Westpac rolls out support package for Queenslanders

By Gerv Tacadena

Westpac has rolled out its support package for households and businesses affected by the lockdown in Queensland.

For home loan borrowers, the bank is offering deferrals of up to three months on top of other existing support measures.

Deferrals will also be available to consumer and business credit card and personal loan customers.

"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,” said CEO of Westpac Peter King.

Westpac will also provide fee waivers across its range of products and give borrowers the ability to restructure their debt.

In addition, households can request referrals to financial counsellors or other support services from Westpac.

Business customers will also be able to access a range of support measures including an interest-free temporary overdraft of up to $15,000 for a maximum of four days.

"This is a particularly challenging time for small businesses in the retail, hospitality and tourism sectors as lockdown restrictions impact foot traffic and income,” Mr King said.

“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.”

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