Major defers loan payments for bushfire victims

by 14 Jan 2014
Westpac has announced a disaster relief package, deferring home loan payments for customers affected by the Western Australia bushfires.

The major bank announced the relief package yesterday after fast-moving fires swept through the Perth hills, destroying around 50 homes and claiming the life of one man as he tried to safeguard his property.

Westpac regional general manager Ken Luehman said the thoughts of the company are with all those affected by the fires.

“At Westpac, we understand that times like these can be extremely hard - emotionally, physically but also financially. By offering support to our customers, we hope to help alleviate any concern they have with their financial commitments so that they can concentrate on more important issues at hand.”

The relief package allows home loan customers to apply to defer repayments for up to three months.

Customers with business loans can also request loan restructuring without incurring the usual bank establishment fees.

Discounted personal loans will also be available for those looking to purchase replacement goods, and customers experiencing severe hardship will also be offered a halt on all interest accrual on unsecured credit products for a period of up to three months.

“We are also fast-tracking insurance claims and our assessors are ready to assist all Westpac customers in the worst affected areas,” said Leuhman.