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Financial Verification Terms

1. Background

As part of your application, we will attempt to verify your stated income via digital means. To do so, we may use the following third parties:

a. Mogo, to collect your income information via the separate financial institution into which your income is paid (“Account Information Collection”).

b. Equifax, to obtain your income via your employer (or payroll or other service providers who might act on behalf of your employers) (“Equifax Service”).

We will use these third parties if we are unable to verify your income via accounts you hold with us (for example, your Westpac transaction account). See section 5 below for more information about each service.

2. Consent

In relation to:

a. Account Information Collection: If you agree to use this method, you consent to our service provider, Mogo, collecting account and transaction information for accounts with your selected financial institution for which information can be accessed through the financial institution’s online services.

b. The Equifax Service: You consent to our service provider, Equifax Verification Exchange®, collecting, using and disclosing your personal information in accordance with its Verification Exchange Collection Statement, to your employer(s) (or to payroll or other service providers who might act on behalf of your employers) to identify you; and to collecting and using your employment income, history and related information from such parties to allow us to attempt to verify your employment income and employment information.

3. Purpose

We agree to only use the account and transaction information collected through Account Information Collection or the Equifax Service to attempt to:

  • In relation to Account Information Collection, identify the accounts for which information can be accessed through your financial institution’s online services (so that you can nominate the accounts into which your income is credited); and
  • In relation to Account Information Collection and the Equifax Service, utilise information about your income, expenses, liabilities and/or employment status as part of assessing your eligibility to obtain credit from us; and/or prepopulate information into future credit applications you may make.

4. Account Information Collection - other financial institution terms and conditions

When establishing accounts with your other financial institution and using the online services they provide, you may have agreed to one or more sets of terms and conditions. These terms and conditions could relate to the particular accounts you have with the other financial institution or the use of their website or online services. These other financial institution terms and conditions may contain provisions relevant to you permitting us to engage in Account Information Collection.

You should check these other financial institution terms and conditions to ensure that you do not breach them by permitting us to engage in Account Information Collection.

5. Service providers – more information

Account Information Collection

With your permission, your income data will be collected by Mogo, which gives us one-time secure access to your transactional bank account so we can automatically verify your income information (via your regular income deposits). We will ensure that they do not retain any of your personal information as a result of providing services to us in connection with Account Information Collection.

To learn more about how this data is collected, held and used, refer to Mogo’s Privacy Policy and Terms of Use

The Equifax Service

If we make use of the Equifax Service to verify your income, we will provide some of your personal details to Equifax (comprising your name, date of birth and post code), which is required by Equifax in order to make use of the Equifax Service.

For more information about the Equifax Service, including the extent to which Equifax may retain your personal information, please see Equifax’s Privacy Collection Statement.

6. Other applicable terms and conditions

These terms and conditions are in addition to the Westpac Online Banking – Terms and Conditions (PDF 1MB) and the terms and conditions for any product for which you are applying.

7. Limitations on our liability

We take no responsibility (and are not liable) for:

  • Account Information Collection not being possible or being delayed for any reason;
  • us not being able to utilise information about your income, expenses, liabilities or employment status by means of Account Information Collection or the Equifax Service for any reason;
  • you permitting us to engage in Account Information Collection resulting in you breaching any terms and conditions you have agreed with your other financial institution (refer to section 4).

8. Definitions

'We', 'our', 'us' means Westpac Banking Corporation ABN 33 007 457 141.