COVID-19 Customer Support Package
A helping hand for customers and businesses
Westpac has supported our customers, businesses and community through the good and tough times and will continue to be here for you as the COVID-19 situation evolves. These measures reflect our ongoing commitment to support all customers through these challenging times.
Help for home loan customers
- $10 billion home lending commitment: Westpac pledges to play its part to keep the property market and economy moving with $10 billion available to support more Australians into their next home.
- New Fixed Home Loan Rates: a new low fixed rate home loan offer for one, two and three years for owner occupied customers on principal and interest repayments with the Premier Advantage Package# available for new fixed rate loans or existing variable rate customers looking to fix all or part of their loan. These rates do not apply to existing fixed rate loans. To find out more, visit our interest rates page.
- Repayment relief for home loan customers: Westpac customers who have lost their job or suffered loss of income as a result of COVID-19 should contact us for three months deferral on their home loan mortgage repayments with extension for a further three months available after review.
Help for deposit and transaction account customers
- Term Deposit special offer of 1.7% p.a. interest for 12 months for all Australians: special rate with interest paid monthly to provide customers with a higher return on their savings (up to $500,000 per customer). Available online and in-branch. For Australians aged 65 years and over the rate will be 2% p.a. for eight months (up to $500,000 per customer). Rates effective Friday 27 March. Customers can choose to have interest paid monthly to provide them with regular income.
- Nationwide plan to help elderly customers access telephone and internet banking: specialist call centre available to help people register for and use online banking.
Tailored help for businesses
- Unsecured three-year term loan up to $250,000 for eligible new and existing customers with turnover of less than $50M. Effective Monday 23 March 2020, credit criteria applies.
- 200 basis point reduction on overdrafts for new and existing customers, effective Monday 6 April 2020.
- 100 basis point interest rate reduction for small business cash-based loans, effective Monday 6 April 2020.
- Repayment relief for business customers: Westpac business customers who need help to manage their cash flow can defer principal and interest repayments of eligible business term loans for six months. Contact your Relationship Manager or find out more including how to apply here.
- Merchant terminal rental fee refunds for up to three months.
- Helping small and medium businesses take advantage of the increased instant asset write-off and accelerated depreciation provisions in the Federal Government stimulus package with no establishment fees for equipment finance loans until the end of June 2020.
- Additional help already available to small business customers who are impacted by recent disasters and are experiencing hardship
- Deferred payments for Business credit cards for a period of at least three months
- Fee free redraw
- Restructuring and consolidating loans
- Termination of a term deposit without the interest rate adjustment
Things you should know
Eligibility conditions apply. Westpac customers who wish to utilise these special relief measures or need assistance should contact Westpac Assist on 1800 067 497 or speak with their Relationship Manager.
Interest rates are subject to change. Terms and Conditions and eligibility criteria apply.
#Premier Advantage Package: Conditions of Use and a $395 annual package fee applies. You must either hold or be approved for a Westpac Choice account in order to qualify and continue to receive the benefits of the Premier Advantage Package. Before deciding to acquire a Westpac Choice account, read the terms and conditions, and consider whether the product is right for you.
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