Westpac offers personal loan interest-free period as COVID-19 support

By Rhianna Dews ·
Fact Checked
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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. 

RELATED ARTICLE: COVID-19: Which lenders offer relief on personal loans

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.

RELATED ARTICLE: COVID-19: A quick guide to getting relief on your personal loan

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* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. 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.

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