Changes to Westpac Terms & Conditions & notices.

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To reduce the risk of accidentally paying the wrong person and help protect you from potential scams, we're working together with the New Zealand banking industry to introduce a Confirmation of Payee service.

From December 2024, when making payments to New Zealand bank accounts in Westpac One® digital banking, the service will check the account holder name you enter against the account holder name of the bank account you’re paying into. When sharing your account details, make sure the person paying you has the correct account holder name and number.

The service will be rolled out gradually over the coming months so this means it’ll be live for customers at different times.

Find out more about confirmation of payee. 

From 25 November 2024, we’re making changes to our General Terms and Conditions to clarify and update some parts, including:

• In relation to payments you make, clarifying that sometimes we may be able to check the account holder name against the account number you’ve entered and let you know if they match, or not. We’ll let you know if we can provide this service, and you should consider the response carefully before making the payment. You can learn more at westpac.co.nz/confirmationofpayee (clause 10.8);
• Clarifying what we mean by an unarranged overdraft (clause 11.1); and
• Clarifying that the information you will see on your statement will reflect the transactions that have been processed up to the statement date (clause 20.2).

Read the new General Terms and Conditions that apply from 25 November 2024.

From 30 November 2024, you’ll no longer be able to add a new payee in our phone banking service.  You can still make payments to any payees you have loaded previously.

You’ll be able to set up new payees and make payments securely using Westpac One® digital banking. Here’s how to add and edit a payee in Westpac One.

This change ties in with the upcoming launch of the Confirmation of Payee service. This service will assist you to check the account holder name you enter against the account holder name of the bank account you’re paying into, when making payments to New Zealand bank accounts in Westpac One digital banking. Learn more about this new Confirmation of Payee service. 

If you haven’t set up Westpac One yet, you can do so by calling us at 0800 400 600, selecting option 6, weekdays from 7am to 8pm and weekends from 8am to 5pm.

From 5 November 2024, the hotpoints conversion rates will be changing to one consistent rate for hotpoints Pay® and contributions to the Westpac KiwiSaver Scheme. The number of points required for any other reward (i.e. gift cards, hotpoints store and Westpac Rescue Helicopter donations) are also being updated to align to this new conversion rate.

Current Rates

Vary by redemption method.

Current conversion rates or points required to redeem specific rewards can be viewed on via the link for Terms and Conditions below.

New Rate (from 5 November 2024)

For all redemption methods: 1 hotpoint is worth $0.00494 NZD

For example, 20,243 hotpoints = $100 NZD

Why we are making this change?

To simplify our products and processes, including the hotpoints programme, making them easier to understand for our customers.

hotpoints terms and conditions apply.
hotpoints and hotpoints Pay are registered trademarks of Westpac Banking Corporation

From 22 October 2024, we are updating our Credit Card and Debit Card Conditions of Use.

The changes impact the following documents:
Westpac hotpoints® Credit Card Conditions of Use, Westpac Airpoints™ Credit Card Conditions of Use, Westpac BusinessPLUS Mastercard® Conditions of Use, Westpac Airpoints™ Business Mastercard® Conditions of Use, Westpac Business Mastercard® Conditions of Use, Westpac Business Prepaid Conditions of Use, Westpac Business Prepaid Gift Card Conditions of Use, Westpac Debit Mastercard®, Westpac Airpoints™ Debit Mastercard® Conditions of Use & Westpac EFTPOS Card Conditions of Use.

All references to a customer needing to sign their card have been removed. Westpac have updated the card designs, removing the signature panel on the card.

In relation to Westpac hotpoints® Credit Card Conditions of Use and Westpac Airpoints™ Credit Card Conditions of Use only, we have also clarified that Westpac may cancel a customer card due to it being used for transactions for business related purposes.

The updated versions will be available on 22 October 2024.

From 30 August 2024 changes to the CashNav terms & conditions will take effect.

These minor changes include:

• updating the title and link to Westpac’s Privacy Policy; and
• updating the way we talk about digital banking.

The new version will be available 30 August 2024.

In August 2024, we’re upgrading our banking system for Foreign Currency Accounts.

• New statements: Statements will have a new refreshed look, which will make it easier for you to understand your account activity. You will be posted a statement whether you have made a transaction on your account or not. Your statement frequency will remain unchanged, and no statement fees will be charged.

When the system upgrade happens:

• On the first business day after the system upgrade, you will be posted a closing statement and an opening statement
• In the month that these changes occur, you will see two interest transactions, the first on the day of the system upgrade (accrued interest up to this day), and the second on the last business day of the month (for remaining accrued interest for the month)
• If you open a new Foreign Currency Account after 6 August 2024, the system upgrade and changes within this notice will also apply to this account.

We have written to Foreign Currency Account customers about these changes, however if you have any queries please contact us on 0800 400 600, weekdays between 8am to 5pm. Alternatively, visit your local branch.

From 2 September 2024, we’re making changes to our General Terms and Conditions to clarify and update some parts, including:

• Clarifying the permitted use of digital banking IDs and passwords (clause 2.1);
• Removing reference to the example used when we can change or restrict the accounts you can access digitally (clause 2.2);
• Clarifying the actions that we may take when we become aware that a customer who is an entity has ceased to exist, such as a New Zealand company that has been removed from the Companies Register (clause 3.2);  
• Adding wording to specify that we may take action without letting you know, in circumstances where we reasonably believe it is appropriate to keep you, your account or anyone who may have a claim against the account safe (clause 3.5);
• In relation to joint accounts:
  • clarifying that we are able to share information about the account with any of the account holders and that where we give any notice or disclosure we are treated as having given that to all account holders (clause 5.2); and
  • including an example of an instruction that could be given by an account holder on behalf of all account holders (clause 5.3);
• Clarifying that where the terms give us the right to choose how we handle an issue, when we act in a fair and reasonable way, we’ll do this by having regard to both your and our respective business interests and circumstances at the time (clause 19.5); and
• Clarifying that, if you have digital banking, you consent to us giving you information about your accounts, such as account statements in electronic form. We have also clarified when we will continue to provide you with paper account statements (clause 20.2).

Read the new General Terms and Conditions from 2 September 2024.

We've started changing the way we talk about digital banking to make it easier to know if we are talking about the Westpac One app, online banking or our website.

Previously, we used Westpac One® online banking to refer to all of Westpac’s online banking platforms. We will now use the following words:

• Westpac One app – banking using our Westpac One app that can be downloaded from the Apple or Google Play stores on your smartphone or tablet.
• Westpac One online banking – banking using an internet browser from any device, for example on your laptop, computer, smartphone, or tablet. If you are not using the Westpac One app on your smartphone or tablet, then you will be using Westpac One online banking.
• Digital banking – doing your banking with Westpac One online banking through an internet browser, or through the Westpac One app. This is our ‘all-encompassing’ term that covers both Westpac One app use, and banking using an internet browser.
• westpac.co.nz – Westpac’s public website, for information about our products and services.

You’ll see us using this new wording in communications you receive from us and on our public website. These changes will be made by the end of September 2024.

We’ll also be changing how we refer to digital banking in existing documents including:  

• General Terms and Conditions
• Westpac One app terms and conditions
• Privacy Policy
• Website Terms of Use.

We’ll tell you at least 30 days before making the changes in these documents.

From 18 April 2024 changes to the Westpac Privacy Policy will take effect. These changes include updating the personal information that we may collect in relation to the use of our digital banking services.

The new version will be available 18 April 2024.

From 29 April, we're updating the business and consumer card terms and conditions, making them clearer and easier to understand. It's important to note that the new documents will have a different style compared to the old ones, so we recommend taking the time to carefully read through them.

The updates include:

1. The use of everyday language
2. Providing clearer definitions for specific banking terms
3. Removing unnecessary operational details
4. Including clear examples and links for more information as needed.

Other key changes you'll notice.

For business cards:

• We have more clearly identified those specific terms cardholders are required to comply with
• Interest calculation has been more clearly defined in the Conditions of Use document
• Provisions in the Conditions of Use about sharing information with us and third parties to assess financial crime have been clarified
• Both yours and Westpac’s cancellation rights have been further clarified to make it simpler to understand
• Notice period for withdrawal of the Business Mastercard and Smart Data products has changed from 14 days to 30 days.

For consumer cards:

• We have updated sections relating to what we and you will and won’t be liable for to make things clearer
• We have introduced changes to clarify that where our discretion is applied, we will act in a fair and reasonable manner
• The Westpac Business Plus Mastercard and Westpac Airpoints Business Mastercard have been separated from the Westpac Hotpoint Credit Card Conditions of Use and Westpac Airpoints Credit Card Conditions of use. The terms relating to these products are now presented in their own standalone Conditions of Use documents
• We have amalgamated the Hotpoint World Mastercard and Airpoints World Mastercard terms and conditions into the General Conditions of Use and the Airpoints Conditions of use respectively
• We have increased the notice periods for changes we make to your terms from 14 days to 30 days where this is reasonably practical
• There have been changes to your rights and the processes surrounding disputing transactions, including the time you have to dispute a transaction. These changes include increasing the time for you to dispute a transaction from 30 days to up to 90 days, clarifying the information required to make a dispute, and the removal of any fee being charged for a disputed transaction
• We have clarified that when you are reissued with a card prior to the end of its expiration date, the existing PIN will be transferred to your new card automatically
• We have confirmed within our transaction disputes process that you cannot dispute a transaction that is undertaken by inserting or swiping your EFTPOS card in a card terminal in New Zealand, except where fraud has occurred
• We have further explained the different stages of our complaints process and updated our terms, confirming that we’ll acknowledge we’ve received your complaint within five business days
• We have also taken the opportunity to incorporate the terms of the Customer Commitment for credit cards, so this document has now been removed.

Below is the list of all documents that will be updated and take effect from 29 April 2024.

Business cards:

• Business Mastercard Conditions of Use
• Business Mastercard Account Holder Application 
• Business Mastercard Cardholder Application
• Business Prepaid Mastercard Application Form 
• Business Prepaid ATM Claim Form 
• Business Prepaid Transaction Dispute Form 
• Data Feed Form)
• Smart Data Enrolment Form 
• Business Information Update Form 
• Westpac Go To Pay Terms and Conditions
• Westpac Go to Pay – Primary Account Application Form 
• Business Prepaid Credit Cardholder – Conditions of Use
• Westpac Gift Card – Conditions of Use

Consumer cards:

• Credit Card Application 
• Airpoints Debit Mastercard and Transaction Account Application
• Application for Westpac Debit Mastercard Form
• Balance Transfer Application Form and Terms and Conditions
• Career Starter Application
• Tertiary Account Application
• Graduate Account Application
• Consumer Information Update Form
• Fee Free Mastercard Conditions of Use
• Hotpoint Credit Cards Conditions of Use
• Airpoints Credit Card Conditions of Use
• Business PLUS Credit Card Conditions of Use 
• Airpoints Business Credit Card Conditions of Use 
• Debit Mastercard & Airpoints Debit Mastercard Conditions of Use
• Google Pay Terms & Conditions
• Apple Pay Terms & Conditions
• Transaction and service fees

If you have any questions, please contact us on 0800 400 600, weekdays between 8am to 5pm. Alternatively, visit your local branch.

From 22 April 2024, we're updating our EFTPOS Card Conditions of Use to make them clearer and easier to understand. The new document will read differently, so we recommend you read it carefully.

Here's a copy of the new EFTPOS Card Conditions of Use.

The updates include:

• The use of everyday language
• More clarity on specific banking terminology and its definitions
• Clear examples and links to more information where required.

We are moving our customers’ business banking from Business Online to our new online business banking platform, Westpac One Business®. This notice is to customers who have provided us with a third party access authority requesting that their bank accounts are accessible in Business Online by another organisation.

From 6 April 2024, we will transfer the terms and conditions of that Business Online third party access authority across to Westpac One Business, and will act on any instructions received through Westpac One Business under the terms of that authority, to allow for the same level of access to continue on the new banking platform.

If, for any reason, you wish to revoke your authorisation for another organisation to access your accounts through Business Online, contact us on 0800 635 635 or WestpacOneBusinessMigration@westpac.co.nz, 8:30am to 5:00pm on weekdays.

From 1 February 2023, our Conditions of Use for the Westpac Fee Free Mastercard will be updated to remove references to an urgent application charge and to the signing of a Westpac Fee Free card.

From 1 February 2023 we are updating our Credit Card and Debit Card Conditions of Use.  The changes will be made, as applicable, across the following documents:  Westpac hotpoints® Credit Card Conditions of Use, Westpac hotpoints® World Mastercard® Conditions of Use, Westpac Airpoints™ Credit Card Conditions of Use, Westpac Airpoints World Mastercard® Conditions of Use and Westpac Debit Mastercard® & Westpac Airpoints™ Debit Mastercard® Conditions of Use.

Amendments have been made to the following sections:

Westpac hotpoints Credit Card Conditions of Use, Westpac hotpoints World Mastercard Conditions of Use, Westpac Airpoints Credit Card Conditions of Use and Westpac Airpoints World Mastercard Conditions of Use

- Mastercard® cards

• To remove reference to the Low Rate Mastercard and clarify the accounts the Conditions of Use apply to (in the case of the Westpac hotpoints Credit Card Conditions of Use only)
• To clarify the purpose of each account and that activation of a Westpac credit card will constitute acceptance of the documents and sections that make up the credit card agreement

- Definitions

• To remove references to the Low Rate Mastercard and the Portfolio Gold Mastercard (in the case of the Westpac hotpoints Credit Card Conditions of Use only)
• To tidy-up existing definitions
• To clarify that topping up value on rechargeable gift cards or prepaid cards will constitute a quasi cash transaction
• To introduce a definition of Westpac One®, online banking

Other minor amendments have been made to remove references to “facsimile” and “principal cardholder” and to the following sections:

• Selecting your PIN
• Liability for transactions charged to your account
• Transaction requirements
• Additional cardholders
• When is interest charged
• Fees and charges
• Cancellation and closure.

Priority Pass Card terms and conditions

• To delete reference to an “additional card” on the account (in the case of the Westpac hotpoints World Mastercard Account Conditions of Use and Westpac Airpoints World Mastercard Account Conditions of Use only)

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Westpac Debit Mastercard and Airpoints Debit Mastercard Conditions of Use

- Under our Conditions of Use you are required:

• To clarify the documents and sections that make up the card agreement.

- Terms & Conditions set by third parties

• To clarify when any service benefit(s) that are associated with the use of a card or other payment instrument by a third party may be withdrawn by Westpac

Other minor amendments have been made to remove references to “facsimile” and to the following sections:

• Selecting your PIN
• Liability for losses which result from lost/stolen cards/PINs
• Liability for transactions charged to your account
• What to do if you have a complaint

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Westpac hotpoints Credit Card Conditions of Use and Westpac hotpoints World Mastercard Conditions of Use

hotpoints Terms and Conditions

- Earning hotpoints

• To clarify how and when hotpoints can be earned
• To clarify that domestic and international spend (when converted into New Zealand dollars) attract the same earn rates
• To remove the cap on the accounts where the amount of eligible spend that can earn hotpoints is $60,000 per month
• To introduce a new tiered earn rate structure for the earning of hotpoints (in the case of the Westpac hotpoints Mastercard, Westpac hotpoints Platinum Mastercard and Westpac hotpoints World Mastercard accounts)
• To update and clarify those transactions which are not eligible to earn hotpoints “excluded transactions”
• To provide additional information about what happens to hotpoints earned when a purchase is refunded or reversed.

- Expiration of hotpoints

• To clarify the term hotpoints will be valid for.

- Redeeming your hotpoints

• To clarify that only joint cardholders are able to redeem hotpoints.

- hotpoints Pay®

• To clarify that “excluded transactions” will not constitute qualifying purchases.

- Additional cards

• To clarify that additional cards on an account are subject to the hotpoints Terms and Conditions.

- Cancellation

• To clarify what happens to hotpoints earned and hotpoints membership upon cancellation of a card by a cardholder or Westpac.

- Definitions

• To tidy-up existing definitions and insert a definition of each of “eligible spend” and “excluded transactions”.

Other minor amendments have been made including so as to remove references to “principal cardholder” and to update references to “hotpoints credit card” and “account”.

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Westpac Airpoints Credit Card Conditions of Use, Westpac Airpoints World Mastercard Conditions of Use and Westpac Debit Mastercard & Airpoints Debit Mastercard Conditions of Use 

Westpac Airpoints terms and conditions

- Earning Airpoints Dollars

• To clarify how and when Airpoints Dollars can be earned
• To clarify that domestic and international spend (when converted into New Zealand dollars) attract the same earn rates
• To remove the cap on the amount of eligible spend that can earn Airpoints Dollars of $60,000 per month
• To introduce a new tiered earn rate structure for the earning of Airpoints Dollars (in the case of the Westpac Airpoints Mastercard, Westpac Airpoints Platinum Mastercard and Westpac Airpoints World Mastercard accounts)
• To update and clarify those transactions which are not eligible to earn Airpoints Dollars
• To provide additional information about what happens to Airpoints Dollars earned when a purchase is refunded or reversed

-  Status Points

• To remove the cap on the amount of eligible spend that can earn Status Points of $60,000 per month.

- Cancellation

• To clarify that Airpoints Dollars will not be earned from the time of cancellation of a card by a cardholder or Westpac.

- Definitions

• To tidy-up existing definitions and insert a definition of each of “eligible spend” and “excluded transactions”.

Other minor amendments have been made including so as to remove references to “principal cardholder” (in the case of the Westpac Airpoints Credit Card Conditions of Use and Westpac Airpoints World Mastercard Account Conditions of Use only) and update references to “nominated earner”.

These changes apply to new and existing customers

Mastercard® is a registered trademark and the circles design is a trademark of Mastercard international incorporated. Airpoints™ and Airpoints Dollars™ are registered trademarks of Air New Zealand Limited. hotpoints® and hotpoints Pay® are registered trademarks of Westpac Banking Corporation. Westpac New Zealand Limited.

From 17 December we will be simplifying the credit interest rate structure on the below products by combining the different balance tiers which have the same interest rate. As part of this amendment the advertised rates will not change.

• Business Interest Accounts will change from six different balance tiers to one single interest rate for all balances.
• Online Saver Accounts will change from four different balance tiers to a single interest rate for all balances.
• Non-Profit Organisation Accounts will change from four different balance tiers to two balance tiers of balance less than $5,000 and balance $5,000 and over.

On 30 August 2022, we made a minor update to our Conditions of Use for the Westpac Airports World Mastercard to make sure it is clear when interest is charged on purchases by bolding and including a square bracket around the following statement:

“Otherwise, you will be charged interest on the daily balance of each purchase in that statement, from the date of purchase until payment of that purchase is made in full” 

View the full updated Conditions of Use. 

From 1 December 2022, we’re removing any new fee waivers for the following products:

• BusinessPLUS Mastercard if a hotpoints Platinum Mastercard is open
• Airpoints Business Mastercard, if Airpoints Platinum Mastercard is open.

Customers who currently have these fee waivers in place will continue to receive this benefit.

From 27 October 2022, our Low Rate Mastercard® is changing:

• New name - Westpac Fee Free Mastercard®.
• Removal of foreign currency fee – currently 1.95% of the transaction amount which applies when the card is used overseas or to make international purchases online.

The Low Rate Mastercard® will have new and separate Conditions of Use entitled, ‘Westpac Fee Free Mastercard® Conditions of Use’ which will apply and be available at westpac.co.nz or from any Westpac branch from 27 October 2022. The Westpac Fee Free Mastercard® Conditions of Use have been pulled out of the ‘Westpac Credit Card Conditions of Use’, with amendments made to the following sections:

Mastercard® cards

• To clarify the purpose of a Westpac Fee Free Mastercard account and that activation will constitute acceptance of the documents and sections that make up the credit card agreement

Receiving and signing your card

• To remove the reference to the requirement to sign a card immediately upon receiving it and prior to use

Acceptance and limitations

• To remove the reference to the foreign currency fee

Charges

• To remove the reference to the annual account fee or joint/additional cardholder fee being reversed or refunded, as appropriate
• To remove references to the annual or half yearly account charge and the joint/additional card charges
• To remove the reference to the foreign currency conversion fee

Cancellation and closure

• To remove references to the annual account fee or joint/additional cardholder fee being reversed or refunded, as appropriate
• To clarify what happens when a cardholder and/or a joint cardholder cancels their card

Definitions

• To tidy-up existing definitions
• To clarify that topping up value on rechargeable gift cards or prepaid cards will constitute a quasi cash transaction
• To introduce a definition of Westpac One®, online banking

Other minor amendments have been made to remove references to “facsimile”, “principal cardholder” and “fees” and to the following sections:

These changes apply to new and existing customers.

Mastercard® is a registered trademark and the circles design is a trademark of Mastercard International Incorporated.

The interest rates on our Non-Profit Organisation (Schools) accounts changed on 24 August 2022. This change applies to existing accounts held by schools who were receiving the old rates below and to any new accounts opened.

The current interest rates for our Non-Profit Organisation account can be found here, which will apply to accounts for schools from the above date.

If you have any questions, please contact our Support for Schools team on 0800 105 896, 8:30am to 4:30pm weekdays. Alternatively email support_for_schools@westpac.co.nz.

You can get a copy of the current disclosure statement for Westpac New Zealand Limited from any Westpac branch in New Zealand free of charge. Interest rates quoted are subject to change. The above rates are not available to financial institutions. Full details of the terms and conditions are available from any Westpac branch in New Zealand. Interest is calculated on your daily balance, and is paid (less withholding tax) into your account on the last business day of each month.

From 15 September 2022 we are removing some of our fees for home loans, personal loans and personal overdrafts.

These are the products that we're removing fees from:

#A prepayment cost may apply as described in the loan agreement.

 You can view all our fees in the documents below: 

Transaction and service fee brochure

Business transaction and service fee brochure

From 16 August 2022, we’re introducing a set of commitments that describe how we will exercise our rights and discretions in relation to some aspects of merchant contracts that you enter into with us.

A copy of the new Customer Commitment for merchants is contained within the Merchant Credit Card Facility Agreement (MCCFA).

From 16 August 2022, we are introducing a set of commitments that describe how we will exercise our rights and discretions in relation to some aspects of certain contracts that you enter with us.

Customer Commitment.

This Customer Commitment describes how we’ll exercise our rights and discretions in relation to some aspects of certain contracts you enter into with us. When we refer to “we”, “us” or “our” in this Customer Commitment, we are referring to Westpac New Zealand Limited.

This Customer Commitment applies if your contract is a “standard form consumer contract” or a “standard form small trade contract” for the purposes of the Fair Trading Act 1986. This means it will not apply to your contract if:

• the contract was subject to effective negotiation between you and us; or
• you are a business customer and the total amount of consideration payable to us in any annual period under the contract is $250,000 or more (this includes consideration payable under the relevant contract as well as any other contract with us on the same or substantially similar terms).

Please contact us if you have any questions about whether this Customer Commitment applies to a contract with you. 

Some parts of this Customer Commitment may not apply to all of the terms of your contract – see section “When do these additional commitments not apply” for further information.

The commitments in this section will also not apply to any document that expressly states that they will not apply.

This Customer Commitment is a commitment regarding our conduct - it is separate from the General Terms and Conditions and does not form part of any individual contract.

General Commitment.

When we do anything under your contract, including where you ask us to do something, we’ll act in a reasonable and fair way. We’ll do this by having regard to both your and our respective business interests and circumstances at the time. 

Specific Commitments.

Entire Agreement Clauses

We won’t rely on clauses that limit our agreement with you to the written contract. This means statements we make to you (including verbal statements) can form part of our agreement if that is clearly intended.

Indemnity Clauses

If something goes wrong, we’ll limit the kinds of loss we’ll ask you to cover under indemnity clauses:

• Unless losses are caused by you or your employees, contractors or agents acting fraudulently, either alone or together with any other person, we’ll only look to recover losses that are a direct result of the matters covered by any indemnities that you have given us under our contract with you.
• We’ll not rely on indemnities to claim losses which arise from the fraud, negligence or wilful misconduct of:
  • us, our employees, contractors or agents (unless you introduced us to that agent) or those of our related entities’; or
  • any receiver we appoint.

Unilateral variation clauses

We’ll change how we use unilateral variation clauses. These are clauses that allow us to make changes to your contracts without your agreement. This commitment in relation to unilateral variation clauses does not affect our rights to withdraw products or services or transfer products or services.

Changes we can make

We’ll still be able to make the following types of changes in accordance with the terms of your contract:

• changes for reasons outside of our control (for example changes required to comply with law, a code of practice, a regulator’s requirements or guidance or decisions of courts or other dispute resolution processes or changes driven by our suppliers or other third parties or for sustainability reasons) and
• changes to financial terms such as margins, interest rates, payments, repayments, fees and charges (including introducing new ones), how we calculate financial terms and when we charge them, as well as changes to non-monetary benefits.

If we want to change other terms of your contract, we’ll only do so in the following circumstances:

• the change is for security reasons (including to protect against fraud or suspected fraud)
• we reasonably consider you’ll benefit from the change
• it’s administrative or minor, or corrects a mistake or omission
• it reflects changes to our business or technological systems
• to reflect improvements to the product and/or service
• to enable changes that are reasonably necessary for Westpac's legitimate business purposes
• it’s not specific to you but is made generally to similar products or services, product or services features, or customers – this may include changes to reflect current industry or market products or services or conditions

When we make changes, we’ll act fairly and reasonably towards you. Also, nothing in this section gives us the right to make changes that we would otherwise not have been entitled to make.

Notice of changes

We’ll generally give you at least 30 days’ notice of changes. 

However, we may give you less than 30 days’ notice, notice after the change takes effect, or no notice if it’s reasonable to do so, in relation to the following types of changes:

• changes that are out of our control
• changes to pricing (other than changes to a margin as outlined below)
• changes made only to your terms
• changes where specific laws set out when we may (or must) give you notice – including under the Credit Contracts and Consumer Finance Act 2003

We’ll give you at least 30 days’ notice if we change a margin if the change is only made to your margin and we consider it will be unfavourable to you.

Where there is a notice period specified in your contract, nothing in this section gives us the right to reduce that notice period.

What can trigger a default

Defaults relating to payment or insolvency are very serious and we won’t necessarily give you time to fix them. The exception to this is if you miss a payment because of a technical or administrative error – in these cases we’ll give you two business days to make the missed payment. This does not change the time for payment.

However for all other default events we’ll give you a reasonable time to fix them (if they are able to be fixed).

If you’re in default (unless you are in default because of non-payment or insolvency) we’ll only require early repayment of facilities provided for an agreed term or take enforcement action against you if we think it is reasonably necessary to protect our legitimate interests.

 We’ll also always comply with our obligations as a responsible lender in relation to consumer credit contracts.

Specific default clauses

We’ll exercise our rights in relation to some other default events in the following ways:

• If your agreement includes default events relating to the following circumstances:
  • information you have provided to us being incorrect or incomplete;
  • all or part of your agreement becoming illegal, invalid or unenforceable;
  • the performance of your obligations under your agreement being (or becoming) unlawful or being in breach of any obligation that you have;
  • a guarantor dying or ceasing to have full legal capacity, or giving notice to stop its obligations;
  • a court order being made that requires you or another entity (including a guarantor or any related company to you) to pay the debts of another entity.

We’ll only treat these as default events if the circumstances giving rise to the default are likely to materially increase our credit risk or give rise to a reputation risk.

• If your agreement includes default events relating to the following circumstances:
  • indebtedness to another creditor becoming due and payable;
  • another creditor taking enforcement action against your (or any guarantor’s) assets;
  • any security interest given to another creditor over your (or any guarantor’s) assets becoming enforceable;

We’ll only treat these as default events if the amount of the indebtedness or the value of the assets (as relevant) exceeds $20,000.

• If your agreement has a clause that states that it is a default event if you don’t comply with any obligation, we’ll only treat this non-compliance as a default event if the circumstances are likely to materially increase our credit risk or give rise to a reputation risk. Note that this does not apply if the circumstances are covered by a specific default event or default clause in your agreement or to any other default events referenced above in this section. It also does not apply if the circumstances giving rise to the default relate to:
  • use of loan funds for purposes that are not approved or agreed by us
  • you dealing with secured property improperly or without consent
  • a change in your beneficial ownership or control
  • failure to maintain insurance

We won’t rely on any clause that states that it is a default event if anything happens that has a “Material Adverse Effect” or a “Material Adverse Change”

In this section, “materially increasing our credit risk” means there is a material increase in the risk that:

• you or a guarantor might not comply with any of your or their financial obligations to us;
• we might not be able to fully recover from any secured property everything you or a guarantor owes us under contracts we have with you; or
• we’re unable to assess either of the things described above.

In this section, “reputation risk” means a material risk that we might not comply with law or a material risk to our reputation.

Use of “immediately”

Unless we want you to act “immediately” to protect us from a credit, reputation or other risk (including a risk to any secured property), we won’t require you to take certain actions “immediately” if it is not reasonably practicable.

For example, your agreement might state that whenever we ask you to do something in relation to property over which we have security, you agree to do it “immediately”. In such cases, (unless we want you to act to protect us from a credit, reputation or other risk) we will give you a reasonable time period to comply with any requests (having regard to your and our respective business interests and circumstances at the time).

“At any time”

Unless we’re acting to protect ourselves from a credit, reputation or other risk (including a risk to any secured property), if we have the right to do something “at any time” or require you to act “at any time”, we will give you a reasonable period of notice or a reasonable period to act where it is practicable.

When do these additional commitments not apply?

“On demand” and other facilities

Some facilities such as overdrafts or lines of credit are repayable “on demand” or “on call” which means we can ask you to repay them at any time. This will continue to be the case.

If we have the right under any credit card agreement to cancel your agreement at any time without prior notice, this will continue to be the case.

If we’ve issued bank guarantees, letters of credit or similar instruments (or endorsed bills of exchange or similar) at your request, our rights in respect of those instruments, including rights to terminate our liability, stop issuing instruments or require reimbursement from you, are not affected by this section

These commitments will be published in our General Terms and Conditions and will apply from 16 August 2022. The above commitments do not apply if your contract with us is the Merchant Credit Card Facility Agreement. Similar commitments for our merchant customers will be published in the Merchant Credit Card Facility Agreement.

The Safe Custody Envelope service will be removed from Westpac branches on Friday 16 September 2022 and all agreements for the service will be terminated from that date.

Customers with Safe Custody envelopes held at a Westpac branch can collect their items before Friday 16 September 2022. Any envelopes not collected from our branches by 16 September 2022 will be relocated to our Safe Deposit Centre in Auckland.

If you have any questions, please contact us on 0800 400 600, 7am to 8pm weekdays and 8am to 5pm on weekends. Alternatively, visit your local branch.

Westpac’s General Terms and Conditions apply.

From 1 July 2022 minor changes to Westpac EU Data Protection Policy will take effect. 

The changes include:
When we share personal information with third parties some of those third parties may be subject to Binding Corporate Rules (BCRs) that enable them to share personal information outside of the EEA with members of their group on the terms set out in the BCRs.

The new version is available below: 
Westpac EU Data Protection Policy

From 6 July 2022 changes to Westpac Privacy Policy will take effect.

The changes include:

• Updating how we use your personal information to include the updating of your customer records with us
• Updating where we collect your personal information from to include regulatory and government agencies, such as Inland Revenue.

The new version will be available 6 July 2022.

Westpac Privacy Policy from July 6 2022 (PDF)

From 2 June 2022, minor changes to the Early Withdrawal Policies for term investments (Term Deposits and Term PIE) and Notice Saver will take effect.

The changes include:

• clarifying that other limited technical circumstances may qualify for an immediate withdrawal
• clarifying that 32 days' notice for term investments can be provided on the phone or in branch, as well as in writing

The new versions will be available from 2 June 2022:

• Early Withdrawls from Term Investments
• Early Withdrawls from Notice Saver

From 17 May 2022 the telegraphic transfer fee waiver for Westpac One payments to India and Brazil will cease. The standard outward telegraphic transfer fee of $10 will apply for payments via Westpac One.

From 7 April 2022, the Westpac Homesaver programme will no longer be available for new customers.

We will contact existing customers who are eligible for benefits and confirm how these changes may affect them.

If you have any questions, please call 0800 500 848, weekdays between 9am to 5pm.

Westpac terms and conditions including Westpac's General Terms and Conditions apply to Westpac's products, services, and package benefits. Westpac reserves the right to review and amend these benefits at any time (including the replacement or withdrawal of package benefits). Package discounts are not available in conjunction with other offers.

From 8 April 2022, we are updating the term sheets for the Westpac Cash PIE Fund, Westpac Notice Saver PIE Fund, and Westpac Term PIE Fund to reflect the following changes:

• We will provide investors in all Funds with at least 12 months’ notice in the unlikely event that the Funds are no longer required to invest in a Westpac deposit.
• We are removing Online Saver PIE from the Westpac Cash PIE Fund term sheet as it is now closed.

We have also clarified how Westpac’s Privacy Policy applies in each of the above term sheets, including the Westpac Term Deposit term sheet.

The new versions will be available from 8 April 2022:

• Westpac Cash PIE Fund term sheet
• Westpac Notice Saver Fund term sheet
• Westpac Term Deposit term sheet
• Westpac Term PIE term sheet

Edit: The date has been updated from 1 April 2022 to 8 April 2022.

Here’s what happened.
We have identified that some customers who signed up for Westpac New Zealand school leaver packages from February 2007 did not have the correct settings applied to some of their accounts, which meant they paid more than they should have in card fees and in fees and interest on their personal loans. We apologise for this error.

The impacted packages were Tertiary Pac (previously Student Pac), Career Starter Pac, Graduate Pac and International Student Pac (card fees only).

Here’s what we’re doing to fix it.
We advised the regulators after discovering the issue and have already completed refunding the customers who had the incorrect card fees applied on these packages. We’re now in the process of refunding those personal loan customers who were affected by the incorrect application of benefits, in accordance with the undertakings given to the regulators.

We’ve refunded the majority of impacted personal loan customers already. We are now writing to those customers who no longer have accounts with Westpac, at the last known address we have on file for them.

What you can do.
If you signed up to a Graduate Pac between 1 November 2008 and 12 September 2021, or a Tertiary Pac or Career Starter Pac between 1 December 2014 and 12 September 2021, took out a personal loan and believe you have been charged incorrectly but have not yet heard from us, please get in touch. Please email packagerem@westpac.co.nz

 Standard Cheque account.
The majority of these accounts will be transferred to a Business Transact account. Some exceptions for customer type will be moved to a Society Cheque account or Westpac Everyday.

Bearing Interest account.
The majority of these accounts will be transferred to a Business Interest account. Some exceptions for customer type will be moved to a Society Cheque account or Westpac Everyday.

Commercial Deposit account.
The majority of these accounts will be transferred to a Business Online Saver account. Some exceptions for customer use and type will be moved to a Business Interest account or Simple Saver.

Farm Deposit account.
The majority of these accounts will be transferred to a Business Online Saver account. Some exceptions for customer use and type will be moved to a Business Interest account or Simple Saver.

There’ll be no changes to your account number, and any debit and EFTPOS cards along with direct debits, automatic payments and overdrafts linked to your account will also remain in place. Westpac’s General Terms and Conditions will continue to apply to your new account type.

Standard Cheque and Bearing Interest were removed from sale in 2003. Commercial Deposit and Farm Deposit were removed from sale in 1997.

To understand more how this change will affect you we recommend you review the transaction and service fees brochure for each product that your account is being moved to. For the Society Cheque account please refer to fees for Non-profit organisation accounts and Solicitor Nominated Trust accounts in the Business transaction and service fees brochure. These brochures can be found here:

Transaction and service fees brochure

Business transaction and service fees brochure

If you would like to speak with someone regarding this change, please contact us on 0800 400 600.

From 4 December 2020, customers will no longer be able to request a fax to confirm their last ten transactions or order cheque and deposit books through phone banking. Foreign currency information will also no longer be available through the phone banking.

Customers can continue to access transaction information and statements using Westpac One^® Online Banking. It's easy, fast and safe, so you can bank whenever, wherever, 24/7.

If you would like to talk about the changes to phone banking, please call us on 0800 400 600 or+64 9 914 8026 between 7am – 8pm Monday to Friday, and 7am – 5pm Saturday and Sunday.

We’re updating the Transaction & Service Fees Brochure for personal banking with effect from 16 November 2020 to reflect the following:

• the removal of the phone banking fee which applied when more than 10 calls were made a month;
• the removal of fees relating to the Prepaid Express card and Westpac Earner account, as these products have been withdrawn;
• the removal of foreign cheque handling and bank drafts fees, as we are withdrawing these services;
• a clarification relating to the Choices Home Loan construction loan establishment and top-up fee; and
• clarifying that the hotpoints® Mastercard® additional/joint card fee is charged annually.

You can view the updated Transaction & Service Fees Brochure here.

International Bank Drafts will no longer be issued from 16 November 2020. If you wish to send a payment to an overseas beneficiary after the 16th November you can either remit funds by telegraphic transfer (more information) to the beneficiary’s account or see if they can accept a debit / credit card payment.

How interest free days are applied

As part of our mission to simplify our products and services, from 12 August 2020 we’re changing the eligibility of interest free days on your credit card account. If you have a balance transfer on your credit card, this change will benefit you most. You will not be charged interest on the purchases listed in your most current statement if you repay the statement closing balance, excluding the balance transfer amount, by the pay by date. Previously if you had a balance transfer on your credit card you were not entitled to interest free days on your purchases until you had repaid your full outstanding balances including the balance transfer amount.

See the When You Will Be Charged Interest section in the Conditions of Use applicable to your credit card below, effective from 12 August 2020.

If you need more information you can always come into any branch for a chat or contact us on 0800 888 111.

From 18 August 2020, we’re updating our General Terms and Conditions.

Interest rates

We are including more detail on how interest is calculated and paid on amounts owed by or to Westpac as well as where a customer can go to obtain information on how interest is applied to their accounts.

Privacy and information

We have made amendments to clarify that Westpac may collect, store, process, share and use information relating to customers which is not personal information. Such non-personal information may be collected, used and shared in accordance with Sections 1 and 2 of our current Privacy Policy.

Our updated General Terms and Conditions and existing Privacy Policy and are available below:

• General Terms and Conditions
• Privacy Policy

Effective 16 November 2020 we’re making changes to the way we handle the deposit of foreign cheques and bank drafts into Westpac accounts.

From 27 July 2020, Westpac Pay will no longer be available to download on the Google Play store.  Existing users can also no longer add a new card to Westpac Pay.

Westpac Pay will still be available to existing users of the app who have provisioned a Westpac Debit or Credit card.

We will be communicating to existing users of Westpac Pay about these changes, however any Westpac Pay customers with queries can call us on 0800 400 600.

Edit 24 July 2020: We have made a decision to hold the planned removal of Westpac Pay from the Google Play store. Westpac Pay customers will be informed if there is a change to their service.

From 26 July 2020, we are updating our Credit Card Conditions of Use. The changes will be made across the following documents: Westpac Credit Card Conditions of Use, Westpac World Mastercard® Account Conditions of Use, Westpac Airpoints™ Credit Card Conditions of Use, and Westpac Airpoints™ World Mastercard® Account Conditions of Use.

Minor amendments have been made to the following sections:

• Selecting your PIN – to include self-selecting your PIN online
• Payments (Effective date of payment and availability of credit) – to increase the cheque clearing period from three to five days.

The Liabilities section has been updated to clarify when a customer will not be protected from loss on their credit card or payment instrument in the event of its unauthorised use.

The hotpoints® terms and conditions have been updated to cater for the introduction of new features. The new terms will apply when these new features are launched.

The Concierge and Home Assist terms and conditions have been removed as these services will no longer be offered.

We are also updating the Westpac Debit Mastercard® & Westpac Airpoints™ Debit Mastercard® Conditions of Use and the above Credit Card Conditions of Use to reflect the removal of the Westpac PayTag® issuance fee.

We have also made minor amendments to the Card Cancellation or Change and Variation of Conditions of Use sections of the Debit Card Conditions of Use for consistency with our other conditions of use.

These changes apply to new and existing customers.

^{Mastercard is a registered trademark and the circles design is a trademark of Mastercard International Incorporated.}

^{Airpoints is a trademark of Air New Zealand Limited.}

^{hotpoints® is a registered trademark of Westpac Banking Corporation.}

^{Westpac PayTag is a registered trademark of Westpac Banking Corporation.}

From 30 June 2020 we’re updating our Westpac Prepaid Cards Conditions of Use. The Westpac Prepaid Express card was withdrawn from sale 1 September 2019, and from 2 June 2020, Westpac no longer supports the Westpac Prepaid Express card. Any outstanding accounts will be closed on 30 June 2020.

We have previously written to Prepaid Express card customers directly about these changes, however any Prepaid Express customers with queries can call us on 0800 400 600.

We’re continuing our process of simplifying our products and services to make them easier for you to use.

From Monday 8 October 2018 we’re making a change to our General Terms and Conditions. This change explains the process around when we would be able to move you onto a new account.

If there is a reason to move you, we will always contact you in advance to explain why and outline the details of the product or service we have selected for you. You will then have the opportunity to discuss this change and other options with us, prior to any move taking place.

The reasons we may move you are when:

• a product or service is no longer available, or
• you are no longer eligible for a product or service, or
• you’re current product might be adversely affecting you

We are also updating the Electronic Banking Terms to better reflect our current electronic banking functionality.

Want to know more? Visit the updated General Terms and Conditions now before they come into effect.

As part of our ongoing process to simplify our products and making them easier to use, we are making some new improvements.

From 28 September 2018, we are changing the name of the Notice Saver PIE account to Notice Saver and making some changes to the terms and conditions that apply to the Westpac Notice Saver PIE Fund (“Fund”). These are set out in the Westpac Notice Saver PIE Fund Term Sheet.

The key changes to the Term Sheet are:

1. Customers will be able to make withdrawals from their Fund account to any New Zealand bank account.
2. When customers submit a withdrawal notice, they will no longer receive a lower rate of return on the withdrawal amount.
3. In some instances we may not be able to meet the aim to offer returns that are higher than that for a term deposit. The term sheet has been amended to reflect this.
4. There will no longer be a minimum investment amount. However, if a customer’s account balance is $0 (being 0 units), they will not have an interest in the Fund.
5. When opening an account, the customer and any joint investor must notify us of their IRD number.

Please refer to the updated Westpac Notice Saver PIE Fund Term Sheet for further information.

International Service Fee

Effective 15th September 2018, the foreign cash buy fee will be charged. This fee will be $5.00 and is applicable when the bank purchase your foreign cash.

Please refer to the Transaction and Service Fees brochure or the Business Service and Transaction Fees brochure regarding specific fees for each account.

The Westpac One iOS App Terms and Conditions are changing, effective from App Version 11.2. The changes will relate to the use of biometrics to login to the application.

From 25 July 2018, we’re changing some of our credit card and lending fees.

This includes reducing the annual fee of the Low Rate Mastercard® to $25.00 (paid in two six month instalments of $12.50).

We’re also lowering the personal loan establishment fee from $250 to $100, and removing ATM fees for credit card cash advance withdrawals made at any New Zealand ATM.

You can see all the fee changes below.

Westpac Loan Cover and Westpac Flexicover

We no longer offer Westpac Loan Cover (personal loan insurance) and Westpac Flexicover (home loan insurance).

Effective from 30 June 2018, Westpac Life -NZ- Limited will no longer offer Westpac Loan Cover and Flexicover insurance. All existing Westpac Loan Cover and Flexicover policies are not affected by this change. However, should you restructure your loan, your policy may be cancelled.

We’re simplifying our transaction accounts, and changing some of the features of the Electronic Account.

From 12 June 2018, we’ll be changing the name of our ‘Electronic’ transaction account to the ‘Westpac Everyday‘ account, and the ‘Access’ and ‘Earner’ transaction accounts will no longer be available as a new account option.

Our customers who currently have Access and Earner accounts will not be affected, and their accounts will continue to operate as usual.

Changes to the Electronic account, renamed the Westpac Everyday account:

• The monthly account maintenance fee of $3.50 – currently waived for customers who choose to receive statements electronically – will be removed.
• If you choose to receive paperstatements you’ll now be charged a $1.50 paperstatement fee instead of the current monthly account maintenance fee. Receiving your statements electronically will continue to be free.
• The manual transaction fee of $3.00 per transaction – which covered manual deposits and manual withdrawals – will be replaced by a manual withdrawal fee of $2.50 per transaction. Manual withdrawals include cheques written and withdrawals over the counter. Manual deposits will be free. The manual withdrawal fee is capped at a maximum of $5.00 per month, per account.
• Anyone 65 years or older will now be eligible for a fee exemption on their Westpac Everyday accounts, which means they won’t pay the paper statement fee or manual withdrawal fee.*

Read more detail on these changes , visit the Westpac Everyday account or see our full transaction and service fees to learn more.

The other terms and conditions which applied to the Electronic account, including Westpac’s General Terms and Conditions, will continue to apply to the Westpac Everyday account.

^{*Note: Service fees will still apply}

We are making some changes to our General Terms and Conditions, Consumer Loan Terms and Conditions and the Conditions of Use that apply to Westpac credit cards, debit cards, express card and travel and prepaid card, effective as from 20 October 2016.

The key changes:

• we’ve created a new and separate Westpac Privacy Policy which is now available here at westpac.co.nz or at any Westpac branch;
• if we change our General Terms and Conditions, or the terms and conditions of Westpac’s services and products, we will give our customers at least 14 days notice in at least one of the following ways: on our website, in branch, within Westpac Online Banking, by public notice, in newspapers or by email or letter;
• in future Westpac Online Banking customers will receive electronic statements for their online transaction, savings and credit facility accounts, unless they elect to receive statements in paper form. Westpac will give advance notice to customers when paper statements will cease to be provided to them; and
• wording relating to Cheques and Direct debits sections of our General Terms and Conditions have been updated.

Our updated General Terms and Conditions, each of our updated Conditions of Use and our Consumer Loan documents are displayed below.

• Westpac General Terms and Conditions
• Westpac Credit Card Conditions of Use
• The World MasterCard Account Conditions of Use
• The Westpac Airpoints World MasterCard Account Conditions of Use
• Westpac Airpoints Credit Card Conditions of Use
• The Ultimate Credit Card Account Conditions of Use
• Westpac prepaid cards Conditions of Use
• Conditions of Use for Westpac Debit MasterCard and Westpac Airpoints Debit MasterCard
• Personal Loan Summary – Sample Personal Loan Terms and Conditions
• Overdraft Agreement – Sample
• Temporary Overdraft – Sample
• Choices Home Loan Summary – Sample
• Choices Home Loan Terms and Conditions
• Choices Everyday Home Loan Summary – Sample
• Choices Everyday Home Loan Terms and Conditions

From 3 June 2016 we’re making some changes to our Conditions of Use that apply to Westpac credit cards, debit cards, and travel & prepaid cards.

The key changes:

• Remove reference to specific daily transaction and ATM withdrawal limits in the conditions of use and including a reference that details of such limits are available here.
• Provide that following the closure of a hotpoints credit card, any unredeemed hotpoints will expire 10 business days from the date of closure of the hotpoints credit card account.

Our updated Conditions of Use that apply to Westpac credit cards, debit card, travel and prepaid card are below.

• Ultimate Credit Card Account Conditions of Use
• Westpac General Credit Card Conditions of Use - MasterCard and Visa Cards
• Westpac prepaid cards Conditions of Use
• Conditions of Use for Westpac Debit Mastercard and Westpac Airpoints Debit MasterCard
• World MasterCard Account Conditions of Use
• Westpac Airpoints World MasterCard Account Conditions of Use
• Westpac Airpoints Credit Card Conditions of Use

To give customers the flexibility to choose the best rewards programme for them, when we launched our Airpoints offer, we also introduced the special offer of 180 days to redeem any unused hotpoints when switching to an Airpoints credit card.

This special offer expired on 29 April following which the standard 10 business days to redeem unused hotpoints when cancelling or switching a hotpoints credit card will apply.

For more information see Westpac Credit Card Conditions of Use.