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The health and wellbeing of our customers, colleagues and the community remains our number one priority during this time of uncertainty surrounding the coronavirus.

This page will be updated with the latest advice and guidance.

Support for our customers

Home loan customers

Deferring your home loan repayments

If you’re a home loan customer who’s in need of support due to COVID-19, you can ask us to defer your home loan repayments for six months.

Customer support package

Here’s what we’re doing to support households during this time.

One of our measures is a 0.60% p.a. interest rate reduction to the Complete Fixed Home Loan Package for owner occupiers paying principal and interest. The reduced three-year fixed rate will be 2.33% p.a. (comparison rate: 3.51% p.a.). Understand the comparison rate.

The reduced fixed rate will only apply to:

  • New three-year fixed applications for the Complete Fixed Home Loan Package, for owner occupiers paying principal and interest that settle from 27 March 2020
  • Existing variable rate customers who wish to switch their interest rate to a fixed rate.


Another measure is a special rate of 0.45% p.a. increase in 12-month online term deposits to 1.70% p.a. for personal customers, available from 27 March 2020 for a limited time only.

Our standard variable rates remain unchanged, as we’re taking deliberate steps to further support parts of the economy most in need. We’re doing everything we can to support households and older Australians.

Get in touch with us at anytime. Message us securely in the Bankwest App or call our 24/7 contact centre on 13 17 19. See the Contact Us page for all the ways you can reach us.

Support for business customers

We want to help keep small businesses open so they can keep Australians employed.

One of our measures is a 1.00% p.a. interest rate reduction for all new and existing variable business loans, effective 3 April 2020.

We are also waiving certain Merchant fees for eligible business customers with an EFTPOS device or eCommerce facility from March to May 2020.

Find out more about the fee waiver and if you’re eligible.
 

Small business support package

If you’re a small business customer in need of support at this time, we’re also offering a package of support measures that include:
  • Deferring repayments on business loans and home loans for six months
  • Waiving any reduction in interest for early pre-payment of business term deposits for customers in need of support
  • Waiving establishment fees on Temporary Overdraft products for customers in need of support
  • Deferring repayments on vehicle and equipment finance loans for customers in need of support
  • Providing tailored restructuring options that meet customers' specific needs.


Please be aware that the measures included in the small business support package won’t be automatically activated. Please get in touch with us to talk through your options.

Support for businesses under the Coronavirus SME Guarantee Scheme

  • Bankwest is supporting the Australian Government’s Coronavirus SME Guarantee Scheme by extending additional support to small and medium business customers.
  • Under the Coronavirus SME Guarantee Scheme, eligible businesses can access unsecured business loans* of up to $250,000 for three years at historically low rates, given the Government’s support and the Reserve Bank’s recently announced term funding scheme.
  • Interest rates on unsecured business loans will be lower than current rates. No interest will apply unless the loan is used, no repayments will be required for six months, and there will be no establishment or monthly account fees.
  • Australian businesses with less than $50 million turnover are eligible.

Small business customers should call 13 7000 to ask about our support measures. Relationship managed business customers should get in touch with their relationship manager for more details or our Merchant Support Team on 1800 230 177.

Ways to bank with us

Throughout this challenging period, there are many ways you can continue to bank with us.

Whether it's online, through our app, in a branch or Australia Post we're here to make your banking easier.


Save yourself a trip to a branch

In these unusual times, you can do lots of everyday banking tasks safely and securely in Bankwest Online Banking or the Bankwest App – so we’ve put together some guides.

Contactless payment limit increase to $200

Across Australia, the PIN limit for contactless ‘tap and go™’ payments will increase from $100 to $200. This is a temporary measure to reduce your need to make physical contact with payment terminals.

Retailers such as Woolworths and Coles will start to use the new temporary $200 limit from April 2020. Your Bankwest cards will automatically apply the new limit, however not all retailers will have these new limits applied to their merchant facilities. Please always follow the PIN pad prompts to allow your transaction to go through smoothly.

You can also continue to purchase safely online from secure websites using your Bankwest cards. See more info on online safety.

For more info on the contactless payment limit increase, take a look at our FAQs.

Financial hardship

In the current uncertainty surrounding the coronavirus, the financial and personal wellbeing of our customers, colleagues and the community remains our number one priority.

Contacting us should be your first step if you’re struggling to make your repayments due to unforeseen circumstances.

Getting assistance as early as possible could take the pressure off and help you to manage your finances.

Your circumstances are unique and we assess each situation individually. Our Customer Assist team is dedicated to guiding you on the best approach for your current financial position. We offer appropriate solutions, such as payment plans, where possible.

Email: customer.assist@bankwest.com.au

Travel insurance

All travel insurance offered through Bankwest is provided by Zurich Australian Insurance Limited through its agent Cover-More. This includes the international travel insurance included with your eligible Bankwest credit card.

Please note that this event is excluded from cover for all destinations. For more information please see here.

Bankwest customers can contact Cover-More on its dedicated support line 1300 468 340 from 10am to 7pm AEDT, Monday to Friday, and 11am to 6pm AEDT on Saturdays.

If you plan to travel overseas or currently have travel plans, please consider the latest travel bans and government advice on your country of destination first and foremost.

Latest government updates

Latest health alerts

For the latest health information visit the Department of Health website.

Coronavirus scams

Protect yourself from scams involving the coronavirus. Visit the Stay Smart Online website.

Travel restrictions

Visit the Australian Border Force or Home Affairs website for the latest alerts.

Australian Government’s Economic Response

Visit the Treasury website.

Coronavirus scam warning

The Australian Cyber Security Centre (ACSC) is alerting Australians to coronavirus-related scams, with multiple reports of texts being sent to people from the sender ‘GOV’.

To find out more about coronavirus-related scams, visit the Stay Smart Online website, or see Bankwest’s tips on how to protect yourself and others from scams.

If you see something suspicious or you’re worried about possible fraud, please call us on 1300 368 748.

How can we help?

You can message us in the Bankwest App or online banking. You can also call us – we’re here 24/7.

*additional director’s guarantees may be required

What's the comparison rate?
It’s a tool that can help you identify the truer cost of a loan. It’s calculated using a standard formula that includes the interest rate, as well as certain fees and charges relating to a loan (not all fees and charges are included).

Comparison rate warning:
Comparison rate is calculated on the statutory assumption of $150,000 loan over 25 years but the minimum required loan amount is $200,000 for the Complete Home Loan Package. Different rates apply for different loan amounts and may depend on the duration of a fixed rate period or the ratio of the loan amount to the property value.
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Loans for a property to live in vs. loans for an investment purpose
Loans for a property to live in - also known as owner-occupier loans – include (but aren’t limited to) loans to fund the purchase of a property or refinance an existing loan, where the borrower currently lives or intends to live in the property.

Loans for an investment purpose – also known as investor loans – include (but aren’t limited to) loans where the predominant part is used to invest in shares, land, construction or an established property. They also include refinancing an investor loan.

Other conditions apply.

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