Unsecured, discounted loans to agri flood victims

Thursday, 19 February 2004, 5:13 pm
Press Release: Westpac

Westpac offers unsecured, discounted loans to agri flood victims

Westpac’s Head of Agri Business Karen Silk announced today that it was offering six-month payment free loans at a discounted rate of 6.75% to farmers hit by the floods.

Farmers would be able to receive an unsecured loan of $50,000 making no interest or principal payments until September 2004; this amount may be increased if security is available and subject to lending criteria.

Ms Silk said it was vital that in the short term farmers were able to get on with day-to-day farm issues they were currently facing rather than being concerned about their finances.

“A natural disaster, such as a flood is an extremely stressful situation, not only are farmers dealing with damage to their business but also their personal property and home. Being able to take a break from making any payments at all on their loan, will provide them with some breathing room at a time when they are stretched emotionally, physically and psychologically.

Our hearts really go out to everyone that has been affected, it is a dire situation and Westpac certainly wants to plays its part in helping where we can”.

Anyone concerned about their financial situation can contact Tony Brooks Senior Agri Manager for the Taranaki and Manawatu on 0800 400 600.

ENDS

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