COVID-19: Business support FAQs
This information will be updated regularly in response to your feedback and as the COVID-19 situation evolves.
Our COVID-19 support package
We’ve received a high volume of applications and appreciate our customer’s patience. We are reviewing applications as quickly as possible and will confirm whether an application has been accepted.
Eligible small business customers that need additional support at the expiry of their business loan repayment deferral period can apply to extend their repayment deferral period by up to four months. Extension of the deferral period is subject to eligibility criteria and further credit assessment. For those currently with business loan repayment deferrals in place, we will be in touch with you prior to the deferred payment period ending to let you know the options available if you require additional support.
If you have already contacted us to make changes or cancel your business loan repayment deferral, you don’t need to take further action. We’re currently working through your request and will be in touch as soon as we can.
Eligible merchant customers will have selected fees refunded automatically each month for 3 months, starting in April 2020.
For more details, including inclusions and exceptions, please go to our COVID-19: Merchant terminal fee relief page.
If you have a home or investment property loan in the name of a company, trust or SMSF, you can apply to have your repayments deferred for three months. A three-month extension may also be available, subject to eligibility criteria and approval. To find out more and apply online visit our COVID-19: Home loans page.
We’re here to help you work through the uncertainty of unemployment.
Visit our Navigating job loss page if you are thinking you might lose your income; to manage job loss and to prepare for your next role. We also have a that you can download as you go through the stages involved in losing a job.
Westpac has a dedicated COVID-19 Customer Support page featuring information that’s continually updated.
Further information, including details of the support for businesses provided by Westpac and the Australian Federal and State Governments, can be found on our COVID-19: Help for business customers page.
Business continuity and cash flow
The situation surrounding COVID-19 (coronavirus) is uncertain and changes frequently. Keeping up to date with government responses and knowing what you can do to look after yourself and family, your people and your business is a priority.
Here are some tips that may help:
- If you have staff, help them take care of themselves – keep updated on the latest health information.
- With social distancing a priority, manage your banking, shopping and other services online if possible.
Tips for your business:
- Think about where your business risks might come from – trade and cash flow disruption through supply chain challenges, sick staff, general downturn, for instance. The support measures detailed in the COVID-19: Help for business customers page could help with cash flow and other financial issues.
- Consider seeking independent professional advice about, for example; your cashflow, your leave entitlement exposure, and investment plans.
If you’re an existing Westpac customer who is eligible for the JobKeeper program and require cash flow support to pay your employees now while awaiting payment from the ATO in May, you might like to consider if our temporary JobKeeper funding could meet your needs.
Alternatives to banking in branch
You can now deposit a cheque up to $20K using the Westpac Mobile Banking app on your smartphone – subject to eligibility. Simply take a photo of the front and back of your cheque, tap in the amount, and submit it to be deposited. Find out more about Mobile Cheque Deposits. Terms and conditions apply.
Contacting us and staying in touch
Things you should know
1. Please read the Online Banking Terms and Conditions, or Phone Banking Terms and Conditions, at westpac.com.au before making a decision and consider whether either of these products are right for you.