Westpac Announces Additional COVID-19 Support for Businesses and Consumers

Westpac, an Australian bank and financial services provider, today announced that it has extended the COVID-19 support for small businesses and households across Australia, as the long-term impact of the pandemic continues and remains uncertain.

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According to the bank, this support is available for all customers across the Westpac Group, including BankSA, Bank of Melbourne, St.George and RAMS. Customers who have been financially impacted as a result of the ongoing COVID-19 situation can access a range of financial assistance.

Eligible small business customers with a small business cash-based loan of up to $3m will be able to defer repayments for up to three months, with loan terms extended as required, to assist with cash flow.

Eligible customers may be able to receive refunds for merchant terminal fees for up to three months, as well as waivers for fees and notice periods on Cash Deposit and Farm Management Deposit accounts for up to three months. And home loan customers can also access a range of support measures, including repayment deferrals on a month-by-month basis.

“The pandemic is continuing to cause disruption for households and businesses across Australia, and the banking sector has an important role in helping customers and the economy through this time,” said Peter King, Westpac CEO.

“We have scaled-up our support to reflect the longer impact of COVID-19 and have a dedicated team of bankers available to help tailor this assistance to our customers’ personal circumstances,” Mr King added.