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A Reply from Westpac

  1. Dear Sir/Madam,

    We acknowledge your concerns regarding the increase in brokerage rates
    effective July 1.

    Westpac remains committed to offering a competitive discount broking
    service. In the past 12 months we have introduced several initiatives to
    improve our service. These have included straight through processing,
    electronic contract notes and additional free market information.

    We are committed to continuing to invest to offer customers additional
    features and functionality. Later in the year we will be introducing the
    following:
    · ASX announcements.
    · More detailed transaction history (including detail of offset
    transactions).
    · Custom portfolios to enable you to track stocks not held with Westpac
    Broking.
    · Changes to our current Holdings screen, which enables you to edit the cost
    of acquisition fields.
    · More charting features, including charting stocks against indices.
    · Online stock transfer form that will enable you to transfer stock to your
    account by electronic instruction.

    Westpac is also currently working to bring you online Margin Lending with
    straight through processing capability.

    We remain price competitive in the discount broking market. Our pricing
    structure has always been different to other brokers. It's simple, cost
    effective, easy to understand and does not have the 'hidden catches' to
    qualify for advertised rates. Many of our competitors require a Cash
    Management Trust with a minimum investment, place restrictions on trading
    outside the ASX150 or only apply competitive brokerage rates when you trade
    in excess of 20 times per month.

    We hope that this addresses your concerns in relation to the changes to our
    base Internet brokerage rate.



    To discuss this further or for any other inquiries please e-mail us or call
    our Trading Room on 13 13 31, (7am to 7pm EST weekdays) for the cost of a
    local call. One of our representatives will be happy to assist you.

    Regards
    Your Team at Westpac Broking
    E-mail: [email protected]

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