Bankwest today announced it would participate in the Federal Government's mortgage relief plan by extending its existing hardship initiatives to further help Australian homeowners struggling in the worsening economic conditions.
Bankwest Managing Director Jon Sutton said customers who lost their jobs due to the economic downturn will be supported by a range of options that may include the postponing of mortgage repayments for up to 12-months or the offering of different banking arrangements that will better suit the customer's needs.
"We recently launched a range of initiatives to help our customers who are doing it tough in some of the toughest economic conditions in living memory and I am pleased to announce we will extend this in line with the Federal Government plan," Mr Sutton said.
The Federal hardship plan will further safeguard Australians from the fallout of the global financial crisis by offering concessions on other debts such as car loans, giving people the opportunity to apply to have repayment periods extended.
Mr Sutton said Bankwest was committed to helping ease the burden for customers facing financial hardship on a case-by-case basis.
Bankwest already has a range of initiatives in place to help customers struggling in the present difficult climate, including:
- Deferred repayments on loans and credit cards.
- Alternative repayment arrangements (reduced or minimum payment required to prove serviceability) up to six months.
- Transferring a home loan to the lowest variable interest rate (variable only).
- Extending the term of a home loan to a maximum of 360 months
"There is nothing more important to Bankwest than our customers and we will do everything possible to help look after those people struggling as a result of the downturn," Mr Sutton said. "Our staff will work with customers to determine the most appropriate assistance option for each individual to make sure these cases are dealt with as quickly as possible."
