WESTPAC RATE CHARTS EFFECTIVE: 22/01/2024

WESTPAC RATE CHARTS EFFECTIVE: 22/01/2024

A message from the BDM: 

Please find attached rate charts for this week.

eSIgn- If attached user guide is followed, and you are experiencing eSign issues, best to proceed with manual documents to client instead, as IT raised issues take up to 3 days for a response. Email driveonlinesupport@westpac.com.au if you would still like IT assistance with drive.

FST/AML reminder: Please ensure you receive final sign off from FST prior to sending docs to settlement

Please note:

  • Rates valid for 7 days subject to settlement within this period
  • Please check rate prior to generating documents
  • Maximum brokerage on Xpress deal is 3%
  • For Standard deals with 4% brokerage, please contact us to discuss prior to lodging deal as Rate will differ
  • Doc Fee Rebate is; Xpress deals: $350.00 inc GST / Standard deals: $175.00 inc GST
  • Any payout figure/ letter requests, please email directly to-  businessfinanceopsenq-nsw@westpac.com.au – please mention your name, email and mobile number when requesting documents from the team
  • Please ensure TFN’s are redacted when sending any files to us either via Driveonline OR email.
  • When deals are placed on WOI at settlement stage; deal is placed back in the queue and deals prior are looked at. Please ensure items are sent in to settlements correctly so there is no delay. Any delays due to deal being placed on WOI that is not an internal issue cannot be escalated.
  • Correct settlement email addresses depending on deal type are-

Xpress Settlement Team Email: drivexpress_settlements@westpac.com.au   

All other Settlements deal types (Standard, rollover, refinance etc) Email: wefsettlements@westpac.com.au   

Rates: 



ESIGN ELIBILIBITY:

Contract documents are eligable for eSign when below criteria is met: 

Deal types:

  1. Replacement
  2. Rollover
  3. Driver express.
  4. Stanard Application
  5. Revolving Limit Drawdown
  6. (Subsequent drawdowns only)

Product Types:  

  1. Finance Lease
  2. Commercial Hire Purchase
  3. Commerical loan/ Goods Loan


Customer Types: 

  1. Individual/Sole trader
  2. Partnership
  3. Companies Trust

Not Eligable for sSign:

  1. Novated Lease
  2. Company guarantors (where it is not a revolving limit drawdown)
  3. Insurance Premium Funding
  4. Buyback/ Private Sale transactions
  5. Publicly listed corporations and entities. 

Please note that correct email address and mobile phone numbers for each individual customer and vendor must be captured at the application stage in DriveOnline to enable 2 factor authentication used to securely access eSign documents. 

Steps to follow: 

Step 1: Initiate the eSign capability in DriveOnlie by generating documents. 
Step 2: Review and assign documents to signatories .
Step 3: Send documents electronically
Step 4: Monitor eSign progress and download executed documents. 
Step 5: Review and forward all documents for settlement. 

eSign Exception Scenarios:

Direct debit details: 
When a contract document is expected to be signed by more than one party (ie. multiple directors) you must 'Nominate" one to complete the direct debit detials electronically on behalf of all borrowers .

Example: 
  1. Borrowing being a company with 2 or more directors.
  2. Revolving Limit Drawdown. 

Download the Guarantor Instrcution Form (GIF):
If a Guarantor requests additional information while electronically signing documents:
Broker will receive an email notification indicating that Customer opts out of eSign.
The deal will no longer be eligible for eSign.
Reach out to your BDM to retrieve the eSign GIF document and request additional information.
Customers will need to receive all additional information / disclosure pack.
Use DriveOnline to generate wet sign documents.

Direct Debit Form:
If a customer completes the Direct Debit details as part of eSign and nominates a Third Party account, these details will not 
be accepted, however, all completed eSign documents will still be valid.
Provide a standalone Direct Debit form for Third Party to wet sign.

Guarantor Intends to wait for 3 days: 
Only Equipment Finance Guarantor Instruction Form is available to be signed for 3 days.
After the 3 days period is complete, customers can go back to the Loans Portal in eSign using the same email invite and 
access all remaining documents.

Reissuing eSign Documents:

Follow instructions from steps 1 in this guide and restart the process to generate documents electronically.
Note: eSign Document offer, can only be generated as a package (including all customers and documents applicable to the loan). 
The ability to select only certain documents or customers is not available. Reissuing an eSign Document Offer, automatically cancels 
existing offer, even if other applicants had already signed documents.

Example Scenarios: 

Scenario 1: Incorrect Customer’s mobile number and email address:
Capturing unique email address and unique mobile number for Customers is now mandatory for every Application. For either, Wet or
eSign Documents. 
Follow up with customers receival of the eSign email offer, ideally, a few minutes after the email is sent.

Scenario 2: Documents not assigned to customers correctly.
To save you time, DriveOnline preassigns documents to Customers in most instances. You can review what DriveOnline is 
suggesting and make any changes as you see appropriate.
Always double check every Document is selected to the right Customers.

Scenario 3: eSign Document Offer submitted with missing documents.
If you discover that you didn’t issue or assign one or more documents, you will need to reissue the entire package (even where the 
customer has already accepted some of the documents).
Review if all documents are assigned correctly before issuing documents to Customers.

Email Notification Types:

A copy of emails notifications for customer are sent to Broker inbox so you can track and help your customer with the signing.
process. 

Customers Opt Out of eSign:
Documents will no longer be eligible for eSign.
Regenerate pdf documents for Wet Signing.

A Guarantor requests additional information:
eSign documents will no longer be eligible for eSign.
Regenerate pdf documents for wet singing. 

All Customers have signed documents successfully:
Execution Status is complete, eSigned documents can be downloaded.

The equipment Finance offer is about to expire:
eSign documents are required to be completed actioned successfully by all customers within 7 days from the date it was generated. It will expire after that. 

Notification reminders are sent on day 5, 6 and 7. 

Attached is a copy of the Westpac issued document.