Westpac acknowledges responsible lending appeal ruling

Media
Release
26
JUNE 2020
West
pac acknowledges responsible lending appeal ruling
Westpac acknowledges today’s judgment by the Full Federal Court dismissing ASIC’s appeal
from an earlier Federal Court decision regarding Westpac’s responsible lending obligations.
ASIC brought proceedings against Westpac in 2017 in relation to the way 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.
In 2019 the Federal Court found in favour of Westpac and dismissed ASIC’s proceedings with
costs.
For further information:
David Lording
Group Head of Media Relations
0419 683 411
Andrew Bowden
Head of Investor Relations
T. (02) 8253 4008
M. 0438 284 863
This document has been authorised for release by Tim Hartin, General Manager & Company Secretary.
Level 18, 275 Kent Street
Sydney, NSW, 2000