Westpac Banking Corporation · ASX:WBC
Westpac Banking — Debt Investor Presentation (September 2025)
20 slides from Westpac Banking's debt investor presentation, September 2025
Slide 1: An Introduction to Westpac Covered Bonds
SEPTEMBER 2025 AN INTRODUCTION TO WESTPAC COVERED BONDS Data for the six months ended 30 June 2025 unless otherwise stated. © Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714
Slide 2: In relation to Westpac Banking Corporation
IN RELATION TO WESTPAC BANKING CORPORATION (“WESTPAC”) © Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714
Slide 3: Key features and issuance profile: Australian covered bonds
3 As at 31 July 2025 Key features Housing Loan Pool size A$31,530,741,315 AUD USD EUR CHF GBP • Covered Bonds are AAA/Aaa rated1 • Highly rated issuer Westpac AA- / Aa2 / AA-2 Average loan size A$308,146 - • Issuer can go to BBB+/A3(cr) (Fitch/Moody’s) and 0.8 covered bonds will retain AAA/Aaa ratin
Slide 4: Australian mortgage portfolio
Jun-24 Mar-25 Jun-25 Australian mortgage portfolio balance balance balance Total portfolio ($bn) 504.2 510.2 515.0 50.0 Owner occupied (OO) (%) 67.7 68.1 68.0 40.0 Investment property loans (IPL) (%) 31.2 31.0 31.1 30.0 Portfolio loan/loan of credit (LOC) (%) 1.1 0.9 0.9 20.0 Variable rate / Fixed r
Slide 5: Australian mortgage repayment buffers
Loans ‘on time’ Jun-24 Mar-25 Jun-25 and <1mth ahead 25 25 Investment property loans – 23 35 generally maintain higher 20 21 21 21 19 19 19 balances for tax purposes 17 16 18 16 17 15 Accounts opened in the last 12 4 months 1 Structural restrictions on 2 1 1 15 repayments e.g. fixed rate Residual –
Slide 6: Asset quality and delinquencies
Impairment charge to average loans annualised (lhs) 90+ dpd excl. 6 months serviceability hold-out period and 1 RAMS (closed to new customers) Stressed exposures to total committed exposures (rhs) 4.0 90+ day delinquencies 100 350 80 30+ day delinquencies 250 Mar-25 60 3.0 133 40 150 20 6 2.0 1.50 5
Slide 7: Australian housing market
As at 3 September 2025 40 % Macro- 2019 election COVID-19 ‘Delta’ rate cuts rate hikes prudential 30 Macro-prudential measures measures 20 10 0 -10 -20 Apr-17 Apr-18 Apr-19 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 Apr-26 Sources: Cotality, Westpac Economics Capital city Pop’n Last 3 mths Last 12 mt
Slide 8: Australian cover pool: LVR, seasoning and geography
As at 31 July 2025 Current LVR (unindexed) Current LVR (indexed) 60 50 40 Northern Territory $148.5m, 30 0.5% 20 Queensland $5,230.4m, Western 16.6% 10 Australia South $3,209.3m, Australia 10.2% $1,610.0m, 0 5.1% New 0-50% 80-100% 50-55% 55-60% 60-65% 65-70% 70-75% 75-80% > 100% South Wales $11,941.
Slide 9: Australian cover pool: loan type and balance distribution
As at 31 July 2025 % of interest only loans by balance (lhs) Number of loans (rhs) 35 2,000 5% Fixed 30 25 1,500 Variable 20 1,000 15 10 500 5 - 0 < 6 mths 6 mths 1yr 2yrs 3yrs 4yrs > 5 yrs 95% - 1yr - 2yrs - 3yrs - 4yrs - 5yrs % of fixed rate loans by balance (lhs) Number of loans (rhs) % of pool (
Slide 10: In relation to Westpac New Zealand Limited
IN RELATION TO WESTPAC NEW ZEALAND LIMITED (“WNZL”) © Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714
Slide 11: Key features: New Zealand covered bonds
11 As at 31 July 2025 Key features Housing Loan Pool size NZ$6,193,747,574 • Covered Bonds are AAA/Aaa rated1 • Covered Bonds are issued by Westpac Securities NZ Limited, guaranteed by WNZL (A+ Average loan size NZ$200,581 / A1 / AA-)2 and backed by an unconditional and irrevocable guarantee by the
Slide 12: New Zealand mortgage portfolio
Total portfolio (NZ$bn)1 69.5 2.0 90+ day delinquencies 30+ day delinquencies Fixed / Floating (%) 87 / 13 Owner occupied (%) 74.3 1.5 Investment property loans (%) 25.7 1.06 1.0 0.98 Broker introduced (%) 55.2 0.54 Interest-only (%) 15.0 0.55 0.5 Loan to Value Ratio2 80-90% (%) 6.4 Loan to Value Ra
Slide 13: New Zealand housing market
(INDEX = 1000 IN 2010) Last 3 mths Last 12 mths Last 5 years Region Pop’n 3500 3500 (to Jul-25) (to Jul-25) (to Jul-25) OCR increases Auckland begin Auckland 1.8m Down 2% Flat Up 7% 3000 3000 Canterbury OCR cuts begin Wellington 0.6m Flat Down 1% Up 8% 2500 Wellington Covid outbreak, 2500 OCR cuts C
Slide 14: Appendix
—_—_ APPENDIX
Slide 15: Secured funding strategy and issuance
— Secured funding is an important part of Westpac’s funding strategy. Westpac’s secured funding programmes include Covered Bonds and RMBS which typically represent approximately 20%–25% of Westpac’s annual term funding requirements (c. 22% as at 3Q25). 7 — Westpac’s RMBS and Covered Bonds provide ad
Slide 16: Australian covered bond pool eligibility summary
16 As at 31 July 2025 Covered bond pool eligibility summary Total Pool Loan Balance1 A$31,530,741,315 At the time of sale, each loan: • Is denominated and payable only in AUD in Australia Number of Loans 102,324 • Is secured by a mortgage that constitutes a first ranking Australian mortgage (second
Slide 17: New Zealand covered bond pool eligibility summary
17 As at 31 July 2025 Covered bond pool eligibility summary Total Pool Loan Balance1 NZ$6,193,747,574 • First ranking mortgage registered under the New Zealand Real Property Legislation Number of Loans 30,879 • Loan is secured by a mortgage over land and a completed residential dwelling Average Loan
Slide 18: Comparison to EEA Countries
Comparison to EEA Countries TERMS AUSTRALIA NEW ZEALAND SPAIN GERMANY SWEDEN NORWAY Bonos Name of Australian Covered Bonds New Zealand Covered Bonds Garantizados (CH, Pfandbriefe Swedish Covered Bond Norwegian covered bond instrument CT, CI) Universal credit institution Authorised Deposit Universal
Slide 19: Comparison to non-EEA Countries
Comparison to non-EEA Countries TERMS AUSTRALIA NEW ZEALAND UK SINGAPORE CANADA KOREA Name of Singapore South Korean Covered Australian Covered Bonds New Zealand Covered Bonds UK Covered Bond Canadian Covered Bonds instrument Covered Bonds Bonds Universal credit institution Authorised Deposit Taking
Slide 20: Important notice
The material contained in this presentation is intended to be general background information on Westpac Banking Corporation (“Westpac”) (ABN 33 007 457 141) and its activities, as well as Westpac subsidiaries and their activities. It should not be reproduced, distributed or transmitted to any person
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