Westpac today announced a number of additional supports for businesses and consumers who have been financially affected by the current COVID-19 situation.
“The pandemic continues to disrupt households and businesses across Australia, and the banking sector has an important role to play in helping customers and the economy during this time,” said Peter King, CEO of Westpac.
“We see the need for immediate support for small business owners who are struggling with reducing commerce, cash flow and foot traffic as more people stay at home, especially in areas with lockdown restrictions like Greater Sydney.
“We have stepped up our support to reflect the longer-term impact of COVID-19 and have a dedicated team of bankers available to help tailor this assistance to the personal circumstances of our clients,” King said.
Support for small businesses
- Eligible small businesses with a cash loan of up to $ 3 million will be able to defer repayments for up to three months, with extended loan terms if necessary, to facilitate their cash flow.
- Eligible customers may be able to receive refunds for merchant terminal fees up to three months, as well as fee waivers and notice periods on cash deposit and farm management accounts up to three months .
Home loan support
- Home loan clients can also access a range of accompanying measures, including deferral of repayment on a monthly basis.
“In 2020, Westpac has helped over 175,000 mortgage clients and 40,000 business clients defer loan repayments through our COVID-19 assistance packages, and we will continue to help our clients meet the challenges ahead.” , said Mr. King.
In addition to the extended support, Westpac customers can access a range of existing financial aids for businesses and households.
Support for existing COVID-19 companies
- Support in case management for our small business clients in financial difficulty.
- Reduced or deferred repayments on the financing of assets and equipment and loans to eligible businesses.
- Business loan restructuring with no costs incurred.
- Referrals to financial advisers or other support services.
- Eligible clients can access low-interest business loans through the federal government‘s SME Stimulus Loan Program.
Existing COVID-19 customer support
- Credit card repayment and interest rate reduction for a period of time.
- Deferments or reductions in mortgage or personal loan repayments, interest rate reductions and loan term extensions.
- Fee exemptions on a range of products.
- Debt restructuring.
- References to financial advisers or other support services.