Trending Financial News 14 January 2020

Westpac pays the mortgage for bushfire victims

Westpac Group (including Bank of Melbourne, St George Bank, BankSA and RAMS) has announced more support for customers and communities impacted by bushfires.

Westpac mortgage customers who have lost their home to bushfires will get their mortgage repayments covered by Westpac for up to 12 months (up to $1,200 per month).

Westpac’s Bushfire Recovery Support Package also includes:

Interest free home loans for consumers who need to rebuild,

Low-interest loans for businesses,

Total of $3 million for bushfire emergency cash grants.

Westpac Acting chief Peter King said Westpac is committed to helping customers and the community recover from the fires.

“We want customers and communities to know we’re here to help alleviate financial concerns so they can rebuild,” said Mr King.

What support is Westpac giving to bushfire victims?

Westpac has announced more support for customers and communities affected by bushfires in Victoria, New South Wales, Queensland and South Australia.

Westpac’s Bushfire Recovery Support Package includes:

$2,000 grants to customers whose properties have been damaged.

Interest-free loans for customers rebuilding (terms and conditions apply).

Mortgage repayments covered by Westpac (up to $1200 per month for 12 months) for customers who have lost their principal place of residence.

Westpac supports businesses in bushfire communities

Westpac has announced more support for business customers affected by bushfires in Victoria, New South Wales, Queensland and South Australia.

Westpac will support business customers with:

$2,000 emergency grants

Grants of up to $15,000 for refurbishing destroyed premises

A special discount rate of 2.83% pa for three-years (variable) for rebuilding (loans up to $1 million).

loans for business customers, up to $1 million individual loans ($1 billion allocation)

Up to $2,000 emergency cash grants for customers whose business premises have been destroyed or damaged by the bushfires

No foreclosures for three years on farming businesses in bushfire areas

Fast tracked credit approvals for short-term assistance

Westpac spends millions in bushfire communities

Westpac has announced more support for communities affected by bushfires in Victoria, New South Wales, Queensland and South Australia.

Westpac is providing $3 million in emergency cash grants for customers in affected towns and regions.

Westpac is making a $500,000 donation to Financial Counselling Australia to provide financial counselling services to people in affected towns and regions.

Volunteer firefighters can access Westpac’s Disaster Relief Package and assistance.

Westpac is also appointing a new chief of Bushfire Recovery to lead mobile customer support teams. Westpac has donated more than $1 million to charities and bushfire appeals.

“Anyone who needs assistance or support can contact their local branch, Relationship Manager or call Westpac Assist n 1800 067 497,” said Westpac acting chief Peter King.

Victorian government waives land tax and pays bushfire property owners

The Housing industry Association (HIA) welcomed the Victorian Government’s announcement yesterday that it will provide tax relief for those people who have been directly impacted by Victorian bushfires said HIA Victorian Director Fiona Nield.

The Victorian Government announced that businesses, families, and individuals whose properties have been destroyed or substantially damaged by bushfires can get ex-gratia relief for their 2020 land tax assessment.

Land tax will be waived on eligible properties being used to provide free accommodation.

The Government will provide up to $55,000 in stamp duty relief for people to buy in another area.

Car loans now have home loan-like rates

Market leading car & personal loan rates now start with 4 in front. Car loan sales are under pressure as vehicle sales slow. Lenders are responding by cutting car loan rates to under five per cent per annum. InfoChoice now lists car loans and personal loans with fixed rates starting from 4.19 per cent pa (comparison rate 4.73 per cent pa) fixed for three years. Read more about great car loan rates in January 2020 at InfoChoice.

Top savings accounts in January 2020

The best savings account rates in Australia are now around 2.0% to 2.50% pa. The Rabobank Online Savings High Interest Savings Account offers an interest rate of 2.50 per cent for the first four months, after which it reverts to 1.05 per cent. The Bank of Queensland Fast Track Saver Account offers 2.15 per cent as long as you put $1,000 into a linked BOQ Day2Day Plus Account every month. The base rate is 0.35 per cent.

Read more about how to find the best savings account and compare term deposits and savings accounts from banks, credit unions and other institutions at InfoChoice.

Can you get instant approval on an unsecured business loan?

YES, you can get very fast conditional approval on many loans now available in Australia for small business operators.

Can you get same day funding of an unsecured business loan?

YES, you can get approved and get an unsecured business loan deposited into your account on the very same business day or within about 24 hours if you have all the ID and financial documents ready to go.

Compare top UNSECURED fast approval business loans now available in Australia.

Best business loans in January 2020

The best loan for you may not be the best for someone else. Match the loan rate, rules, conditions and terms to your own needs.


You may prefer the personal service of a traditional bank or the speed and cheap rates of an online lender.


Prospa’s Small Business Loans range from $5,000 to $300,000 with fixed repayments over 3 to 24 months. The application takes 10 minutes “with minimal paperwork” with funding within 24 business hours, says Prospa.

Moula’s unsecured business loan rates for loans from $5,000 are set according to the risk profile of the borrower and cash flow of the business. To qualify for a Moula loan, the borrower must be able to show $5,000 in monthly sales.

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