Digital finance application privacy statement
Your privacy is important to us. We comply with the Australian Privacy Principles (APPs) and the credit provider provisions of the Privacy Act 1988 (Cth) (together the Privacy Act).
This statement sets out how Westpac Banking Corporation ABN 33 007 457 141 Australian credit licence and AFSL 233714 may use your personal information, whether collected from you or from any other source, and what personal information we may obtain about you with or without your agreement. This statement applies to all individual applicants and individual guarantors. It also applies to you if you are an Office Bearer* of the applicant.
This document contains important consents that you give to us. You should therefore read this document carefully before agreeing to it.
We collect personal information from you to process your application, provide you with your product or service, and manage your product or service. For instance, we may ask for identification information such as your name, address and date of birth.
We may also use your information to comply with legislative or regulatory requirements in any jurisdiction, prevent fraud, crime or other activity that may cause harm in relation to our products or services and help us run our business.
We may use your information to develop insights and conduct data analysis, carry out predictive analytics, risk management, understand preferences to tailor digital content, and to ensure increased productivity and efficiency across product and service offerings.
You do not need to provide us with the information described in this Privacy Statement, or other information we may request. However, if you do not provide this information, we may not be able to provide you with the products or services you have requested.
If you are a proposed guarantor, we collect your personal information in order to assess you as a guarantor, take a guarantee from you and administer that guarantee. If you do not provide all the information we request, we may be unable to accept you as a guarantor.
Who we may provide your information to
We may disclose your personal information to other members of the Westpac Group, anyone we engage to do something on our behalf, lenders mortgage insurers, your broker or any other person acting on your behalf, other loan parties, and other organisations that assist us with our business.
- how you can access the personal information we hold about you and ask for it to be corrected;
- how you may complain about a breach of the Australian Privacy Principles or a registered privacy code and how we will deal with your complaint; and
- how we collect, hold, use and disclose your personal information in more detail.
Credit information is personal information that has a bearing on credit that has been provided to you or that you have applied for. This includes credit for personal, domestic or household purposes and credit in connection with a business. It can also cover information about you as a guarantor of a loan or as an insured party under a credit related insurance policy. We may collect, use and disclose credit information about you or your business to process the application, provide the product or service, manage the product or service or manage our credit relationship with you. We may:
- obtain consumer credit information about you from a credit reporting body to enable us to assess your creditworthiness;
- obtain information about your commercial activities or commercial creditworthiness from a business which provides information about commercial creditworthiness;
- exchange personal information and credit information about you with other credit providers to assess your application and creditworthiness and to notify them of any defaults by you;
- disclose credit information and other personal information held by Westpac Group about you to a guarantor or to a proposed guarantor for the purpose of them considering whether to offer to act as guarantor, as required by the Australian Banking Association's Banking Code of Practice or otherwise as permitted by law;
- give or obtain a banker's opinion about you; or
- If you are a proposed guarantor, obtain credit reporting information about you from a credit reporting body for the purpose of assessing whether to accept you as a guarantor.
To ensure we are meeting our requirements, to allow the most up-to-date information to be considered as part of the application process, or to manage our credit relationship with you we may do any or all of these things on one or more occasions. If you have made your application or have been introduced to us through a broker, we may exchange credit information and other personal information about you with them. We may also communicate with them directly in relation to your application instead of communicating with you.
The privacy page of our website westpac.com.au/privacy includes a “Statement of Notifiable Matters”. These are matters you should be aware of in relation to the use and disclosure of your credit information. This statement includes:
- details of the credit reporting bodies to which we are likely to disclose your credit information, the types of credit information we may give them and how this information will be used;
- your rights over your credit information, including how you can access and correct your information and make complaints;
- your rights to direct a credit reporting body to limit the use of your information for direct marketing purposes and what protections are available if you believe you are a victim of fraud;
- and information about our Credit Reporting Policy.
For customers located in the European Union
The General Data Protection Regulation (GDPR) regulates the collection, use, disclosure, or other processing of personal data under European Union (EU) law. Our collection, use, disclosure, and other processing of your personal data may also be regulated by the GDPR. Please refer to our EU Data Protection Policy on our website at westpac.com.au/privacy/eu-data-protection-policy for information about how we manage your personal data under the GDPR. The EU Data Protection Policy also forms part of this Privacy Statement.
Other acknowledgements and consents
Where you have provided information about another individual, you must make them aware of that fact and the contents of this Privacy Statement. We may confirm the details of the information provided in this application, which includes contacting your employer (if applicable) to confirm salary, address or other personal details. Your application is not an offer or acceptance of credit.
Our reporting obligations
We are required under domestic and international laws to collect and report financial and account information relating to individuals and organisations that are, or may be, foreign tax residents. We may ask you whether you or any shareholder, beneficiary, settlor or controlling person are a foreign tax resident from time to time, such as when you open an account with us, or if your circumstances change. If you do not provide this information to us we may be required to limit the services we provide to you.
Unless you tell us otherwise, by completing any application, you certify that any shareholder, named beneficiary, settlor or controlling person is not a foreign tax resident. You must tell us if you, or any shareholder, named beneficiary, settlor or controlling person is, or becomes, a foreign tax resident (unless an exemption applies, such as for shareholders of listed companies). Where there are no named beneficiaries (e.g. for beneficiaries identified only as a class) you must tell us if a beneficiary is a foreign tax resident immediately when any decision is made to identify and make a distribution to them. You may contact us to provide foreign tax residence information by calling 1300 725 863. We cannot give tax advice, so please contact your independent tax advisor if you need help finding out whether any person is a foreign tax resident.
You agree to receive any communications from us via electronic means. By agreeing to this you acknowledge:
- You may not receive further paper documents;
- You must check the email address you provide regularly for further notices and communication; and
- That you can withdraw this consent at any time.
- If you want to withdraw your consent to receiving any communication by electronic means, please contact us on 132 142.
Information about other products and services
We will use or disclose your personal information to contact you or send you information about other products and services offered by the Westpac Group or its preferred suppliers. Please call us on 132 032 or visit any of our branches if you do not wish to receive marketing communications from us.