Westpac Banking Corporation Term deposit Product Disclosure

Westpac Banking Corporation

Term deposit

Issued by Westpac Banking Corporation

Australian Financial Services Licence No. 233714

ABN 33 007 457 141

Dated: 12 November 2016

Product Disclosure Statement

PRODUCT DISCLOSURE STATEMENT 2 of 10

Important information

A Product Disclosure Statement (‘PDS’) is an information document.

The purpose of a PDS is to provide you with enough information

toallow you to make an informed decision about a product’s

suitability for your needs. A PDS is also a tool for comparing the

features of other products you may be considering. If you have any

questions about this product, please contact us on the number listed

at the back of this PDS.

You should read and consider this PDS, in its entirety, carefully and

seek independent expert advice before making a decision about

whether or not this product is suitable for you.

If you decide to enter into a Term Deposit, you should keep a copy of

this PDS and any associated documentation. You should also promptly

tell us if at any time you experience ﬁnancial diﬃculties.

This PDS is issued by Westpac Banking Corporation and is current

as at 12 November 2016. The information in it is subject to change.

Westpac will provide updated information by issuing a supplementary

or replacement PDS (if this were required, such as if the change were

materially adverse to investors) or by posting the information on our

website. You can get a paper copy of any updated information without

charge by calling us.

Nothing in this PDS is, or may be relied upon as, a representation

asto the future performance of a Term Deposit.

The oﬀer of Term Deposits is being made to residents of Australia

only. No action has been or will be taken to register or qualify

Term Deposits or otherwise permit a public oﬀering of the Term

Deposits under the US Securities Act of 1933. Receipt of this PDS

injurisdictions outside of Australia may be restricted by local law

andapplications from outside Australia will not be accepted.

The information set out in this document is general in nature. It has

been prepared without taking into account your objectives, ﬁnancial

situation or needs. Because of this you should, before acting on

this information, consider its appropriateness, having regard to

your objectives, ﬁnancial situation and needs. By providing this

PDS, Westpac does not intend to provide ﬁnancial advice or any

ﬁnancialrecommendations.

Table of Contents

Important information ...................................................................................................................................................................................................... 2

Table of Contents............................................................................................................................................................................................................... 2

Oﬀer at a glance ................................................................................................................................................................................................................ 3

Fees and Charges .............................................................................................................................................................................................................. 3

Key features and beneﬁts ................................................................................................................................................................................................4

Key risks .............................................................................................................................................................................................................................5

General information .......................................................................................................................................................................................................... 6

Glossary ............................................................................................................................................................................................................................. 9

Contact Details .................................................................................................................................................................................................................. 9

PRODUCT DISCLOSURE STATEMENT 3 of 10

Oer at a glance

Feature Term Deposit

Issuer

Westpac Banking Corporation

This product may be suitable for

regular savings/investment

Subject to the minimum opening deposit and early withdrawal provisions

Available access

Telephone, Fax, Letter

Pays regular interest

Yes

Term of investment

30 days to 5 years

Minimum opening deposit

AUD5,000

Minimum account balance

Not applicable

Minimum transaction size

Not applicable

Withdrawal notice and restrictions

on the number of withdrawals

Withdrawals during the ﬁxed term must be approved by Westpac and may result in a reduced

interest rate and the requirement to serve a notice period, refer to the “Key Risks” section for

further information

Interest calculated

Daily based on a ﬁxed interest rate

Third party payments

Not allowed

Interest Payment

At maturity for terms less than 12 months

Monthly, Quarterly, Semi-annually or Annually (in arrears) for terms of 12 months or greater

Fees and Charges

There are no transaction fees or monthly service fees payable on a Term Deposit.

PRODUCT DISCLOSURE STATEMENT 4 of 10

Key features and beneﬁts

Description

A Term Deposit is a deposit account denominated in Australian

dollars, which oﬀers a competitive interest rate on the balance of

your Term Deposit. Subject to what follows about early withdrawals,

the interest rate ﬁxed at the start of the term will apply for the whole

ofthe term.

This Term Deposit cannot be used as a transaction account because

you may only make one deposit (which occurs when you open the

Term Deposit) during the term and because of the ﬁxed term.

Beneﬁts

The beneﬁts of a term deposit include:

• A ﬁxed rate of return across the life of the deposit;

• Flexible interest payment options;

• A range of available maturities from 30 days to 5 years.

Duration of the ﬁxed term

Your Term Deposit can be ﬁxed for a term oﬀered by us.

Weoﬀerterms between 30 days and 5 years.

Interest rate payable on this Term Deposit

The interest rate payable on the Term Deposit is ﬁxed for the entire

term of the Term Deposit unless you withdraw all or part of the

deposit before the end of the ﬁxed term. There are diﬀerent interest

rates which apply to diﬀerent terms. The interest rates oﬀered by

Westpac for these Term Deposits on the day you are given the PDS

are set out in the Interest Rates Sheet which is available from your

intermediary. You may also obtain the current rates at any time by

contacting your adviser. The actual interest rate which applies to your

Term Deposit will also be set out in the Conﬁrmation Westpac sends

you shortly after the Term Deposit is opened.

Where is interest credited

Generally interest will be credited to a transaction account (in the

same name and currency) you hold with Westpac or with another

Australian bank.

How is interest calculated

Interest is calculated daily on the balance of your Term Deposit,

attheend of each day including the day of deposit but excluding

theday ofwithdrawal.

Interest is paid:

• on the date of maturity of your Term Deposit for terms of less than

12 months; or

• monthly, quarterly, semi-annually or annually (in arrears) for terms

of 12 months or greater.

Interest is calculated using the following formula:

Daily Closing Balance x Interest Rate

365 100

Fees and Charges payable on the Term Deposit

There are no transaction fees or monthly service fees payable on

the Term Deposit. However, fees and charges may become payable

when you request particular services or certain things happen, your

intermediary will advise you of these prior to any activity that may

incur these fees being undertaken.

Minimum Opening Deposit

The minimum value to open a Term Deposit is $5,000.

Third Party Payments

Payments to third parties are not permitted on Term Deposits.

Conﬁrmation

We will mail, fax or email to you a written Conﬁrmation of your Term

Deposit, including the interest rate applicable to your Term Deposit,

shortly after the Term Deposit is opened.

Renewal of your Term Deposit

If at the end of the ﬁxed term of your Term Deposit, you would like

to reinvest your deposit for another ﬁxed period, you must notify

Westpac before the end of the ﬁxed term.

You can renew your Term Deposit for any term oﬀered by Westpac

between 30 days and 5 years and for any amount of $5,000 or more.

If you renew your Term Deposit, the interest rate applicable to the

renewed Term Deposit will be the interest rate that is current as at the

Maturity Date of your maturing Term Deposit for a deposit of the term

you select on renewal.

If you do not provide us with instructions before the end of the

ﬁxed term, your Term Deposit (including any interest earned) will be

automatically renewed for the same ﬁxed term using the interest

rate on the Maturity Date applying to deposits of that amount and for

thatterm.

The terms and conditions which apply to any renewed Term Deposit

(whether it is renewed at your election, or automatically because

you have not given us maturity instructions) will be the terms and

conditions which are current at the time of renewal. Those terms and

conditions may diﬀer from the terms and conditions set out in this

PDS. We will provide you an updated PDS (which will include the terms

and conditions applicable to your renewed Term Deposit) atthetime

of renewal.

Repayment of principal

If you choose not to renew your Term Deposit, you will receive

thebalance of your Term Deposit (your Principal Amount together

withinterest earned) at the end of the ﬁxed term.

You may request the proceeds to be paid by bank cheque

orbyanyother means agreed by us.

If your Term Deposit matures on a day that is not a Business Day,

andyou have instructed us that some or all of the Term Deposit is

not to be renewed, you will receive the amount which is not being

renewed on the next Business Day. We pay interest on that amount

from the Maturity Date to (but excluding) the next Business Day

at therate we would have applied to the Term Deposit if you had

renewed your Term Deposit for the same term.

Joint Accounts

You may open a Term Deposit jointly with your spouse, family members

or a group of people. The balance of a Term Deposit held in joint names

is held jointly by all Term Deposit holders, which means each Term

Deposit holder has the right to all funds in the Term Deposit.

Always consider that when a Term Deposit is held in joint names

andone Term Deposit holder dies, we may treat the balance of the

Term Deposit as owing to the surviving Term Deposit holder(s).

PRODUCT DISCLOSURE STATEMENT 5 of 10

Key risks

Use of the Term Deposit

The Term Deposit described in the PDS has restrictions on methods of

access and deposit and withdrawal limits. We believe the signiﬁcant

risk for you opening a Term Deposit described in the PDS is that

the Term Deposit may not be suitable for your particular needs.

Forexample:

• you should not open a Term Deposit if you are likely to need access

to the deposit before the end of the ﬁxed term; and

• if you open a Term Deposit, and interest rates generally increase

during the ﬁxed term, you will not have the beneﬁt of a higher

interest rate.

For this reason you should ensure you understand the features of, and

restrictions on, a Term Deposit. This PDS is intended to assist you in

gaining an understanding of these things.

Early Termination - Full or Partial

You may, with our agreement, make a full or partial withdrawal from

your Term Deposit before the end of the ﬁxed term.

If we agree to you withdrawing the whole or part of the balance of

your Term Deposit before the end of the ﬁxed term, the interest rate

on the amount withdrawn for the whole period from the date your

Term Deposit was opened up to the day prior to the date of withdrawal

may be reduced and you will be required to wait until the end of the

notice period as deﬁned below. We apply, to the amount withdrawn,

the interest rate that would have applied at the date your Term

Deposit was opened for the ﬁxed term closest to the period between

when your Term Deposit was opened and the date of withdrawal,

except where that interest rate would be higher than the rate

applicable to the original ﬁxed term, in which case the rate applicable

to the original ﬁxed term will apply.

Applying a reduced rate may signiﬁcantly reduce the amount

ofinterest earnt on your Term Deposit. Please contact us if you have

anyquestions on early withdrawal.

If we agree to you making a partial withdrawal, the interest rate which

will apply to the remaining balance of your Term Deposit for the period

from the date your Term Deposit was opened to the end of the original

ﬁxed term of the deposit will be the interest rate which applied on the

date your Term Deposit was opened.

Notice Period

A notice period will apply to all Term Deposits opened or renewed on

or after 21 November 2014, where the Term is 31 days or longer. You

must give us at least 31 days’ notice to close your Term Deposit for

disbursement of funds on or after 1 January 2015. The 31 day period

starts on the day (Sydney time) that you give us notice by making a

request. The disbursement will be paid on day 32 (or the next Sydney

Business Day after that). No notice period will be applied to requests

approved due to ﬁnancial hardship.

Example

Scenario

On 1 December 2014, you establish a 12 month Term Deposit

for AUD $100,000 with a ﬁxed interest rate of 6.00% p.a. payable

at maturity.

On 4 May 2015, you request a partial withdrawal of AUD $50,000

from the Term Deposit which we subsequently approve.

The closest ﬁxed term available for the period between when

the Term Deposit was opened (1 December 2014) and the date

of withdrawal (4 May 2015) is a 5 month term.

What happens if the interest rate for the early redemption period

is less than the original interest rate on the established term?

Ifthe 5 month ﬁxed term rate applicable to a deposit of $50,000

when the Term Deposit was opened was, say, 5.80% p.a., the

interest accrued on the $50,000 from 1 December to 4 May

(as we do not pay interest on the day of withdrawal) would be

reduced from 6.00% p.a. to 5.80% p.a.

What happens if the interest rate for the early redemption period

is more than the original interest rate on the established term?

If the 5 month ﬁxed term rate applicable to a deposit of $50,000

when the Term Deposit was opened was, say, 6.50% p.a., the

interest accrued on the $50,000 from 1 December to 4 May

(aswe do not pay interest on the day of withdrawal) would

remain at 6.00% p.a.

When will my funds be repaid?

The return of funds will occur on the 4 June, 31 days after the

request was lodged. The disbursement will typically be received

on day 32.

Counterparty and operational risk

As is the case with most ﬁnancial markets products we enter into,

Westpac has performance obligations under a Term Deposit.

Our ability to fulﬁl our obligations is linked to our ﬁnancial wellbeing

and to the eﬀectiveness of our internal systems, processes and

procedures. The ﬁrst type of risk (our ﬁnancial wellbeing) is commonly

referred to as credit or counterparty risk. The second type of risk

(the eﬀectiveness of our internal systems, processes and procedures)

is commonly referred to as operational risk.

You must make your own assessment of our ability to meet our

obligations. However, as a regulated Australian bank we are subject

to prudential regulation which is intended to reduce the risk of us

failing to perform our obligations. Further information about Westpac,

including copies of our recent ﬁnancial statements, is available on our

website at www.westpac.com.au.

No Cooling-oﬀ period

There is no cooling-oﬀ period in respect of an investment in a Term

Deposit. You cannot cancel or revoke your application for a Term

Deposit. However, early termination may be possible, with our

agreement. See the section titled ‘Early Termination – Full or Partial’

on page 5 for more information.

PRODUCT DISCLOSURE STATEMENT 6 of 10

General information

What we need from you

To open any new Term Deposit we’ll need some important details

from you. Depending on the legal nature of your business (company,

partnership etc) you will be required to provide certain documents

and information to Westpac.

If this is your ﬁrst account with us:

Under the Anti-Money Laundering and Counter Terrorism Financing

Act 2006 (the ’AML/CTF Laws’) it is a requirement that you and

all signatories to the Term Deposit must be identiﬁed. You and any

signatory will need to be identiﬁed if you are not existing customers

ofWestpac.

The identiﬁcation requirements can be met by completing Westpac’s

Customer Identiﬁcation Procedure which involves providing identity

documentation to the Westpac. For information on documents required

under Westpac’s Customer Identiﬁcation Standards please contact any

branch or refer to our website – www.westpac.com.au/aml.

If you or any of the signatories to the Term Deposit are not identiﬁed

in terms of the AML/CTF Laws, the Term Deposit will be blocked for

all withdrawals, until they are identiﬁed.

If you are an existing customer, an account signatory (or any other

cardholder) identiﬁcation requirements may have previously been

satisﬁed so you don’t need to provide identity documentation,

unlesswe request it.

Code of Banking Practice

The Code of Banking Practice is a self regulatory Code adopted by

us and other banks. Its purpose is to set standards of good banking

practice for banks to follow when dealing with individual and small

business customers and their guarantors. If you are an individual

orsmall business customer, each relevant provision of the Code

applies to the Term Deposit described in this PDS.

The general descriptive information referred to in the Code (other

than information in relation to bank cheques) is set out in this PDS.

Thisincludes information about:

• account opening procedures;

• our obligations regarding the conﬁdentiality of your information;

• complaint handling procedures;

• the advisability of you informing us promptly when you are

inﬁnancial diﬃculty; and

• the advisability of you reading the terms and conditions applying

toa Term Deposit as set out in this PDS.

Financial Crimes Monitoring

Westpac is bound by laws that impose regulatory and compliance

obligations, including obligations in relation to the prevention of money

laundering and the ﬁnancing of terrorism, which are the AML/CTF

Laws. In order for Westpac to meet its regulatory and compliance

obligations, we perform certain control and monitoring activities.

Upon entering into any Term Deposit with Westpac, you agree and

provide the following undertakings and agree to indemnify Westpac

against any potential loss arising from any breach by you of such

undertakings that:

• you are not and will not enter into any agreement with Westpac

under an assumed name;

• any funds used by you to enter into an agreement with Westpac

have not been derived from or related to any criminal activities;

• any payments received from Westpac will not be used in relation

toany criminal activities;

• if we ask, you will provide us with additional information we

reasonably require from you for the purposes of meeting our

regulatory and compliance obligations, including the obligations

under AML/CTF Laws (including information about the source

offunds used to settle a Term Deposit); and

• you and your Term Deposit with Westpac will not initiate, engage

or eﬀect a transaction that may be in breach of Australian law

orsanctions (or the law or sanctions of any other country).

You should be aware that:

• we may obtain information about you or any beneﬁcial owner

ofan interest in an agreement with Westpac from third parties

if we believe this is necessary to comply with our regulatory and

compliance obligations, including AML/CTF Laws;

• transactions may be delayed, blocked, frozen or refused where

wehave reasonable grounds to believe that they breach Australian

law or sanctions or the law or sanctions of any other country;

• where transactions are delayed, blocked, frozen or refused,

Westpac and other members of the Westpac Group are not liable

for any loss you suﬀer (including consequential loss) in connection

with a Term Deposit; and

• where legally obliged to do so, we may disclose information that

wehold about you to our related bodies corporate or service

providers, other banks, or relevant regulatory and/or law

enforcement agencies (whether in or outside of Australia).

Labour standards or environmental, social

andethicalconsiderations

Westpac does not take into account labour standards or

environmental, social or ethical considerations in providing

thisinvestment. To learn more about Westpac’s commitment

tosustainability (including our latest Stakeholder Impact Report)

gotowww.westpac.com.au.

Dispute resolution

Sometimes you may want to talk about problems you are having with

us. Fixing these problems is very important to us. We’ve put in place

ways of dealing with your issues quickly and fairly.

Please talk to us ﬁrst

We aim to resolve your complaint at your ﬁrst point of contact with us.

You can contact us by phone on (02) 8253 5055 or in writing to the

address listed at the back of this PDS.

What to do if you are still unhappy

If we still haven’t been able to deal with your issues to your satisfaction,

there are a number of other bodies you can go to. Ourexternal

dispute resolution provider is the Financial Ombudsman Service, our

membership number is 10999 and the contact details are:

Financial Ombudsman Service

GPO Box 3, Melbourne, VIC 3001

Phone 1300 780 808

Fax: (03) 9613 6399

Internet: www.fos.org.au

Email: info@fos.org.au

ASIC also has a free call Infoline on 1300 300 630, which you may use

to make a complaint and obtain further information about your rights.

PRODUCT DISCLOSURE STATEMENT 7 of 10

Privacy

By completing the Application Form, you consent to Westpac and

any other person who is at any time a member of the Westpac Group

(‘Westpac Company’) collecting, using, disclosing and handling your

personal information in the manner set out Westpac’s privacy policy,

acopy of which is available at westpac.com.au or by calling 132 032.

Westpac and Westpac Companies may use your information:

• to process your application, provide you with your product

orservice, and manage your product or service;

• 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.

• to tell you about products or services we think may interest you.

If you do not provide all the information we request, we may need

to reject your application or we may no longer be able to provide

aproduct or service to you.

We may disclose your personal information to other members of the

Westpac Group, anyone we engage to do something on our behalf,

rewards program administrators and other organisations that assist

us with our business. We may disclose your personal information

toan entity which is located outside Australia. Details of the countries

where the overseas recipients are likely to be located are in our

As a provider of ﬁnancial services, we have obligations to disclose

some personal information to government agencies and regulators

inAustralia, and in some cases oﬀshore. We are not able to ensure that

foreign government agencies or regulators will comply with Australian

privacy laws, although they may have their own privacy laws. By using

our products or services, you consent to these disclosures.

We are required or authorised to collect personal information from

you by certain laws. Details of these laws are in our privacy policy.

Our privacy policy covers:

• 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;

• how we collect, hold, use and disclose your personal information

inmore detail.

We will update our privacy policy from time to time. For the purposes

of this ‘Privacy and conﬁdentiality’ section ‘we’, ‘our’, ‘us’ means

Westpac Banking Corporation ABN 33 007 457 141. “Westpac Group”

means Westpac Banking Corporation and its related bodies corporate.

Providing Westpac with your Tax File Number (‘TFN’)

When you invest in a Term Deposit, you are not required to provide

your Tax File Number (‘TFN’), your Australian Business Number

(‘ABN’) or an exemption code. However, if you do not the interest

earned on your account will be subject to the Pay-As-You-Go (‘PAYG’)

withholding rules.

• If the investment is made in the course of an enterprise (that is,

business activities), you may provide an ABN as an alternative

toyour TFN.

• For joint accounts, the Australian Taxation Oﬃce (ATO) requires a

minimum of two TFNs or ABNs (one each) from the account holders.

• If a formal trust is established and a trustee makes the investment,

the trustee may quote the TFN of the trust.

If you are an Australian resident and do not provide us with your Tax

File Number (‘TFN’) or ABN, we must withhold tax calculated at the

highest marginal tax rate plus any levies imposed by the Australian

Government from time to time from the interest and remit the

withheld amount to the Australian Taxation Oﬃce.

Westpac is required to report details of income earned, withholding

tax deducted and TFNs quoted on an account, to the Australian

Taxation Oﬃce annually. The collection of TFNs and their use

anddisclosure are strictly regulated by the Privacy Act (1988) and

the Tax Administration Act (1953).

If you are not an Australian resident, Westpac must withhold

non-resident withholding tax from the interest.

Taxation

Interest earned on a Westpac Term Deposit account may be taxable.

Taxation law is complex and its application will depend on a person’s

individual circumstances. When determining whether or not this

product is suitable for you, you should consider the impact it will have

on your own taxation position and seek professional advice on the tax

implications it may have for you.

Intermediary remuneration

Financial advisers and other persons who distribute Westpac products

may seek to be remunerated for the service they provide to you in

relation to this investment. Westpac may pay advisors and other

parties a service fee on your behalf which is detailed below. This fee

isnegotiated and agreed between you and your ﬁnancial adviser.

Service Fees

Service fees are only payable by us on your behalf to your ﬁnancial

adviser where you request that we pay them to your ﬁnancial adviser.

Where you agree to pay your ﬁnancial adviser a service fee when

you invest in a product under advice from your ﬁnancial adviser, the

dollar value of this service fee will be communicated to you when you

receive a quote. If the term of the deposit is less than 12 months the

service fee will be paid on maturity. If the deposit has a term greater

than 12 months the fee will be paid at the same frequency as the

interest payments on your deposit.

You will need to indicate the amount of any service fee that we

aretopay on your behalf to your ﬁnancial adviser when placing

your deposit request with your adviser or Financial Intermediary.

Theservice fee will also be shown on your Conﬁrmation.

Commission

Where the law permits, we may pay commission of up to 0.50%

(plusGST where applicable) to your Financial Intermediary or to

another Westpac Group entity or a third party distributor with whom

we have adistribution arrangement. The commission is calculated

asa variable or ﬁxed percentage of the average monthly balances

onthe Westpac Term Deposit.

If we pay commission to your Financial Intermediary, they may

deduct the rate of any commission payable to them prior to quoting

an interest rate to you, up to a maximum of 0.50% (plus GST where

applicable) per annum.

PRODUCT DISCLOSURE STATEMENT 8 of 10

Financial Claims Scheme

You may be entitled to payment under the Australian Government’s

Financial Claims Scheme in the event that Westpac Banking

Corporation becomes insolvent. Payments under the Financial Claims

Scheme are subject to a limit for each depositor for eligible deposits

held in Westpac Banking Corporation, which include deposits branded

in the name of its divisions, BT Financial Group, St.George Bank, Bank

of Melbourne, Bank SA and RAMS. Information about the Financial

Claims Scheme can be obtained from www.fcs.gov.au.

When Westpac can combine accounts

Westpac may transfer money in your Term Deposit to clear debts you

owe us in loan or other accounts. If we do this, the balance of your

Term Deposit will be reduced by the amount used for this purpose.

You agree that you may not set oﬀ amounts we owe you (for example,

the balances in your Term Deposit) against amounts you owe us.

If we exercise our right to combine accounts, we will notify you

promptly in writing at the address shown in our records.

Assignment

You may not at any time assign any right, title or interest in your Term

Deposit without Westpac’s prior consent.

Our Reporting Obligations

We are required to identify certain US persons in order to meet

account information reporting requirements under local and

international laws.

If you or (where you are an entity) any oﬃce bearer* of the entity

and/or any individual who holds an interest in the entity of more than

25% (a Controlling Person) are a US citizen or US tax resident, you

must telephone 1300 658 194 at the time you submit an application.

When you contact us you will be asked to provide additional

information about your US tax status and/or the US tax status of any

Controlling Person which will constitute certiﬁcation of US tax status

for the purposes of the application.

Unless you notify us that you and/or any Controlling Person are

a US citizen or US tax resident as speciﬁed above, submitting an

application constitutes certiﬁcation that you and/or any Controlling

Person are not a US citizen or US tax resident.

If at any time after acquiring your Term Deposit, information in our

possession suggests that you and/or any Controlling Person may

be aUS citizen or US tax resident, you may be contacted to provide

further information on your US tax status and/or the US tax status

of any Controlling Person. Failure to respond may lead to certain

reporting requirements applying to your Term Deposit.

* Director of a company, partner in a partnership, trustee of a trust,

chairman, secretary or treasurer of an association or co-operative(1)

Director of a company, partner in a partnership, trustee of a trust,

chairman, secretary or treasurer of an association or co-operative

PRODUCT DISCLOSURE STATEMENT 9 of 10

Glossary

Application Form means the form at the end of this PDS, or such

other form of application as Westpac determines in its absolute

discretion from time to time is acceptable.

APRA means the Australian Prudential Regulation Authority.

ASIC means the Australian Securities and Investments Commission.

Business Day means any weekday when the Bank is open for

business in any State or Territory of Australia. If the bank is closed

in all States and Territories then that day will not be a business day.

If the Banks oﬃces are closed in your State or Territory but open in

other States or Territories then the Bank will still regard that day as a

business day in every State and Territory.

Commencement Date means the date on which the Principal

Amount of your Term Deposit is to be deposited with Westpac,

as indicated in your Conﬁrmation.

Conﬁrmation means the document issued to you by Westpac

following receipt (and subject to acceptance) of your Application Form.

Financial Intermediary means an entity that facilitates the purchase

of Term Deposits.

Interest Rate means the ﬁxed interest rate applying to your Principal

Amount during the Term.

Maturity Date means the date on which your Term Deposit expires,

as indicated in your Conﬁrmation.

PDS means Product Disclosure Statement.

Principal Amount means the cash amount invested by you on the

Commencement Date.

Term means the period between the Commencement Date and the

Maturity Date (30 days to ﬁve years).

Term Deposit means the product the subject of this PDS.

Westpac Group means Westpac Banking Corporation and its related

bodies corporate.

Contact Details

For more information, please contact the Westpac Term Deposit Desk.

Level 2

275 Kent Street

Sydney NSW 2000

Phone (02) 8253 5055

PRODUCT DISCLOSURE STATEMENT 10 of 10

WBC0218 1116

AFSLand Australia credit licence 233714.