Westpac Group, including BankSA, has welcomed the financial relief package announced by the State Government and reaffirmed its own support for South Australian businesses and individuals impacted by the current seven-day lockdown.
Westpac Group CEO, Peter King, said a range of support options were available to help South Australians who are experiencing financial difficulty with their cash flow needs.
"We know that this is a challenging time for South Australians who are experiencing a reduction in their income due to an inability to fully trade or work, whilst still needing to meet ongoing expenses," said Mr King.
"In addition to the support announced by the State Government today, and Commonwealth measures already in place, we have a range of help available including repayment deferrals on home and business loans for up to three months.
"If South Australians are facing financial difficulty, we encourage them to contact us early so that we can work together on tailored support measures for their individual circumstances."
Small business support
- Eligible existing small business customers can access interest free temporary overdrafts up to $15,000 on a maximum 45-day term, designed to help bridge the gap to government assistance.1
- Eligible small business customers with total committed exposure of up to $3m will be able to defer loan repayments for three months on certain products, with loan terms extended as required, to assist with cash flow.
Transactional banking
- Eligible small business customers with Merchant Terminal will be able, upon request, to have the merchant terminal rental fee refunded for up to three months.
- Eligible business customers with Term Deposit or Farm Management Deposits will be able to terminate early to access their deposit with no interest rate adjustment.
Home loan support
- Home loan customers can also access a range of support measures, including repayment deferrals for up to three months.
Credit cards and personal loans
- Eligible consumer and business credit cards and personal loans customers can also access a range of support measures, including repayment deferrals.
Other COVID-19 business support
- Case management support for our small business customers experiencing financial difficulty.
- Reduced or deferred repayments on asset and equipment finance and eligible business loans.
- Business loan restructuring with no fees incurred.
- Referrals to financial counsellors or other support services.
- Eligible customers may be able to access low interest rate business loans through the Federal Government's SME Recovery Loan Scheme.
Other COVID-19 consumer support
- Credit card repayment and interest rate reductions for a period of time.
- Home or personal loan repayment deferrals or reductions, interest rate reductions and loan term extensions.
- Fee waivers across a range of products.
- Restructuring of debt.
- Referrals to financial counsellors or other support services.
