Help understanding your financial position
For Westpac customers experiencing financial difficulty, we can help provide a tailored solution that will give you the support you need to get back on track.
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. The Managing Your Money guide 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 to free up funds and ease the financial strain
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.
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
This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness for the information to your own circumstances and, if necessary, seek appropriate professional advice.
© Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.