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Defer your business loan payments

Westpac has introduced a number of measures to help our business customers manage the impacts of COVID-19. If you wish to defer payments on your business loan/s, including equipment finance loans, please complete and submit this request form.

Has your business been directly impacted by COVID-19?

Do you want your business loan payments deferred for 6 months?

Do you understand that interest deferred will be capitalised and this will extend the term of your loan for 6 months?

Are you authorised to answer and have you advised all parties (including guarantors) of this change?

Are you applying for relief as part of this package with respect to (a) commercial property loan(s) for investment purpose?

I/We Declare that during the deferred payment period, I/we will not terminate leases or evict current tenants for non-payment of rent where the non-payment of rent is a direct result of the COVID-19 outbreak.

Unfortunately we are not able to proceed because you haven’t met the eligibility criteria for the business payment deferral support package.

 

If you answered 'Yes' to these questions and you satisfy the following eligibility criteria, payments to your loan accounts will be deferred for 6 months from the date this application is made.

The deferred payment period applies to eligible business connections impacted by COVID-19:

  • with total business exposure of less than $10 million per customer group;
  • includes commercial property customers who confirm, for the deferred payment period, that they will not terminate leases or evict tenants on the basis of non-payment of rent as a direct result of the COVID-19 outbreak;
  • where the business is operated in Australia with less than 20% foreign ownership; and
  • for those customer's above $3 million total business exposure, with current facilities that have not been in arrears in the last 90 days.


Business customers who seek assistance in relation to their retail credit accounts (e.g. home loan), please go here

 

DD/MM/YYYY

 

We will use the Customer ID and Account number for verification purposes only. 

The payment deferral will be applied to all eligible Business Loan Products.

 

This is the 8 digit number you use to sign into Westpac Live – Online Banking.

 

Please enter one Business Loan Product you require help with. We will use this for verification purposes only.
The payment deferral will be applied to all eligible Business Loan Products.

 

Please confirm that you have read, understood and agree with and where required declare the following:

  • The payment deferral will be applied to all of your eligible Business Loan Products with Westpac. This includes all eligible Business Lending Products for you and any Businesses linked to your customer profile (for example where you might be a director of an entity or partner of a partnership being the eligible small business).
  • Please note that the interest deferred will be capitalised. For Equipment Finance facilities and loans only, instalments will be deferred and finance charges will still apply over the deferred period. Instalments will be recalculated at the end of the deferral payment period and will include finance charges.
  • Once your deferred payment application has been processed, you will receive a confirmation email. If there is part of the email you do not understand or do not believe you agreed to, please contact us as soon as you can. This arrangement is an exception to the usual terms and conditions that apply to your facility. If you have an event of default (for example, you become insolvent) the events of default conditions of your contract continue to apply. Where we initiate Direct Debit payment to the account, we will attempt to cancel these, please advise us as soon as possible if payments continue to occur, so that we can rectify this promptly. Please note, if we do a Direct Debit after you have opted-in to the offer, we will refund it. Where payments are initiated by other institutions (eg. by direct credit from another financial institution or by direct credit from an employer), you need to cancel these to stop further repayments being made. We will endeavour to return these funds, if this isn’t possible we will apply to your loan balance.
  • If you nominate a facility for the deferred interest period and you meet our eligibility criteria and the facility is subject to a fixed-rate period, the fixed-rate period will be extended by the deferred payment period. If you terminate your facility during the deferred payment period, termination fees, break fees, and applicable loan charges will become payable.
  • Where there are other borrowers (such as other directors, partnership partners, beneficiaries) and guarantors associated with the loans, you confirm that you have authority to act on their behalf. Declaration for Commercial Property Customers (only applicable to customers who have a commercial property loan(s) for investment purpose) I/ we declare that during the deferred payment period, I/we will not terminate leases or evict current tenants for non-payment of rent where the non-payment of rent is a direct result of the COVID-19 outbreak.

 


Thank you for your application.

We are committed to supporting your business as the COVID-19 situation evolves, and we’re here to help you and your business through this challenging time. 

What happens next?

We’ve received a high volume of applications and appreciate your patience. We are reviewing your application as quickly as possible and will confirm whether your application has been accepted. 


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Things you should know

The payment deferral will be applied to all your eligible loans with Westpac. This includes all eligible business lending products for you and any small businesses linked to your customer profile (for example, where you might be a director of the small business).

The terms and conditions of your business lending products will continue to apply, including events of default outlined in our contract.