At the time the deal was struck, the portfolio was valued at $21.4 billion – its size has since run down through ordinary loan amortisation ahead of completion.
Westpac managing director, home lending, James Hutton said: “The completion of this transaction further simplifies Westpac and reflects our ongoing focus on becoming a simpler, stronger bank delivering great outcomes for our customers.
“Throughout the transaction, our priority has been supporting RAMS customers and ensuring a smooth transition to Pepper Money. I’d like to thank our customers and employees for their support.”
The transaction followes a difficult run for the RAMS brand.
Between 2019 and 2023, RAMS’ franchise network was found to have pushed unsuitable loans through the system, with the Australian Securities and Investments Commission (ASIC) uncovering fake payslips and manipulated borrower data, prompting the Federal Court’s $20 million penalty against RAMS Financial Group in October 2025.