Westpac’s announcement to brokers yesterday will be very much appreciated and will certainly be of help to some clients.
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The Christchurch earthquake last Tuesday as you know has been a significant natural disaster.

Westpac’s top priority has been the well being of those affected and we are truly committed to supporting our employees, our valued business partners, customers, and the community in Christchurch.

Westpac has financial relief packages available to assist customers impacted by the Christchurch earthquake which include:

Personal Customers

Access to an emergency overdraft facility for a 45-day term at a special interest rate of 5%, with a further 45-day term if required, under the same terms and conditions. All establishment fees will be waived.
A 90-day mortgage repayment holiday (please note that interest will continue to be added to the loan for the repayment holiday period)
No early repayment costs for customers who have had a home destroyed or have suffered major damage as a result of the earthquake and wish to repay their fixed rate home loan
No adjustment fees for customers wanting to restructure a home loan as a result of the earthquake

Business Customers

For small business customers impacted by the earthquake – access to a temporary overdraft facility of $20,000 for up to 90-days at a special interest rate of 5%, with no application fees or penalty interest to apply
For commercial/corporate/agribusiness customers – access to a temporary overdraft facility of $500,000 for up to 90-days at a special interest rate of 5%, with no application fees or penalty interest to apply
For commercial/corporate/agribusiness customers – a waiver of early withdrawal costs for term deposits
Westpac would like to acknowledge the well wishes and enquiries we have received from many of you in regards the welfare of our staff in Canterbury, it has been truly heartwarming and most appreciated by the team.