Westpac has announced the closure of RAMS Financial Group to new home loan applications effective Aug. 6, following a strategic review initiated on Nov. 6.
The move is part of Westpac’s ongoing efforts to streamline its business operations.
“We have delivered considerable portfolio simplification over recent years, and after a thorough review, have decided that offering home loans through RAMS franchisees is not right for Westpac,” said Damien MacRae (pictured above), Westpac managing director mortgages.
Existing RAMS customers will not be affected by the closure and can continue managing their loans through the RAMS app, website, and call centre.
Westpac will reach out to assist customers with ongoing RAMS mortgage applications.
“We will help our customers, franchisees, and our people through this process,” MacRae said.
Westpac assures that support will be provided to RAMS franchisees and that there will be opportunities for RAMS employees within Westpac.
“We are also providing franchisees with mutually agreed support and there will be ongoing opportunities for RAMS employees within Westpac,” MacRae said.
Westpac will retain the existing RAMS mortgage portfolio, and the cessation of new RAMS home loan applications is not expected to materially impact Westpac’s financial results for the year ending Sept. 30, the big bank said in a media release.
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