Westpac offers personal loan interest-free period as COVID-19 support
Monday 04 May 2020
Westpac has announced it will provide support to customers who’ve been impacted financially as a result of the economic fallout of COVID-19 by offering a three-month interest-free period on personal loans.
Eligible Westpac customers who have lost their job or had their hours cut due to the coronavirus lockdowns will be able to defer personal loan repayments for three months.
While there is a 3-month pause on interest charges, monthly service fees and repayments, these charges will all resume once the 3-month period ends. Loan terms will also be extended by three months for customers who are eligible.
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This announcement follows the big bank’s initial decision to cut credit card interest charges for COVID affected customers as part of its coronavirus support package.
Eligible customers who’ve held their card since January 1 and haven’t previously applied for financial aid on the account, won’t pay interest on new purchases, cash advances or existing debts, and will have their repayments frozen for three months.
To receive the interest-free deferment, eligible Westpac customers will need to submit an online registration form via the ‘Apply for support’ button on the Westpac website.
Remember to always read the fine print before applying for financial hardship assistance and carefully consider whether you’ll be financially prepared for when the relief period ends and repayments resume.
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Looking to take out a personal loan? Then check out our personal loans comparison table so you can compare your options and find the right deal for you. Head to our coronavirus hub article to keep up with the latest COVID-19 news and find out all there is to know about coronavirus and your finances.