Rules apply for early redemptions from all bank term deposits and fixed-term investments. These rules apply to early redemptions from Westlawn Unsecured Notes. If you wish to redeem funds from your Westlawn Unsecured Notes investment before the maturity date, you will need to give us 31 days’ notice before we can pay you (on the first business day on or after the 31 day period expires). You will need to complete the Application for Early Redemption form available from your Westlawn branch. If there are less than 31 days until the end of the investment term, the earliest we can pay your funds will be at maturity (or the first business day after maturity). Please note this change only affects early redemptions and does not affect redemptions made at maturity. If you wish to redeem funds at maturity, you can advise us at any time up to and including on the maturity date.
Financial hardshipIf you are experiencing financial hardship, we may be able to pay funds from your Westlawn Unsecured Notes investment to you without requiring 31 days’ notice. Financial hardship may apply if you experience difficulties coping with financial commitments due to unforeseen circumstances such as:
- Suffering an illness or injury
- Unemployment or a reduction in working hours
- Significant life events such as relationship breakdown or death in the family
- Sudden changes in income or expenditure, or
- Emergency or natural disaster.
- Deposit for purchase of a family home or other property
- Purchase of motor vehicles
- Family vacations
- Home renovations
- Home repairs not a direct result of natural disaster
- Time-limited investment or business opportunities, or
- Any other purpose not considered by Westlawn as constituting financial hardship.