Westpac completes sale of RAMS mortgage portfolio

ASX RELEASE


Westpac Banking Corporation
Level 18, 275 Kent Street
Sydney, NSW, 2000



3 August 2026

Westpac completes sale of RAMS mortgage portfolio

Westpac today announced it has completed the sale of the RAMS mortgage portfolio to a
consortium comprising Pepper Money, credit funds and accounts managed by KKR and
PIMCO managed funds. The portfolio was approximately $15.4 billion at completion.

The transaction further strengthens the balance sheet and reduces operational
complexity. Having completed, Westpac’s common equity Tier 1 ratio has increased by
approximately 23 basis points.

Westpac Managing Director, Home Lending, James Hutton said: “The completion of this
transaction further simplifies Westpac and reflects our ongoing focus on becoming a
simpler, stronger bank delivering great outcomes for our customers.

“Throughout the transition, our priority has been supporting RAMS customers and
ensuring a smooth transition to Pepper Money. I'd like to thank our customers and
employees for their support."



For further information:

Hayden Cooper Justin McCarthy
Group Head of Media Relations General Manager, Investor Relations
0402 393 619 0422 800 321


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