Westpac extends COVID-19 support for home loan customers
23 May 2020
Westpac has introduced changes to give customers more flexibility with home loan repayments during the COVID-19 pandemic.
The updates mean eligible customers with interest only home loan repayments can apply to extend their term for up to 12 months, while those with principal and interest repayments can switch to interest only repayments for the same period.
Will Ranken, Westpac General Manager, Home Loans, said the changes had been introduced in response to continued customer demand for support with mortgage repayments.
“We have had more than 115,000 customers defer mortgage repayments as part of our COVID-19 consumer support package.
“However, we recognise that many customers who have been financially impacted by COVID-19 still want the option of making some repayments during this time.
“These changes mean it is now simpler for customers to apply to extend their interest only loan term, or switch their repayments to interest only,” Mr Ranken said.
Customers experiencing financial stress because of COVID-19 can also apply to have their home loan repayments deferred for three months, with a further three months available on review.
Westpac has created a home loan repayment deferral calculator to help customers understand the potential impact on their home loan if repayments are deferred.
Customers who would like further assistance with their home loan repayments can visit their local branch or contact Westpac customer care on 132 032 to discuss the support available.
For further information:
M: 0434 699 605