Westpac extends COVID-19 mortgage relief by up to 12 months
Westpac home loan customers who have been financially impacted by COVID-19 will have access to extended repayment relief on their mortgages following an announcement by the major bank on May 23.
According to Westpac, eligible customers making interest-only payments will be able to extend that interest-only period for up to 12 months, while customers making principal and interest payments will be able to make the switch to interest-only payments for the same period.
The latest initiative follows an earlier move by the bank to allow customers who have lost income as a result of the coronavirus outbreak to defer mortgage repayments for up to three months, with the opportunity for a three month extension subject to review.
According to recent figures from the Australian Banking Association (ABA), 429,000 mortgages have been deferred as a result of COVID-19, with Westpac home loans general manager Will Ranken confirming that over 100,000 Westpac customers have taken up the opportunity.
“We have had more than 115,000 customers defer mortgage repayments as part of our COVID-19 consumer support package,” he said.
“However, we recognise that many customers who have been financially impacted by COVID-19 still want the option of making some repayments during this time. These changes mean it is now simpler for customers to apply to extend their interest only loan term, or switch their repayments to interest only.”
The bank has encouraged mortgage holders to weigh up the benefits and drawbacks of extending or to interest-only repayments though. While the additional money saved could be of use to impacted households now, it will still need to be repaid down the line.
Similarly for borrowers who have deferred home loan repayments, interest and fees that go unpaid during the deferral period could be added to the outstanding loan balance resulting in higher repayments later on.
RELATED: Big bank coronavirus support: How to defer your mortgage repayments
For more information about the financial response from Westpac and other Australian banks to the COVID-19 outbreak, make sure you check out our comprehensive guide on everything you need to know about Coronavirus and your finances.
Home loans 2020 - last updated 29 March 2024
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Offset Home Loan
Package, Owner Occupier, LVR<60%, Principal & Interest
interest rate
comparison rate
Initial monthly repayment6.15% p.a. variable6.40% p.a.Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.
CompareCompareOffset Home Loan
Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.
- interest rate
- 6.15% p.a. variable
- comparison rate
- 6.40% p.a.
- interest rate
- 6.15% p.a. variable
- comparison rate
- 6.40% p.a.
- Upfront fees
- $350
- Ongoing fees
- $248.00 yearly
- Discharge Fee
- $400.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- yes
- Maximum loan to value ratio
- 60.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- $10,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
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- Owner Occupier
- Repayment options
- Monthly
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- -
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Mozo experts choice awards won:
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Express Home Loan
Owner Occupier, Principal & Interest, LVR <90%
interest rate
comparison rate
Initial monthly repayment6.01% p.a. variable6.14% p.a.Get fast online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.
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Get fast online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.
- interest rate
- 6.01% p.a. variable
- comparison rate
- 6.14% p.a.
- interest rate
- 6.01% p.a. variable
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- 6.14% p.a.
- Upfront fees
- $134
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- $10.00 monthly
- Discharge Fee
- $350.00
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- yes - free
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- yes - free
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- yes
- Maximum loan to value ratio
- 90.00%
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- $5,000
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- $3,000,000
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- Variable
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Fixed Rate Home Loan
Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment5.99% p.a.
fixed 2 years6.24% p.a.Secure a low rate and enjoy the certainty of repayments, with the BCU Fixed Rate Home Loan. Save with no ongoing annual fees. Pay up to $25,000 extra during a fixed period (T&Cs apply). Lock in for up to 5 years.
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Secure a low rate and enjoy the certainty of repayments, with the BCU Fixed Rate Home Loan. Save with no ongoing annual fees. Pay up to $25,000 extra during a fixed period (T&Cs apply). Lock in for up to 5 years.
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- 6.29% p.a.
fixed 3 years
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- 6.30% p.a.
- interest rate
- 6.29% p.a.
fixed 3 years
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- 6.30% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $395.00
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- yes, up to $25,000 during fixed period - fee applies
- Redraw facility
- no
- Offset account
- no
- Maximum loan to value ratio
- 95.00%
- minimum borrowing amount
- $20,000
- maximum borrowing amount
- $2,500,000
- type of mortgage
- Fixed
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Read our Mozo Review to learn more about the BCU Bank Fixed Rate Home Loan
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Featured Product
Ultra Low Rate <95% LVR
Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment6.30% p.a. variable6.58% p.a.Only 5% deposit required to apply. Low upfront costs to pay. No LMI Required. Unlimited Redraw and additional repayments. No Application or ongoing fees. No guarantors or equity sharing required. New Purchase - Metro only.
CompareCompareUltra Low Rate <95% LVR
Only 5% deposit required to apply. Low upfront costs to pay. No LMI Required. Unlimited Redraw and additional repayments. No Application or ongoing fees. No guarantors or equity sharing required. New Purchase - Metro only.
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- interest rate
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- no
- Maximum loan to value ratio
- 95.00%
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- $350,000
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- type of mortgage
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Read our Mozo Review to learn more about the Sucasa Ultra Low Rate <95% LVR
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Mozo experts choice awards won:
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Unloan Variable
Owner Occupier, Refinance Only, LVR <80%
interest rate
comparison rate
Initial monthly repayment5.99% p.a. variable5.90% p.a.For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.
CompareCompareUnloan Variable
For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.
- interest rate
- 5.99% p.a. variable
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- interest rate
- 5.99% p.a. variable
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- Maximum loan to value ratio
- 80.00%
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- $10,000,000
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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
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