Home > Westpac Provides Financial Relief for Drought Affected Farmers and Small Businesses

Westpac Provides Financial Relief for Drought Affected Farmers and Small Businesses

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article image Westpac provides relief for Drought affected farmers and small businesses

Farmers and small businesses heavily affected by adverse weather conditions can have their financial burdens eased with Westpac Agribusiness’ financial relief arrangements.

The key elements of Westpac Agribusiness’ drought relief package are:

• provide ‘carry on finance’ to viable farming operations to keep businesses running and to enable crops to be sown and livestock programs to recommence.

• drought affected businesses with existing loans can request loan restructuring without incurring the usual bank establishment fees.

• drought affected credit card customers may ask to defer their next credit card payment. Customers can also request an emergency credit limit increase.

• Westpac will waive early withdrawal penalties for drought-affected customers wishing to withdraw term deposits.

• drought affected customers with Westpac home loans may apply to suspend repayments for up to three months.

Westpac Agribusiness’ General Manager Agribusiness Graham Jennings said: “this package of financial relief has been available to drought affected farmers around the country for several years, however as the conditions worsen we are looking to make sure our customers know what sort of relief is available.

“Westpac recognises that long term crisis situations such as drought place additional burdens not only on farmers but also small businesses and their families and, therefore, require special consideration and understanding by financial institutions.

“We understand the impact of such a situation on our customers’ financial circumstances and we will be working closely with them to help them through this difficult period.

“Our comprehensive drought relief package provides practical help by giving some immediate financial relief to those in most need of assistance, as well as improved prospects for maintaining a viable farming business.”

Customers who wish to take advantage of these special relief measures should contact their Agribusiness relationship manager or Westpac Country Business Direct on 1300 134 979.

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