Help offered to Lifestyle Security clients

New Zealand 31 August 2007

Westpac New Zealand offers help to Lifestyle Security clients

Westpac New Zealand says holders of reverse equity mortgages with Lifestyle Security, part of Property Finance which has been placed in receivership, will have all upfront fees waived if they apply to refinance with Westpac reverse equity mortgage.

Westpac Head of Wealth Management Tracey Berry says the uncertainty around business failures can create a lot of stress and angst.

?Westpac has considerable expertise in tailoring wealth solutions. To ease the burden for those impacted by the finance company failure we will waive all up front fees if a customer of Lifestyle Security applies to refinance with us. We will also extend the age of an acceptable valuation on their property from 3 to 6 months,? Tracey Berry said.

?These measures will help make the process of transferring the mortgage much quicker and less intrusive, helping to counter any uncertainty that exists at this time.?

ENDS

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