Media releases
Westpac outlines assistance for customers impacted by Queensland lockdowns
2 August 2021
Westpac has today highlighted the financial support measures available for businesses and households affected by COVID-19 restrictions in Queensland.
“We want our customers to know there is assistance available if they are financially impacted by the extension of Queensland’s lockdown in the southeast,” Westpac CEO Peter King said.
“This is a particularly challenging time for small businesses in the retail, hospitality and tourism sectors as lockdown restrictions impact foot traffic and income. In addition to the government support available, Westpac customers can access loan deferrals and interest free overdrafts to help with cash flow during this time.
“The continued disruption of the pandemic reinforces the importance of Australia’s vaccine program in protecting our population and economy. Westpac is committed to supporting the COVID-19 vaccine roll-out, including through providing paid special leave for employees to get vaccinated,” Mr King said.
Business support:
- Interest free temporary overdrafts for existing business customers, up to $15,000 for a maximum of 45-days.
- 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.
- Eligible small business customers with Merchant Terminals 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 penalty interest rate adjustment.
- Eligible customers may be able to access low interest rate business loans through the Federal Government’s SME Recovery Loan Scheme.
- Case management support is available for our small business customers experiencing financial difficulty.
- Business loan restructuring with no fees incurred.
- Referrals to financial counsellors or other support services.
Consumer support
- Home loan customers can access a range of support measures, including repayment deferrals for up to three months.
- Eligible consumer and business credit card and personal loan customers can also access a range of support measures, including repayment deferrals.
- Fee waivers across a range of products.
- Restructuring of debt.
- Referrals to financial counsellors or other support services.
To access this financial assistance, consumer customers can apply online or call Westpac Assist on 1800 067 497. Business customers who need support should contact their Relationship Manager or call Westpac Assist on 1800 067 497. This support is also available for St.George customers.