Westpac CEO Peter King said: "We recognise many of our customers need assistance following the increased lockdowns across Australia. We want customers to know there are a broad range of options to help businesses and individuals through this challenging period.
"We are reminding customers that if they are facing financial difficulty, call us early so we can work through the most appropriate tailored options to support them, including repayment deferrals on home and business loans for up to three months.
"The state and federal governments have put in a range of measures that will provide welcome relief and support cash flow to impacted businesses and individuals.
"The population being vaccinated is the key to getting back to a more normal way of life, so Westpac will continue to do what we can to support this roll out in coming months," Mr King said.
Small business support
- Eligible small business customers with total committed exposure of up to $3m will be able to defer loan repayments for three months on certain products, with loan terms extended as required, to assist with cash flow.
Transactional banking
- Eligible small business customers with Merchant Terminal will be able, upon request, to have the merchant terminal rental fee refunded for up to three months.
- Eligible business customers with Term Deposit or Farm Management Deposits will be able to terminate early to access their deposit with no penalty interest rate adjustment.
Home loan support
- Home loan customers can also access a range of support measures, including repayment deferrals for up to three months.
Credit cards and personal loans
- Eligible consumer and business credit cards and personal loans customers can also access a range of support measures, including repayment deferrals.
In addition to the extended support, Westpac customers can access a range of existing financial assistance for businesses and households.
Existing COVID-19 business support
- Case management support for our small business customers experiencing financial difficulty.
- Reduced or deferred repayments on asset and equipment finance and eligible business loans.
- Business loan restructuring with no fees incurred.
- Referrals to financial counsellors or other support services.
- Eligible customers may be able to access low interest rate business loans through the Federal Government's SME Recovery Loan Scheme.
Existing COVID-19 consumer support
- Credit card repayment and interest rate reductions for a period of time.
- Home or personal loan repayment deferrals or reductions, interest rate reductions and loan term extensions.
- Fee waivers across a range of products.
- Restructuring of debt.
- Referrals to financial counsellors or other support services.
To access this financial assistance, consumer customers can apply online
