The major bank has confirmed that customers whose homes have been destroyed by bushfires will be spared from mortgage repayments for a year.
Westpac Group has announced that it will provide additional relief to consumers, business and the broader community affected by the ongoing bushfire crisis as part of its extended Bushfire Recovery Support Package.
Among the new provisions to the previously-announced package is a commitment from Westpac to spare its mortgage customers that have lost their principal place of residence due to the bushfires from their repayment obligations for a year. The major bank has said it will cover repayments of up to $1,200 per month.
The support package also includes:
Westpac has also announced that it will provide additional monetary support for the broader community, which includes:
Peter King, Westpac’s acting CEO, commented: “These initiatives are designed to provide practical, on-the-ground support for our customers, our people and for those who are caring for affected communities.
“In times of such unprecedented devastation, we want customers and communities to know we’re here to help alleviate financial concerns so they can rebuild their lives, homes and businesses.”
Mr King concluded: “Anyone who needs assistance or support should contact their local branch, relationship manager or call our Westpac Assist team on 1800 067 497 as soon as possible to discuss their circumstances.”
These latest provisions are in addition to the establishment of Westpac’s $1.5-million Bushfire Fund announced earlier this month, which includes:
Westpac’s big four peers, along with many other lenders, have also recently announced extended relief packages for customers that are bushfire victims in a bid to provide some financial relief during this ongoing crisis.