Westpac expands support for flood-affected SMEs and communities
WESTPAC Group has reiterated its support for consumer and small business customers hit hard by severe weather and flooding in Queensland.
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 for consumer and small business, Ross Miller said as Australia continued to feel the impact of severe weather events the bank was "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," Mr Miller said. "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,” Mr Miller said..
Emergency support for Westpac and 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:
- Westpac consumer customers can apply online or call Westpac Assist on 1800 067 497. Business customers who need support can contact their Relationship Manager or call Westpac Assist on 1800 067 497.
- St.George consumer customers can apply online or call St.George Assist on 1800 629 795. Business customers who need support can contact their Relationship Manager or call St.George Assist on 1800 629 795.
Flood grants eligibility criteria:
The flood grants are available for existing small business customers in NSW and Queensland in flood impacted postcodes who have experienced significant damage to, or destruction of, income-producing assets as a result of the floods.
This could include business premises, equipment and loss of stock or livestock. Additional eligibility criteria apply.
- For emergency assistance in severe weather, contact the State Emergency Service (SES) on 132 500, or call 000(triple zero) for life-threatening emergencies.