Westpac Options for financial assistance
Deferred mortgage repayments are available for six months, as agreed by the Government and banks. This deferral includes principal and interest repayments and is sometimes known as a mortgage holiday. Any interest accrued during the deferral period will be added to your loan
Mortgage repayment reductions (similar to interest-only repayments) are available for six months.
Will this end up costing me more in the long term?
On all of these options you may pay more interest over the lifetime of your loan as the loan term is longer, you will be paying interest for longer or your loan has got larger due to the repayment deferral.
What if I need to re-fix during my payment deferral or interest only period?
With Westpac, refix requests are being processed as normal. Please touch base with us and we can request you new interest rate pricing and work with you to decide on the best structure for your situation.
How can you apply?
If you are interested in any of the options, feel free to reach out to the My Mortgage team and we'd be happy to discuss them with you and, if you are an existing My Mortgage client, we can submit your application on your behalf.
Alternatively, if you're not an existing My Mortgage client, you can go to the Westpac website and request a callback and one of the Westpac team will come back to you within 5 days and get your adjustments put in place.