Bank takes steps to help customers

WESTPAC PNG says it has new support measures to help customers impacted by the global outbreak of Covid-19.
The bank, in a statement yesterday, noted that this was in addition to assistance that had been offered to Westpac’s business customers since mid-February.
“In mid-February, we released an assistance package for our corporate customers who were the first to be affected by the escalating situation globally,” Westpac PNG chief executive officer Brett Hooker said.
“Now we are seeing the affect flowing through the whole economy – and we stand ready to help.”
The support measures include:

• A ONE per cent reduction for all local currency variable rate loans would be applied automatically to all applicable customer loan accounts;
• SUPPORT available for home loan customers affected by Covid-19 on a case by case basis, including: deferred principle and interest repayments on home loans for up to three months; extension of loan terms for up to three months; and, waiver of restructuring fees.
• SUPPORT available for business customers affected by Covid-19 on a case by case basis, including: deferred principle and interest repayments on fully drawn advances for up to three months; extension of loan terms for up to three months; waiver of restructuring fees; and, fee free business loan redraws.