Credit Cards - Westpac provides assistance to those affected by Toowoomba plant closure

Help with credit cards, bank accounts and other financial products are being offered by Westpac to those affected by the closure of the KR Castlemaine facility in Queensland.

Westpac customers affected by the closure of a food processing plant in south-east Queensland are to receive financial assistance from the bank, it has been revealed.

As the KR Castlemaine facility in Toowoomba shuts down, the financial services firm reveals that employees who now find themselves out of work will be able to request an emergency credit limit increase on their Westpac credit card.

In addition, those affected by the closure will be able to refinance their personal loan at a discounted rate, while people wishing to withdraw cash from their term deposits will not be hit by a penalty.

Meanwhile, business bank account customers can request loan restructuring without incurring the bank establishment fees that are normally imposed.

"We understand how situations like this can affect our customers' financial circumstances and at this time they do not need the additional burden of worries over financial commitments," Sheldon Brady, regional general manager for Westpac in Southern Queensland, states.

Earlier this week, the bank announced that interest rates on its credit card and saver account products are to rise following the Reserve Bank's decision to increase the base rate to 3.5 per cent.

Posted by Emma North