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What’s available?

Eligible Westpac business customers who need help with managing their cash flow can defer principal and interest repaymentsof business term loans, business auto loans, equipment finance facilities, and equipment loans2, for six months.

Eligible customers can also defer repayments for business credit cards including Altitude Business and BusinessChoice3, for six months. They will also receive an interest rate reduction to 9.46% per annum on new and outstanding purchases and cash balances during the deferred repayment period.

If you are eligible for COVID-19 business loan repayment relief and your application is approved, your deferred repayment period will be effective from the date of submission and processed from June 20204.

Please note: Customers who applied for repayment deferral on their eligible loans before 17 April 2020 and would like to extend the deferral to also include business credit cards, can resubmit an application. Resubmitting your application will not impact any deferrals that have already been approved.

Who is eligible?

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

  • with total business exposure of less than $10 million per customer group;
  • including commercial property customers who confirm, for the deferred repayment 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 pandemic;
  • where the business is operated in Australia with less than 20% foreign ownership; and 
  • where for those customer's above $3 million total business exposure, their current facilities have not been in arrears in the past 90 days.

Please note that for business loans:

  • 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.

What happens if my application is successful?

For business loans, if your application is approved, your deferred repayment period starts from your submission date and will be applied from June 20204. What this means is, if your application is approved and a repayment has been made between the time you applied, and the time we actioned your request, we will return these funds to you. If this isn’t possible, we will apply them to the balance on your accounts.

For business credit cards, the repayment deferral will apply from the date of processing.


We are currently receiving a high volume of customer enquiries and appreciate your patience. We are working hard to ensure that you have the help needed to support your business at this challenging time and will respond to your application as soon as possible.  

Tips to help you apply

  • You must be a borrower, guarantor or signatory to be the person applying for deferral
  • Have the following details to hand before starting your application:
    • Customer ID
      (8-digit number used for telephone or online banking, which is also on your statement
    • BSB and loan account number(s)
      (For any loan(s) you are requesting relief for. Find these on your statements and in online banking.)
    • Credit card number
      (If requesting credit card relief)
    • Email address
      (Must be the one registered to your business bank account)

Repayment deferrals - your questions answered

If your application is approved, and you make a repayment between the date you submitted your application and the date when the repayment deferral is processed, we’ll return those funds to you. If this isn’t possible, we’ll apply them to the loan balance on your accounts.

For business loan/s, interest deferred will be capitalised.

If you have questions speak to your Relationship Manager or a registered tax or BAS agent.

For business credit card/s, interest will be capitalised to the account monthly unless the closing monthly statement balance is paid in full, however at the reduced rate of 9.46% per annum on new and outstanding purchases and cash balances during the deferred repayment period.

For business loan/s, once approved, your deferred payment period will start from the date you submitted your application1 for six months.

For business credit card/s, the repayment deferral will apply from the date of processing, for six months.

Please wait until the application is approved before considering cancelling direct debits. If your application is approved and processed, to cancel an upcoming direct debit, call us on 132 142 Monday to Friday 8am to 8pm. Please note that our phone lines may be busier than usual due to the high volume of calls, but we do have people available to help. Alternately, please contact your Relationship Manager.

Once your application for repayment deferral is approved please disregard any new notices you may receive from us regarding payments in arrears during the period between applying for a deferral and your deferral being approved.


Once your application is approved, we will reverse any new fees or charges incurred as a result of your account appearing to be in arrears from the date your application has been submitted.

If your application is approved your credit score, credit rating and repayment history won’t be impacted as a result of deferring your repayments from the date your application has been submitted provided your account was otherwise in order.

No. There are no fees or charges for applying for a business loan or business credit card repayment deferral.

You will receive an acknowledgement of your submission within 24 hours of us receiving it. You will receive notification of this via email so please ensure you provide accurate contact details in your application. If for some reason you do not receive this message, please re-apply.

For business loan/s: After the deferred payment period is over, you’ll recommence making repayments on the new balance of your loan using the payment process you had originally nominated such as direct debit. The loan term will also be extended by at least six months to account for the higher loan balance.

For business credit card/s: After the deferred repayment period is over, your monthly statements will again request the usual Minimum Monthly Repayment amounts and your purchase and cash interest rates will revert to the previous rates that were in place for your credit card account before your repayment deferral period began.    

We understand that the COVID-19 pandemic is an uncertain time for many businesses, which is why we’ve put in place a number of support measure to help our impacted business customers. Find out more about our how we’re helping businesses during COVID-19.



Things you should know

Terms, conditions and eligibility criteria apply.


1. Interest deferred will be capitalised. Terms and Conditions and eligibility criteria apply. 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 repayment period and will include finance charges.


2. Please note that customers with an overdraft facility should utilise their available balance in the first instance and speak to their Relationship Manager if further assistance is required. Customers with cashflow/invoice/trade finance and commercial bill facilities requiring assistance should also refer to their Relationship Manager.


3. 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.


4. Depending on the type of loan, the deferment may be effective immediately after your last interest payment date. This could be earlier than the date you submitted your application.