Westpac acknowledges Responsible Lending Ruling

Media
Release

13 AUGUST 2019

WESTPAC ACKNOWLEDGES RESPONSIBLE LENDING RULING
Westpac acknowledges today’s judgment by the Federal Court in relation to ASIC’s
proceedings against Westpac regarding its responsible lending obligations.

The proceedings focused on the way in which Westpac used the Household
Expenditure Measure (HEM) benchmark and assessed interest only home loans as
part of its serviceability assessment between December 2011 and March 2015.

The hearing was held in May this year.

Today Justice Nye Perram found in favour of Westpac and dismissed ASIC’s
proceedings with costs.

David Lindberg, Chief Executive Westpac Consumer Division said: “Westpac has
always sought to lend responsibly to customers and takes its lending obligations very
seriously. This is an important test case for the industry, and we welcome the clarity
that today’s decision provides for the interpretation of responsible lending
obligations.”

Westpac aims to build and maintain constructive and trusted working relationships
with its regulators, including when we have a genuine difference of opinion. When this
occurs, our preference is to resolve the difference in an open, transparent and
respectful way.

For further information:

Media
David Lording
M. 0419 683 411

Lucy Wilson
M. 0428 777 704



Investors
Andrew Bowden
M. 0438 284 863
T. +61 2 8253 4008