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Westpac covers bushfire victims' mortgages for a year

Pictured: Home destroyed by Australian bushfires, Westpac logo. Images: Getty
Westpac customers will receive mortgage relief. Images: Getty

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.

More than 2,000 homes have been lost to the bushfires in New South Wales alone, while 65 have been lost in South Australia’s Kangaroo Island and around 300 lost in Victoria.

“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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