“Student loan debt can be a real burden for new graduates and their families. WestpacTrust’s new Graduate Loan will help
graduates pay for their education faster and more cheaply by saving them thousands of dollars in interest. It will help
them kick start their careers and lives.
“With $50 million being made available every year in Graduate Loans, WestpacTrust is investing more resources in our
young people than ever before,” said Mr Aitken. “I believe that not only is this the best offer available to graduates,
it is socially and financially responsible.
“The economy and the whole community will benefit if graduates are paying off debt more quickly. They can also apply for
a loan up to 36 months after completing their studies. This means they can go off on OE, come back and still have the
chance to pay off their student loans faster and more cheaply.
“WestpacTrust Graduate Loans are also financially responsible because they can only be used to pay off government
student loans,” he said. “They don’t encourage customers to go deeper in debt.”
WestpacTrust Graduate Loans work by substituting a low interest bank loan for higher interest government debt. Graduates
can borrow up to $20,000 or the amount in their Inland Revenue student loan account, whichever is less. WestpacTrust
pays that money directly to Inland Revenue. Customers then repay WestpacTrust over the term of their new loan. Even if
you are not a new graduate, you can still apply as long as you completed your studies no more than 36 months ago.
WestpacTrust also offers support to undergraduates with a backstop overdraft facility with a low interest rate, and has
enhanced its free banking offer.
All loan applications are subject to WestpacTrust’s applicable lending criteria, approval, an application fee and loan
repayment insurance. Further details of terms and conditions can be obtained at any of WestpacTrust’s more than 200
branches throughout New Zealand.
ENDS
For further information, please contact: Peter Thornbury WestpacTrust Public Relations 04 498 1990 025 278 8177