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Westpac extends COVID-19 support for small businesses and households across Australia

9 July 2021

 

Westpac has today announced a number of additional support measures for business and consumer customers who have been financially impacted as a result of the ongoing COVID-19 situation.
 

“The pandemic is continuing to cause disruption for households and businesses across Australia, and the banking sector has an important role in helping customers and the economy through this time,” said Peter King, Westpac CEO.
 

“We are seeing the need for immediate support for small business owners who are experiencing challenges with reduced trade, cashflow, and foot traffic as more people stay at home, particularly in areas with lockdown restrictions like Greater Sydney.
 

“We have scaled-up our support to reflect the longer impact of COVID-19 and have a dedicated team of bankers available to help tailor this assistance to our customers’ personal circumstances,” said Mr King.

Small business support

  • Eligible small business customers with a small business cash-based loan of up to $3m will be able to defer repayments for up to three months, with loan terms extended as required, to assist with cash flow.

Transactional banking

  • Eligible customers may be able to receive refunds for merchant terminal fees for up to three months, as well as waivers for fees and notice periods on Cash Deposit and Farm Management Deposit accounts for up to three months.

Home loan support

  • Home loan customers can also access a range of support measures, including repayment deferrals on a month-by-month basis.
     

“In 2020, Westpac helped more than 175,000 mortgage customers and 40,000 business customers defer loan repayments through our COVID-19 support packages, and we will continue to assist our customers through the challenges ahead,” said Mr King.
 

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 assistance or find out more, Westpac customers can call Westpac Assist on 1800 067 497.
 

This support is available for all customers across the Westpac Group, including BankSA, Bank of Melbourne, St.George and RAMS. 


Media contact:

westpacmediarelations@westpac.com.au