Notice of change

We’ve made changes to the Westpac Personal Loans General Conditions

We have made changes to the Westpac Personal Loan and Flexi Loan General Conditions to make them more concise and easier to understand.

Some administrative changes have also been made; these include:

Simplified the ‘variation’ clause so it is easier to understand what changes we can make to your contract and how we will notify you of those changes. In some circumstances, we may now notify you of a change by publishing a notice, for example on our website or our online banking app, or a combination of these means.
Clarified that, in certain scenarios, we will only consider your loan to be in default (for example where you do not comply with the law or breach certain conditions of the contract) if we reasonably believe the default has a “material impact”.
Added a “Tax Reporting Obligations” clause, which requires you to advise us if you or others are a foreign tax resident; and
Added our right to restrict use of the loan account where we reasonably suspect the use of the account has caused harm (including financial abuse) to another person.

Simplified the ‘variation’ clause so it is easier to understand what changes we can make to your contract and how we will notify you of those changes. In some circumstances, we may now notify you of a change by publishing a notice, for example on our website or our online banking app, or a combination of these means.
Simplified the description of how the loan operates; for example, the different types of “plans” available, how you can make withdrawals, and the order in which payments are applied to your loan.
Amended the “Tax Reporting Obligations” clause in relation to reporting foreign tax residency status to us; and
Added our right to restrict use of the loan account where we reasonably suspect the use of the account has caused harm (including financial abuse) to another person.

To access and download a copy of the updated General Conditions, please see below links:

For more information, please call us on 132 032 or visit in branch