Westpac closes RAMS to new business, retains existing loans

ASX
Release

6 August 2024


WESTPAC CLOSES RAMS TO NEW BUSINESS
AND RETAINS EXISTING RAMS LOAN PORTFOLIO


Westpac has completed its strategic review of the RAMS Financial Group Pty Limited (RAMS)
and will further simplify its business by closing RAMS to new home loan applications from today.
The review was first announced on 6 November 2023.

Westpac Managing Director Mortgages, Mr Damien MacRae, said: “We have delivered
considerable portfolio simplification over recent years, and after a thorough review, have decided
that offering home loans through RAMS franchisees is not right for Westpac.”

“We will help our customers, franchisees and our people through this process,” he said.

Existing RAMS customers’ loans will remain in place, and customers will continue to access
service through the RAMS app, website and call centre. Westpac will also contact customers to
assist them with current RAMS mortgage applications.

“We are also providing franchisees with mutually agreed support and there will be ongoing
opportunities for RAMS employees within Westpac,” Mr MacRae said.

Westpac will retain the RAMS mortgage portfolio of loans
1
. The closure to new RAMS home loan
applications will not have a material impact on Westpac’s financial results for the year ending 30
September 2024.


For further information:
Hayden Cooper Justin McCarthy
Group Head Media Relations General Manager Investor Relations
M. 0402 393 619 M. 0422 800 321



This document has been authorised for release by Tim Hartin, Company Secretary.

1
$31.8 billion as at 30 June 2024.
Level 18, 275 Kent Street
Sydney, NSW, 2000