Westpac outlines support for flood affected communities, including $3,000 small business grants

Westpac

In response to the developing flooding event in New South Wales, Westpac Group continues to offer tailored support for impacted customers and small businesses including loan deferrals for up to three months and emergency credit card relief.

Eligible small business customers can apply for a $3,000 grant per customer group to help with urgent expenses or repairs through Westpac Group’s $2 million flood support fund launched earlier this year.

Mandy Rutherford, Westpac Group Managing Director, Cash and Transactional Banking said the bank will continue to support customers as they deal with the ongoing impact of the floods.

“We know this is a developing situation for residents in affected areas across New South Wales. With many evacuation orders in place, safety must be the absolute priority. When the time is right to seek assistance, we want our customers to know we’re here to help.” Ms Rutherford said.

“It’s heartbreaking that many of the worst-affected areas have already been flooded a number of times this year. If you’ve already received support, please don’t hesitate to pick up the phone to talk through the options available. We’ll work through a tailored solution to help you get back on your feet.

“We have also already helped more than 550 small business customers by providing $3,000 cash grants through our $2 million flood support fund. We know that many businesses have been hard hit, and this support remains available for customers needing urgent access to finance to assist with clean-up or repairs,” Ms Rutherford said.

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 waivers for up to three months.

To access financial assistance:

  • Westpac consumer customers can apply online

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