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Westpac offers further financial relief

Westpac offers further financial relief to individuals and businesses

Westpac made further relief packages available to those businesses and individuals affected by the floods regardless of whether they currently bank with Westpac.

The package includes a $1,000 overdraft at 10.3%p.a. and an unsecured personal loan of up to $10,000 again at the heavily discounted rate of 10.3%p.a. (normally 16.30%p.a.) Home loan payments can either be made interest only, allowing home owners to effectively taking a break from paying principal repayments or the interest can be capitalised for up to six months. All packages are subject to normal lending criteria.

Ken Hodgson, Westpac’s General Manager Consumer, said the offer was about providing people with immediate financial relief.

“People will be effected by this disaster for months to come. We’re concerned with ensuring firstly people don’t need to worry about their home loan payments and that secondly they have access to money to be able to buy food, clothing and other items they need.

People can either visit their local Westpac branch to discuss these options or ring 0800 177 277,” Mr Hodgson said.

“Meeting the needs of our business clients is being dealt with on a case by case basis, a specialist team has been established to deal with enquiries and business clients should ring Ross McKinnon on 0800 177 377,” he said.

Yesterday Westpac announced that they were offering six-month payment free loans at a discounted rate of 6.75%p.a to farmers hit by the floods.

Farmers are 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.

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