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Important Update from Westpac Group

Westpac Group recently introduced a measure for assessing some new owner occupier principal and interest home loan applications, where the loan could be referred to a credit officer for independent review if the loan fell just outside our current serviceability guidelines. Following discussions with APRA, Westpac has suspended this change while the APRA serviceability guidance remains under review.

 

FAQ’s:

Q: What will happen to customers who received conditional approval following an independent review from a credit officer?

A: Westpac will honour the conditional approval as part of our standard serviceability override policy.

 

Q: What will happen to loans referred to credit with negative serviceability that have not yet been approved?

A: These loans will be assessed on a case-by-case basis by a credit risk officer.

Service lead times

Current Broker Processing Unit (BPU) processing times:

Platinum (inc purchase deals) -  1 business day
A+/A+Prestige (inc purchase deals) - 4 business days
Standard (inc purchase deals) - 5 business days

Broker Credit Policy & Scenario Hotline:

Hours of operation are 11am – 4pm ACST* (11:30am – 4:30pm AEST^) Monday to Friday. Please call 1300 130 928 (select option 1, then option 4) to speak with a Credit Manager for assistance with policy and scenario queries.

*ACST - Australian Central Standard Time (SA,NT)
^AEST - Australian Eastern Standard Time (NSW, ACT, VIC, TAS)

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