Westpac Flexi Loan Terms & Conditions changes effective 3 August 2020.Further detail about the Flexi Loan Conditions of Use (terms and conditions) changes is outlined below:

• We are limiting the circumstances where we can decline authorisation for any withdrawal request on your Flexi Loan. After the changes, we will only be able to do so where:

− the Credit Limit would be exceeded; − there are overdue amounts payable on your Flexi Loan account; or

− to protect you or us from fraud, or to manage our regulatory risk.

• We are limiting the circumstances that give rise to a default or allow us to terminate your contract to the following:

− failing to make payments on time; − failing to comply with the law, where that has a material impact;

− giving us materially incorrect or misleading information, where that has a material impact;

− using amounts lent under your Flexi Loan in breach of clause 4.3 (i.e. purposes other than personal, domestic or household purposes, or for unlawful purposes), where that has a material impact;

− we believe on reasonable grounds that you have acted fraudulently in connection with the contract, where that has a material impact; and

− bankruptcy/entering into arrangements with creditors. • We are providing more information about the consequences of default and the process that may be followed when you are in default.

• We are limiting the circumstances in which we can change your contract without your consent to the following:

− The following types of change that apply to a class of customer or product type or feature: • annual percentage rate; • the way we calculate interest or debit it; • the payments you are required to make; • fees and charges; • reflecting changes in law/regulatory requirements; • transaction limits;

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• reflecting changes to our pricing; • reflecting changes to our business or technological systems;

• reflecting current industry or market practice or conditions;

• administrative changes or changes to correct a mistake or omission;

• changes we think you will benefit from; • changes that are reasonably necessary to protect our legitimate business interests.

− The following types of change that apply to you only: • reducing your credit limit (if you are in default; it is necessary to protect you or us from fraud; to manage our regulatory risk; we consider it reasonably necessary to assist you to meet your obligations under this contract or to manage our credit or security risk; or for our capital management purposes);

• reflecting changes to our risk associated with the contract;

• administrative change or changes to correct a mistake or omission;

• reflecting changes to our business or technological systems;

• reducing your obligations or giving you more time to pay us.

• We are clarifying how and when we notify you of different types of changes.

• We are removing our right to rely on a certificate stating the amount owing under the contract, or any other act, matter or thing relating to the contract, as sufficient evidence unless proven otherwise.

• We are limiting our right to terminate, cancel, suspend or block your Flexi Loan account without prior notice to situations where it is necessary to protect you or us from fraud; to manage our regulatory risk; we consider it reasonably necessary to assist you to meet your obligations under this contract or to manage our credit or security risk; or for our capital management purposes.

• We are clarifying that we cannot terminate the Flexi Loan account due to default if we are required to give you time to remedy the default and it is remedied within the relevant period.

These changes will take effect on 3 August 2020. This is a summary of the upcoming changes. The wording of the terms and conditions that will apply will be set out in updated terms and conditions that will be available at westpac.com.au/flexi-loan from 3 August 2020.