Westpac will cover mortgage repayments for customers who lost their homes in the bushfires, up to $1,200 a month.
The bank said the offer is limited to those whose primary residence was razed, with the company also offering interest-free home loans for customers who need to rebuild and low-interest loans for businesses.
That’s in addition to the $2,000 offered in cash grants to customers whose homes have been destroyed or damaged by the catastrophic blazes.
Building Impact Assessment teams continue assessing the damage to properties. So far 2,176 homes destroyed, more than 25,000 buildings saved. Since 1 Jan, 1,260 homes lost. This figure is likely to increase as teams continue to work through fire affected areas. #nswrfs #nswfires pic.twitter.com/pml0Y2kKmq
— NSW RFS (@NSWRFS) January 13, 2020
“These initiatives are designed to provide practical, on the ground support for our customers, our people and for those who are caring for affected communities,” Westpac acting chief executive Westpac Peter King said.
“In times of such unprecedented devastation, we want customers and communities to know we’re here to help alleviate financial concerns so they can rebuild their lives, homes and businesses.”
The bank will also provide $2.5 million in emergency cash grants to customers in affected regions, and $500,000 to Financial Counselling Australia to support those having to rebuild.
The announcement comes after NAB earlier this month stated it would provide $2,000 grants to customers who lost their homes in the bushfires.
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