Westpac will provide emergency support for households and businesses affected by the severe weather events in Victoria and South Australia.
Ross Miller, Westpac Chief Customer Engagement Officer said: “Westpac is here to help our customers who have been impacted by the severe storms over the last 24 hours.”
“Westpac, BankSA and Bank of Melbourne will provide customers with access to tailored financial support including home and business loan deferrals and emergency credit card relief.
“We know in times like these being able to pick up the phone and speak with your bank can alleviate some of the financial pressures. Our customer assist teams are here to help, and we encourage customers who have been impacted to give us a call,” Mr Miller said.
Emergency support available:
- Affected customers with Westpac 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.
- Customers wishing to purchase replacement goods may apply for a personal loan at a discounted interest rate with no establishment fee.
- Westpac will waive interest rate adjustments for affected customers wishing to withdraw term deposits.
- 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 Westpac 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.
Staying safe and what to do if your home is damaged:
- Take photographs and video of the damage, but only if it is safe to do so.
- If your home is damaged and isn’t safe, call your insurer to see if you can access emergency accommodation and advice on how to secure the property.
- Be wary of ‘storm chasers’ – there has been a rise in the number of cases of people falling victim to unethical operators that may door knock or drop leaflets offering inspection reports or emergency repairs. If in doubt, check their reviews and call your insurer.
- Contact your mortgage provider, if you have one, to let them know what’s happened.
- If you’re concerned your home is at risk of further damage, contact your insurer.
