Terms and conditions
Coronavirus support for Westpac small business customers
To assist small businesses during this difficult period, effective 23 March 2020, Westpac is offering a 6 month deferred repayment period for eligible small business customer commencing from when you submit this application applying to Business Loans and eligible Home Loans.
- The deferred payment period applies to small business customers with:total business lending balance of less than $3 million at the time of application and
- current facilities including those who have been arrears or hardship since 1 January 2020 (facilities in arrears prior to 1 January 2020 where the arrears has been cured are also eligible)
Small business customers with home loans:
You will also be eligible for 6 months of deferred payments on your home loan if you, including jointly, or as a director of an entity or partner of a partnership being the eligible small business have a home loan with Westpac.
Following confirmation of your registration your request to defer your Home Loan payments, your application will be referred to our Customer Assist area to process your request. They may be in touch directly if they require additional information.
The deferred payment period applies to eligible small business customers with business loans (excluding credit cards, overdrafts, cashflow/invoice/trade finance, commercial bills) and Equipment Finance (Lease, Hire Purchase and Goods Mortgage).
Please note that:
- interest deferred will be capitalised and fees will continue to be debited to the account;
- any current fixed rate period will also be extended by 6 months at that fixed term rate; and
- your loan term will be extended by at least 6 months so that we do not need to increase your repayments because of the deferral.
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 (for example, 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 is not possible, we will apply to your loan balance.
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.
If you require additional financial support beyond what is offered please contact our Customer Assist line 1300 655 505 to apply for further hardship provisions.