The major bank has implemented new measures to give customers more flexibility with their home loan repayments during the COVID-19 pandemic.
The measures will allow eligible home loan customers to switch from principal and interest repayments to interest-only, or extend their current interest-only home loan term for a further 12 months without a serviceability assessment.
Will Ranken, Westpac General Manager, Home Loans, said the changes had been introduced in response to continued demand for support with mortgage repayments.
"We recognise that many customers who have been financially impacted by COVID19 still want the option of making some repayments during this time," Mr Ranken said.
“These changes mean it is now simpler for customers to apply to extend their interest only loan term, or switch their repayments to interest only."
More than 115,000 Westpac customers have deferred their mortgage repayments as part of the bank's COVID-19 home loan support.
The major bank has also created a home loan repayment deferral calculator to help customers understand the potential impact of deferring their mortgage repayments.
The move by Westpac comes after several major banks cut rates on investment interest only loans over the last few weeks.
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