Westpac expands support for flood-affected communities 14 May


Westpac expands support for flood-affected communities

Westpac Group offers tailored support for impacted customers including loan deferrals for up to three months and emergency credit card relief.

Small business customers who meet the eligibility criteria can also apply for $3,000 in cash grants per customer group to help with urgent expenses or repairs as part of Westpac’s $2 million flood support fund launched earlier this year. The Fund is still open and has already helped more than 550 small business customers.

Westpac Chief Customer Engagement Officer, Consumer & Small Business, Ross Miller said as Australia continues to feel the impact of severe weather events the bank is here to support customers in need.

“While this is still an evolving situation, we encourage any customer feeling the impact of the floods in Queensland to give us a call. We have our bankers and phone support teams available to work through a tailored financial solution to help get our customers back on their feet.

“Our flood fund had already assisted hundreds of small business customers who have needed emergency funds to help with urgent repairs and clean up, to help pay staff or restock the shelves. We now want to offer this support to Queensland businesses who have been impacted by the latest floods,” said Mr Miller.

Emergency support for Westpac & St.George customers:

  • Affected customers with home loans may apply to defer repayments for up to three months.
  • Affected credit card customers may apply to defer repayments to their card for up to 90 days.
  • Affected customers wishing to purchase replacement goods may apply for a personal loan at a discounted interest rate with no establishment fee.
  • Waived interest rate adjustments for affected customers wishing to withdraw term deposits.
  • Affected customers experiencing hardship may also be offered a halt on all interest accrual on unsecured credit products for a period of up to three months.
  • Affected customers with business loans may apply to defer repayments for up to three months.
  • Affected businesses with existing loans can request loan restructuring without incurring the usual bank establishment fees.
  • Affected business customers with merchant facilities are eligible to receive assistance, including monthly terminal access fee refunds for up to three months

To access financial assistance:

/Public Release. This material from the originating organization/author(s) may be of a point-in-time nature, edited for clarity, style and length. The views and opinions expressed are those of the author(s).View in full here.