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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’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 job loss support guide (PDF 472KB) that you can download as you go through the stages involved in losing a job.

JobKeeper Payment scheme

  • If you had an existing overdraft and required additional funds to meet your employee wage or salary requirements, you could have applied for a temporary increase to your existing facility limit, for JobKeeper Payment scheme - Extension 2, until 28 March 2021. The rate would have been at the same rate as your existing facility*.
  • If you did not have an overdraft facility at the time of application, you could have applied for a temporary overdraft facility, for JobKeeper Payment scheme - Extension 2, until 28 March 2021*. The temporary overdraft facility was available at an interest rate of 7.99% per annum.
  • Throughout the period of the overdraft facility, you would have been required to clear the balance using any JobKeeper payments you received. If you did not receive any or sufficient JobKeeper payments to repay the temporary increase or overdraft, you would have been required to clear the facility using other funds.
  • An overdraft facility is an ‘at call’ facility. What this means is that you need to repay the facility when we ask (and we can ask for repayment at any time, even if there is no event of default). For example, without limiting our rights, if your eligibility for the JobKeeper Payment scheme had changed, we may have demanded repayment of your temporary overdraft facility*.
  • For JobKeeper Payment scheme - Extension 2, the offer could only be obtained until 28 March 2021.
  • If you had an existing Westpac existing overdraft facility, the rate would have been at the same rate as your existing facility*.
  • If you did not have an overdraft facility at the time of application, the interest rate would have been 7.99% p.a.
  • For new JobKeeper temporary overdraft facilities, there was no line fee. The $250 establishment fee was also waived for both increases to existing facilities and new temporary overdrafts. Other fees and charges may have applied.

If you need support or have any questions, please call 1300 731 073 (8am – 8pm Sydney time, Mon-Fri) or speak to your Relationship Manager.


Business loans and business credit card repayment deferrals

All business loans and business credit card repayment deferrals (including any extension period) end by 31 March 2021.

Eligible small business customers that needed additional support at the expiry of their business loan repayment deferral period were able to apply to extend their repayment deferral period by up to four months. Extension of the deferral period was subject to eligibility criteria and further credit assessment. 

If your application was approved your credit score, credit rating and repayment history was not impacted as a result of deferring your repayments from the date your application was submitted provided your account was otherwise in order.

Let us know if you think you might need additional support or will be unable to resume repayments. We’re here to help and can discuss options that may be available to you.

Call 1800 067 497 or speak to your Relationship Manager.

If you need help with repayments on your home or investment property loan in the name of a business, trust or SMSF, please call Customer Assist on 1300 136 138 (Select ‘Option 2’) so we can help you work through the options available.

The below terms and conditions were provided and required the applicant’s consent as part of the business loan and business credit card deferral application:

  • The repayment deferral period of six months (‘Deferred Repayment Period’) will be applied to all of your eligible Business Loans and Business Credit Cards with Westpac. This includes all eligible 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 business).
  • Please note that the interest deferred will be capitalised. For Equipment and Auto 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 repayment period and will include finance charges. For Business Credit Cards, see Additional Terms and Conditions below.
  • If your deferred repayment application has been approved, 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 a variation to the usual terms and conditions that apply to your facilities. If there is 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 or Autopay repayment to the account, we will attempt to cancel these, please advise us as soon as possible if repayments continue to occur, so that we can rectify this promptly. Please note, for Business Loans, if we process a Direct Debit after you have opted-in to the offer, we will refund it. Where repayments are initiated by other institutions (e.g. 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 the funds to your loan balance.
  • If you nominate a facility for the Deferred Repayment 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 Repayment Period. If you terminate your facility during the Deferred Repayment Period, termination fees, break fees, and applicable loan charges will become payable.
  • Where there are other borrowers (such as other directors, partnership partners, trustees, beneficiaries and guarantors) associated with the Business Loans and the Business Credit Cards, you confirm that you have authority to enter into this relief package on the behalf of the borrowing entity and have advised each guarantor that you have entered into this relief package.

Additional terms and conditions for Business Credit Cards

  • For Business Credit Cards, interest on outstanding purchase and cash balances, including those made during the Deferred Repayment Period, will be calculated and accrued daily at a reduced rate of 9.46% per annum. Interest will be capitalised to the account monthly unless the closing monthly statement balance is paid in full. Standard fees otherwise continue to apply and will be charged to the credit card account.
  • You will not be required to make any repayments during the Deferred Repayment Period, however, the removal of the minimum monthly repayment does not prevent you from paying down your balance at any point in time, and we encourage you to do so to minimise interest costs where possible.

Alternatives to banking in branch

Registering for online banking is simple and can be carried out through our Business Banking Online page. The process varies according to the service you choose and your business type. You’ll find all the details on the Business Banking Online page.

Getting started is easy, starting with registration through our Business Banking Online page. With a few simple steps you can manage your business banking on desktop, mobile or tablet – and we have how to guides, hints and tips and videos to help you if you need it.

You can reset your password online using your RSA SecurID token. Visit our Password Reset page to see a ‘how to’ guide.

Contacting us and staying in touch

You can access the latest information on our COVID-19 Customer Support page

or by visiting the Westpac Facebook page.

Things you should know


# The JobKeeper program was a Federal Government initiative and we provide a link to the external site for your convenience. This information is provided for general information only. Please read the Government’s fact sheet to see if you were eligible and for terms and conditions that applied. You should consider seeking independent legal, financial, taxation or other advice on how the Federal Government initiatives relate to your circumstances.

* Other fees and charges may apply. Terms and Conditions, Credit and Eligibility Criteria apply.

1. Terms and Conditions, Credit and Eligibility Criteria apply.

2. Please read the Online Banking Terms and Conditions, or Phone Banking Terms and Conditions, at before making a decision and consider whether either of these products are right for you.