In response to the widespread flood damage in North Queensland, Westpac Group has today introduced extra assistance for its agribusiness customers to provide further piece of mind and support their long-term recovery.
In addition to an existing comprehensive disaster relief package and a $100 million Drought Relief Fund, eligible1 flood-affected Westpac agribusiness customers can now access this additional support:
- A new $50 million flood relief fund dedicated to helping farmers to rebuild their business, including restocking cattle herds. Loans of up to $2 million are available to eligible customers on an interest only basis (up to three years) and at a heavily reduced variable interest rate (currently 3.58% p.a.)2;
- The option to defer principal and interest repayments on existing business term loans and equipment finance for up to 12 months3; and
- Access to a confidential and free telephone counselling service for two years.
Steve Hannan, National Agribusiness Manager said Westpac is pleased to offer greater financial certainty to farmers during this difficult and emotional period.
"We have been in regular contact with our agribusiness customers since the flooding began to provide personalised and compassionate support. For some farmers, the business impact of heavy stock losses across the region will not be known for up to six months, so it's incredibly important that we alleviate any financial concerns now and give customers the confidence they need to start rebuilding their lives.
"Our Disaster Relief Package remains in place and we are providing a range of immediate and practical options to support our customers. We have also recently extended the $100 million drought relief fund which we launched last year to support farmers and we're pleased to see customers are taking advantage of these reduced-interest rate loans."
Westpac is accepting public donations at all branches Australia-wide for GIVIT and recently announced a combined $250,000 Westpac donation for the Salvation Army and Foundation for Rural Regional & Renewal (FRRR) which will support the broader region to rebuild communities.
Westpac Group is encouraging its employees to give generously to the Salvation Army and other registered charities, and will match employee donations to eligible Australian charities through its Matching Gifts program.
