Media releases

Westpac commits AUD$100,000 to support Cyclone Winston recovery in Fiji

 

Westpac has announced today it will commit AUD$100,000 (FJD$153,589) to the Fiji Red Cross to support disaster-affected areas. This financial assistance will enable the Red Cross to respond quickly to immediate needs such as food and clean water as well as the longer-term rebuilding and recovery of areas hit by Cyclone Winston.

 

Greg Pawson, Regional Head South Asia and Pacific said: "At Westpac, we have a long history of helping communities across the Pacific in times of need."

 

"The impact of this natural disaster is without precedent in Fiji and as a major corporation in the country, Westpac is committed to supporting the local community our customers and employees through this period.

 

"To support the communities affected by this natural disaster, Westpac Fiji will donate AUD$100,000 to the Fiji Red Cross to support the immediate relief and humanitarian efforts underway.  Our thoughts are with everyone affected as they rebuild their lives and businesses," he said.

 

Westpac will waive the telegraphic transfer fee for customers wanting to send emergency funds from Westpac branches to their families in Fiji and has also activated its Disaster Relief Package. Customers wanting to transfer funds to Fiji can visit any Westpac branch. Customers wishing to access the Disaster Relief Package should contact their Relationship Manager or Branch staff to determine the most appropriate and responsible solution for their circumstances.

 

Westpac branches around Fiji are currently open for restricted trading hours to assist customers with accessing cash and we are working with customers to service other payable and receivable needs including telegraphic transfers.

 

Westpac has dedicated teams working to overcome any delays and restore banking services to full capacity to ensure people can access their money at this critical time.

 

Disaster Relief Package details:

 

Consumer Offers Access to:
Consumer Loans
  • Loan repayments can be suspended for up to 3 months
  • Loans that are already in arrears or subject to collection activity can be considered for assistance based on individual circumstances and approval from Credit Officer/Head of Loans Management
  • A "Repayment Holiday" is available on all consumer products including Home Loans, Investment Property Loans & Personal Loans
Dishonour & Account Overdrawn fees Fees can be waived for disaster affected customers.
Standing Orders/Periodical Payments Customers may require temporary cancellation of standing orders that are being transferred from their accounts during the time of natural disaster. It is important to ensure that they are reactivated after the relief period has ended, following a conversation with the customer. It is critical to ensure customers are aware that any non-payment of a standing order to a service provider must be negotiated with that provider.
Temporary Overdrafts Customers can access Temporary Overdrafts to allow access to emergency cash - normal clearance source needs to be established at outset. Overdrafts are to be at standard overdraft rates - with any establishment fee waived.
Credit Cards For all accounts a "Defer Payment" option for 90 days is given, subject to certain criteria*. This includes interest charges and fees. *The account has not had a delinquent status more than once in the last 6 months & the account is no more than 20% over its current limit (customers outside this criteria may be eligible for a personal loan).
Personal Loans Customers wishing to purchase replacement goods etc. may apply for a Personal Loan. Affected customers may also re-finance existing loans over a fresh maximum loan term - normal underwriting standards apply. Normal establishment fee will be waived on all loans under this package.

 

 

 Business Offers Access to:
 Business Loans
  • Fee-free Redraw Option for all Business Loans
  • Deferral of repayments for a period of up to 3 months
  • Term may be extended by 3 months at the customers' request
  • Customers can request loan restructuring without incurring the usual bank fees such as establishment fees and break costs (if applicable)
  • Loans that are already in arrears or subject to collection activity can be considered for assistance based on individual circumstances and approval from Credit Officer/Head of Loans Management
Term Deposits Termination of a deposit without interest rate adjustment.
Westpac Equipment Finance 

Customers can defer payments for 3 months with the option to either:  

 

1. Maintain the existing contract term. Repayments will be recalculated to finalise the contract within its existing term; OR;  

 

2. Extend the term of the contract by 3 months and recalculate the repayments
Merchant Business
  • Impacted merchants are eligible to have their monthly terminal access fee and merchant service fee or minimum monthly service fee waived for up to 3 months (applicable to the months where they have been impacted and not able to use their terminal)
  • Impacted merchants will not be charged for damaged equipment or replacement terminals
  • In cases where merchants indicate that as a result of the disaster they will not be reopening their business, Westpac will waive the closure fee (with Pos Support/Team Leader's approval)
  • Affected merchants can be given the option of a free temporary upgrade to a mobile terminal, should phone line access be unavailable
 Business Overdrafts
  • Temporary Business Overdraft establishment fee waived
  • Business Overdrafts - the normal establishment fee is waived for any increase to any existing Business Overdraft facilities
  • Deferral of repayments for a period of 3 months
  • Customers can request loan restructuring without incurring the usual bank fees such as establishment fee.

 

About Westpac Fiji: Westpac is proud to serve a range of customers across Fiji through its 21 branches, 68 ATMs and 2500 EFTPOS outlets in all major towns and cities, along with 62 In-store banking outlets in rural areas.