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Westpac offers interest-only relief options

Westpac has changed the terms of its mortgage payment relief program, saying it wants to give home loan customers more flexibility.

Eligible customers with interest-only loans can apply to extend their term for up to 12 months.

Customers making principal and interest repayments can switch to interest only repayments for up to 12 months.

Westpac general manager home loans, Will Ranken, said in a statement that the bank has had more than 115,000 customers defer mortgage repayments.

However, some customers want the option of making some repayments. Customers can now apply to have their repayments deferred or make smaller interest-only repayments.

 

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