Westpac offers flood-affected NSW small-business customers $3k grants

The major bank is also tailoring its support for all its NSW customers who are affected by the ongoing flood emergency in NSW including loan deferrals for up to three months and emergency credit card relief.

Mandy Rutherford, Westpac Group managing director, cash and transactional banking, said the bank will continue to support customers as they deal with the ongoing impact of the floods.

“We know this is a developing situation for residents in affected areas across NSW. With many evacuation orders in place, safety must be the absolute priority. When the time is right to seek assistance, we want our customers to know we’re here to help,” Ms Rutherford said.

“It’s heartbreaking that many of the worst-affected areas have already been flooded a number of times this year. If you’ve already received support, please don’t hesitate to pick up the phone to talk through the options available. We’ll work through a tailored solution to help you get back on your feet.

“We have also already helped more than 550 small business customers by providing $3,000 cash grants through our $2 million flood support fund. We know that many businesses have been hard hit, and this support remains available for customers needing urgent access to finance to assist with clean-up or repairs.”

The other emergency support for Westpac and St.George customers includes:  

• 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 waivers 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.

Westpac Group’s $2 million flood support fund will be available for applications until 31 July 2022.

The Commonwealth Bank is also offering its customers emergency assistance including:

• Customised payment arrangements for your home loan, credit card, personal loan and some business loans
• Waiving fees and charges
• Temporary overdrafts, additional loans or emergency credit limit increases (subject to credit approval)
• Waiving fees and notice periods for early access to term deposits.
• For CommInsure customers, we are able to assist with emergency accommodation if your home has been damaged.
• Loan restructuring for business customers and existing loans.
• Waiving fees for temporary and damaged merchant EFTPOS terminals, as well as support with merchant terminal rental fees.

The bank can also expedite claims to CommInsure for customers seeking help through their home and contents insurance.