Lender review


LoanCaddie Opinion

Westpac is one of the four major Australian banks. As with the other major four banks, Australians have a love/hate relationship with Westpac. There is a disdain for the major banks but Australia cannot live without them. Australian financial regulation protects the four major banks from takeover making them highly profitable and uncompetitive (akin to a utility company). Although they are strongly incentivsed by profit, they also operate on a social license which means they cannot ignore the demands of the government. Hence, although we reluctantly put up with their poor service levels, if there is a financial institution that is going to help Australian's out of a tough financial position, it will be one of the four major banks.

Facts and lender background

Westpac was established in 1982 as a merger of the Bank of New South Wales (founded in 1817) and the Commercial Bank of Australia (founded in 1866). It is one of Australia's "big four" banks. Its name is a portmanteau of "Western" and "Pacific".


Westpac has total assets of about $900bn.

Credit Rating

Westpac is rated AA- by S&P. The Australian Government's guarantee on deposits under the Financial Claims Scheme applies to deposits held with Westpac.


Westpac is publicly listed on the ASX.


30% of Westpac's funding is from the wholesale capital market.

Customer service
Product Review Rating

average is 2.1 / 5

Branch network

You are able to transact at more than 3,200 Australia Post outlets that display the Bank@Post sign. This provides you with real-time deposits and the ability to draw cash.

Internet banking

Internet banking is available.


Customers can withdraw cash free of charge from any of the major banks ATMs.