Westpac has launched its home loan support service. They are handling queries via a ‘application form’ on their website, or via 0800 606 606 BUT the contact centre is very busy so please only call if your next repayment is due within 5 days.
Excerpt from Westpac website. Updated 1 April 2020.
Westpac has stood alongside New Zealanders through the good times and bad for more than 150 years. Once again, our country finds itself facing extraordinary and challenging circumstances, and once again we’re committed to being there for our customers.
Repayment 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.
Deferred personal loan payments are available for six months. This deferral includes principal and interest repayments and is sometimes known as a payment holiday. Any interest accrued during the deferral period will be added to your loan.
Other options
Temporary Overdrafts are available for up to 45 days. Up to $5,000 (for home loan customers) or $500 (for other customers).
To understand your borrowing power calculations from Westpac and other banks check out this page about mortgage calculations.
Disclaimer: This article is intended to provide only a summary of the issues associated with the topics covered. It does not purport to be comprehensive nor to provide specific advice. No person should act in reliance on any statement contained within this article without first obtaining specific professional advice. If you require any further information or advice on any matter covered within this article, please contact an adviser from mortgagehq.
