BankSA covers mortgage repayments, provides interest free and discounted loans to local bushfire affected consumers and businesses
Monday, 13 January 2020
BankSA has today announced additional support for customers and communities impacted by ongoing bushfires in South Australia.
For BankSA home loan customers who have lost their principal place of residence due to the bushfires, BankSA will pay the customer’s mortgage repayments for one year (up to $1,200 per month).
The Bushfire Recovery Support Package also includes interest free home loans for consumers who need to rebuild, low-interest loans for businesses, and an additional $2.5 million allocated for bushfire emergency cash grants taking the total to $3 million.
BankSA Chief Executive Nick Reade said these new measures would make a significant difference in helping people get back on their feet.
“By offering additional support to our customers, we hope to help alleviate concerns they may have about their financial situation as a result of these devastating fires so that they can focus on rebuilding their lives, homes and businesses.”
Together with existing measures in place, the Bushfire Recovery Support Package will include the following:
- For mortgage customers who have lost their principal place of residence due to the bushfires, BankSA will cover the customer’s mortgage repayments for one year (up to $1,200 per month)
- Interest-free home loans for customers to cover the gap between insurance payouts and rebuilding costs, approved subject to our credit criteria ($250 million allocation)
- Up to $2,000 in emergency cash grants for customers whose properties have been destroyed or damaged by bushfires
- A grant of up to $15,000 to assist small businesses with the cost of refurbishing premises that have been destroyed during the bushfires
- 2.83% three-year variable rate, low-interest rebuilding loans for business customers, up to $1 million individual loans ($1 billion allocation)
- Up to $2,000 emergency cash grants for customers whose business premises have been destroyed or damaged by the bushfires
- No foreclosures for three years on any farming businesses in the affected areas
- Fast track credit approvals to provide short-term assistance
The community (across Westpac Group)
- An additional $2.5 million to provide emergency cash grants to customers in affected towns and regions, bringing the Westpac Group total available to $3 million
- $500,000 donation to Financial Counselling Australia to provide financial counselling services to people in affected towns and regions to help them through the recovery and rebuild
- Volunteer fire fighters nationally can access the Disaster Relief Package
- Appointing new role CEO, Bushfire Recovery, to lead response. This includes mobile customer support teams for localised decision making.
BankSA customers who need assistance are encouraged to contact BankSA Assist on 1800 679 461 to discuss their personal or business circumstances, or visit a local branch.