Fed: Westpac extends disaster relief program

AAP General News (Australia)
12-30-2001
Fed: Westpac extends disaster relief program

CANBERRA, Dec 30 AAP - Westpac Bank has slashed interest rates for Christmas bushfire
victims in NSW and the ACT.

The cuts apply to personal loans and new home loans.

Victims having to rebuild their homes will pay just 4.25 per cent for a new home loan,
dropped from 6.07 per cent.

Personal loan rates would be 6.5 per cent, from 11.1 per cent, for existing and new
customers affected by fires.

Westpac general manager group marketing Peter Hanlon said the bank wanted to help victims
of the NSW and ACT bushfires get back on their feet.

"For personal loans our usual 11.1 per cent interest rate will be dropped to 6.5 per
cent for bushfire victims, whether people are existing Westpac customers or not," Mr Hanlon
said in a statement.

There are no establishment fees and the bank will guarantee speedy processing of the
loans, within 24 hours, for quick access to cash.

Personal loans of up to $30,000 would be available for people who lost homes, cars
or major assets or whose jobs were affected by the fires, Westpac said.

The home loan rate would be cut for the first year of new loans for people having to
rebuild their homes.

The Westpac relief package also includes special conditions for private and business customers.

Under the package repayments on home loans may be suspended for up to three months,
businesses with existing loans could request loan restructuring without the normal fees,
and credit card customers could defer their next payment.

Credit card limits may also be increased and penalties for withdrawing deposits would be waived.

Mr Hanlon said customers should phone 132 032 for help from Westpac.

"We're trying to do whatever we can to assist people during what has been a devastating
time for many," he said.

More than 150 homes were destroyed in the fires.

Already more than 1,000 insurance claims have been made, with the damages bill expected
to exceed $50 million.

AAP lm/gl/br

KEYWORD: BUSHFIRES WESTPAC

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