More information

Term Investments

If you’re suffering hardship. You can be considered for an immediate Term Investment break if you meet our hardship criteria. A reduced rate of interest will not apply if a Term Investment is broken immediately for applications made to Westpac NZ on or before 26 September 2020.
For more information on hardship, please see our early withdrawal policy here.

Within the cooling-off period. A seven business day cooling-off period applies from the date you open your Term Investment, or when it rolls over. During this period, the Term Investment can be amended (e.g. change term or amount) or withdrawn, provided your remaining balance does not fall below the minimum investment amount (in which case the whole balance must be taken).

By giving Westpac 32 days’ notice. Term Investments can be withdrawn early outside the cooling off period, provided 32 days’ notice is given in advance. A reduced rate of interest will apply if a Term Investment is broken within 32 days’ notice.
You can make a one-off withdrawal of up to 20% of the current Term Investment balance for terms of one year and over and be paid the full rate by providing 32 days' notice.

Hardship (as reasonably determined by us) refers to sudden and unforeseen events which result in you being unable to make payments with current funds, such as:

  • Minimum living expenses
  • Medical treatment if you or a dependent become ill or suffer an injury
  • Funeral costs if a dependent dies

Examples of what hardship does not cover include:

  • Making car repayments or other services
  • Covering business expenses
  • Paying traffic or other fines

For more information on hardship, please see our early withdrawal policy here.

Funds can be withdrawn from the 32 day Notice Saver account, with 32 days’ notice. There is also a seven business day cooling-off period starting on the date your account is opened. Immediate withdrawals can only be considered if you are experiencing hardship. For more information on hardship, please see our early withdrawal policy here.

There is no limit on the number of withdrawals you can make from your Westpac Bonus Saver account. You will still receive bonus interest, as long as your balance on the last business day of the month is at least $20 greater than your balance on the last business day of the month prior.  The $20 excludes interest earned on the account and/or Westpac fees charged to the account.

Home loan and personal loan deferrals

Any Westpac home loan or personal loan customer who has been impacted financially by COVID-19 can apply for a payment deferral or reduction. Eligibility may vary for customers who are already under specialist debt management. Westpac Choices Everyday customers are not eligible.

Having your payments deferred or reduced will mean that you will pay more interest over the term of your loan. For that reason, we do not recommend a deferral if you are able to continue making payments.

We will contact you before your current arrangement expires and if a further extension is required, we will make an arrangement at that time.

Whilst you are receiving a repayment deferral or reduction we will take steps to ensure that your credit score is not negatively impacted as a result of this financial assistance, provided your account was not in arrears before the pandemic. Your balance and any overdue amounts will also not be disclosed.

It begins when your next payment is due.

You may be able to reduce your repayments if you’re currently paying an amount above the minimum repayment amount. We also have a range of other financial support options available, including temporary overdrafts.

Please call us on 0800 606 606 to talk to us about your options.

Yes, if you’re able to resume making repayments within the six-month period, please call us on 0800 606 606 (+64 9 375 9907 for overseas).

No, but as above, you can cancel your deferral and resume making repayments at any time during the six-month period.

Unless you request otherwise, the loan term would remain the same but your regular repayments would increase at the end of the deferral/reduction period. Alternatively, we could structure the loan so your payments remain the same as they did before the deferral/reduction period, but this would extend the loan term.

We suggest the decision about changes to the loan repayments at the end of the deferral period is best left until you have certainty about your position at that time – there’s no need to decide that now.

If during the assistance period you find you can increase your repayments, please let us know and we can make those arrangements.

You can call 0800 606 606 to talk to us about your individual loan and the effect of deferring or reducing repayments. We will also send a letter or email to every customer who applies for a repayment deferral or reduction confirming the changes to their loan.

Westpac Life home loan and personal loan repayment insurance is an optional insurance that may provide cover for your loan repayments in the event of death, inability to work due to illness or injury, or redundancy. It is different to house insurance, which may cover repairs or a rebuild if your house is accidentally damaged, and which is generally required when you have a mortgage.

If you have home loan and/or personal loan repayment insurance you may have access to benefits which could assist you at this time - please refer to your policy document for the terms, conditions, exclusions and limits that apply to your policy, and consider contacting your insurance provider to lodge an insurance claim.

If your policy is underwritten by Westpac Life-NZ-Limited you can call us on 0800 738 641 to lodge a claim (if overseas call +64 3 372 4855). Any claim payment is subject to your claim being accepted.

If you have Westpac Life home loan repayment insurance attached to your home loan (e.g. Flexicover), any insurance premiums will continue to be deducted and (if paid from your loan account) interest will continue to be charged on the premium amount.

After you have been approved for a repayment deferral or reduction, your account/s may show as being overdue or over limit during this period in your statements and in Westpac One. However, your agreed repayments during this period will be set out in your acceptance letter.