Westpac Commits $50 Million and Increases Its Support for Flood-Affected Farmers in North Queensland
In response to the widespread flood damage in
In addition to an existing comprehensive disaster relief package and a
A new
The option to defer principal and interest repayments on existing business term loans and equipment finance for up to 12 months3; and
Access to a confidential and free telephone counselling service for two years.
"We have been in regular contact with our agribusiness customers since the flooding began to provide personalised and compassionate support. For some farmers, the business impact of heavy stock losses across the region will not be known for up to six months, so it's incredibly important that we alleviate any financial concerns now and give customers the confidence they need to start rebuilding their lives.
"Our Disaster Relief Package remains in place and we are providing a range of immediate and practical options to support our customers. We have also recently extended the
Westpac is accepting public donations at all branches
MEDIA: For further information please contact
Additional information
The Westpac Disaster Relief Package offers various options, including the following:
Affected customers with Westpac home loans may apply to defer repayments for up to three months;
Affected businesses can request loan restructuring without incurring the usual bank fees such as establishment fees and break costs;
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 may waive interest rate adjustments for affected customers wishing to withdraw term deposits; and
Affected Westpac customers with Home and Contents insurance may be eligible to receive assistance under the terms of their insurance policies for emergency accommodation.
How customers can ask for help
Westpac Agribusiness customers who wish to utilise the special relief measures above should contact their agribusiness relationship manager. All remaining Westpac customers can contact Westpac Assist on phone 1800 067 497, or alternatively call their local Bank Manager.
Insurance customers
All affected insurance customers can be assured Westpac Insurance* covers flood and storm damage. Customers can contact Westpac to lodge a claim on 1800 198 229 (call centre open 24 hours a day, 7 days a week).
Our assessors are on the ground and ready to assist all customers in the worst affected areas. Customers should not put themselves at risk by going into affected areas to retrieve insurance documents or to take photographs. We understand proof of loss may not be possible and we will accept the word of customers in these instances.
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