in the midst of a protracted drought and low cattle prices. Ms Smith said she was told by her NAB banker if she and husband Ken did not sign a debt remediation process, "we would walk out with nothing but the clothes on our backs". He said on review of the file the case was not just about hardship, but also business viability. NAB executive Ross McNaughton said he was not surprised no one informed Ms Smith about the bank's hardship processes. The default rates have been in place since March 2013 since the Smiths agreed to a debt remediation process at a meeting with a bank official. The original $3.1 million was charged at 13.2 per cent and has led to a current balance of just under $6 million. The first $530,000 incurs an interest rate of 10.92 per cent but the bulk is charged at an even higher default rate of 18.9 per cent. The original overdraft has blown out to $1.785 million. Several years on, the drought has barely abated despite one of two properties being hit by a flash flood from well upstream and the debt continued to mount. A Tasmanian former farming couple who say they were "belted to bits" and left destitute from their dealings with ANZ receive an apology from a bank executive, five years on.
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