This is one of the biggest loan portfolio transactions in Australia’s history
According to KWM, this is among the biggest loan portfolio deals in Australia’s history. It will see the consortium take ownership of the portfolio, with Pepper servicing it.
KWM advised Pepper, while Ashurst assisted Westpac. Westpac announced the deal on 3 November; the transaction is set to complete in the second half of 2026 pending conditions and regulatory approvals.
KWM co-lead partner Anne-Marie Neagle said the deal “reflects both the sophistication of Australia’s financial services sector and the value proposition that Pepper and the consortium brought to both Westpac and the RAMS customers”. The firm added that the transaction highlights the depth of investor confidence in Australia’s residential mortgage market as well as the strength of the consortium’s collective platform.
“The transaction aligns with Pepper’s growth strategy and reflects the increasingly important role of specialist servicers and private capital in Australia’s mortgage market”, KWM co-lead partner Joseph Muraca said.
Neagle and Muraca spearheaded KWM’s team on the deal. They collaborated with a multidisciplinary team headed by partners Dale Rayner (financial regulation), Jack Hill (M&A), Kirsten Bowe (tech and IP), Lizzie Knight (FIRB), Kirsty Faichen (employment), Caroline Coops (competition) and David Wood (tax).
Ashurst’s team was led by partners Nigel Deed and Narelle Smythe, who worked together with partners Anita Choi, Stuart Dullard, Emma Malone, Andrew Craig, Jock O'Shea, Kitty Vo, Peter Armitage and Anita Cade; and senior associates Briana Ireland and Jemimah Giblett.
