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Dividend reinvestment plan

Westpac’s Dividend Reinvestment Plan (DRP) allows eligible shareholders in Australia and New Zealand to reinvest dividends in additional Westpac ordinary shares. It’s a convenient way of increasing your holdings of Westpac shares, without incurring transaction cost.

Key features of the DRP

  • You will receive shares instead of a cash dividend.
  • The number of shares will be determined based on the Market Price.
  • Franking credits are still received on dividends reinvested under the DRP.
  • Shares issued or transferred to you under the DRP rank equally with existing shares from the date of issue or transfer.
  • A dividend statement detailing your dividend, franking credits, any shares issued to you under the DRP along with the Market Price and any residual amount will be provided at the time of dividend payment.
  • Any residual value is carried forward in your DRP account and added to your next dividend for the purposes of calculating future share entitlements.


  • Participation is flexible: you may apply the DRP to your total holding of shares or to a specific number of shares. 
  • Participation is optional: you may elect to participate, vary your participation or withdraw from the DRP at any time, subject to adequate notice being given. 

How do I participate in the DRP?

Online: For shareholders with holdings that have a market value of less than $1,000,000 within your Link Market Services portfolio, login or create your Portfolio  – register, amend or cancel your DRP participation via Link’s Investor Centre, or

Complete and return a DRP application or variation form: complete the Dividend Reinvestment Plan (PDF 222KB) form and return it to Link at the address indicated.