Currently on repayment assistance?
If you’re currently receiving financial assistance on your home or personal loan and need further help as you near the end of your assistance, or would like to cancel your assistance early, you can talk to us about your options.
Cancelling your assistance.
As you know, your repayment assistance may increase the overall amount you pay on your loan in the long term. If you have opted to defer your repayments, interest continues to be charged on your loan during the assistance period. If you’ve opted for reduced loan repayments, your loan balance will not reduce as it usually would because you’re not making your full repayments. As a result, the longer you stay in assistance, the more interest you may pay on your loan in the long term.
If your financial situation has improved and you’re able to start making repayments, you can choose to start making repayments on your loan or end your financial assistance early. If you are able to do this, please contact us on 0800 606 606.
If life has taken a further unexpected turn and you need additional assistance, or if this assistance is no longer suitable, please get in touch on 0800 606 606.
End of assistance.
If you remain in repayment assistance for the full assistance period, we’ll be in touch before your assistance ends about resuming your repayments. Because your loan balance may increase due to this financial assistance, your limit and minimum repayments may also increase at the end of your assistance.
Sometimes the unexpected happens and you may find that you can’t make your repayments. There are a number of ways that we may be able to help such as restructuring your loan or deferring your repayments. To talk to us about which option may be best for your circumstances please contact us on 0800 606 606.
Loan repayment insurance attached to a loan exiting repayment assistance
If you have Westpac Loan Cover attached to your personal loan, or Flexicover, Trustcover Loan Insurance, Loan Protection Insurance or Mortgage Repayment Insurance attached to your home loan, please read the information here to understand the impact on this insurance cover of any loan limit increase or term extension, and the limits of your insurance cover.
As you approach the end of your Westpac credit card financial assistance, we’d like to make sure you’re aware of your obligations and what to do if you will be unable to meet them. Please refer to your COVID-19 financial assistance disclosure letter which details everything you need to know. Please keep the letter safe and secure as it is an official record of the changes to your account(s).
If you have any questions or need further assistance, please email us at firstname.lastname@example.org or call 0800 606 606 (+64 9 375 9907 for overseas) 8am to 5pm, Monday to Friday.
If you haven’t already done so you may wish to seek free, independent and confidential budgeting advice by contacting MoneyTalks at moneytalks.co.nz