Help understanding your financial position
Westpac customers who have been financially impacted as a result of COVID-19 could access Westpac’s COVID-19 Customer Support Package. To find out more information and check your eligibility, please speak to your Relationship Manager or call Westpac Assist on 1800 067 497.
If your financial situation has changed because of job loss or reduction in income it's important to get a clear picture of your financial position. Here are some actions you can take to understand your income and spending which can help you understand where to modify your budget and spending habits.
Westpac Live Online and Mobile Banking lets you do your banking online, in the one place
- Downloading your proof of balance from online banking is a step towards helping you understand your financial position.
- View and download bank statements to review regular and recurring transactions (like your utility bills and insurance payments).
- Get a better understanding of your financial situation with help from the Davidson Institute. Their guide, A Better Footing, prompts you through 5 easy steps to:
- Track where your money goes.
- Find out where you stand with debt.
- Create a manageable budget.
- Develop good money habits to help you stick to the budget.
- Start to plan for a better financial future.
Helping make banking easy
Banking online and via mobile with Westpac Online and Mobile Banking App is simple, secure and easy. It can help you manage your finances. You can pay bills, set-up direct debits and manage your accounts. You can transfer funds, access your statements and much more. Follow the simple steps below to register:
- Go to westpac.com.au/register
- Have your Westpac customer ID*,
- Credit/debit card or account number ready
- Answer simple security questions
- Set up a password
- Provide basic contact details
Let’s get started.
Help you save
Westpac existing customers impacted by COVID-19 can access a Term Deposit special offer of 1.7% p.a. interest for 12 months. This special rate with interest paid monthly will provide you with a higher return on your savings (up to $500,000 per customer). Available online and in-branch.
We also have our COVID-19 Customer Support Package available to help you at this difficult time.
Help to free up funds and ease the financial strain
Help managing your home loan
For our existing customers, we have a number of home loan repayment relief options to help ease the financial pressure during this difficult time. Call us on 132 558 to find out how we can help. 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. Apply here.
Help managing your credit card
Here are some tips to help you manage your credit card - all of which can be set up via Online Banking or the Westpac Mobile App;
- Our ‘Credit card control’ spend allows you to temporarily switch off your credit card spending, until you’re ready to use your card again.
- You can also decrease credit card limit to prevent unintentional overspending.
- Setting up automatic repayment reminders is a simple way to help manage your repayments.
- Setting up SmartPlan payments is a practical way to split bigger purchases into smaller, more manageable repayments. T&Cs apply.
If you have an existing Credit Card Repayment Protection policy and have lost your job or have been stood down as a result of the COVID-19 pandemic, depending on your circumstances, you may be able to claim under your policy. Find out more.
General cost cutting ideas
Below we’ve outlined some ways to free up funds during times of uncertainty.
- Identify your spending leaks and plug them.
- Menu plan and prepare home cooked meals instead of takeaway.
- Reassess your energy usage. Can you reduce the cost by using LED lighting, setting your aircon to a higher temperature, or turning off appliances when not in use?
- Check your subscription services and cancel any that you no longer need/use.
- Review your insurances to see if they’re still relevant and necessary.
Experiencing financial difficulty?
If you’re experiencing financial difficulty, worried you can’t make your repayments or your income has significantly changed as a result of losing your job, contact Westpac Assist on 1800 067 497. They’re here to help.
If you’re experiencing family violence, financial abuse or are concerned about your safety, please contact Priority Assist on 1800 063 509.
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.
© Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.