Pepper Money confirms completion of
RAMS home loan portfolio acquisition

Pepper Money Limited (ASX: PPM) today confirms that the acquisition by a consortium with members including Pepper Money, credit funds and accounts managed by KKR, and PIMCO-managed funds (the Consortium) of the RAMS home loan portfolio from Westpac Banking Corporation completed on 1 August 2026.

As at completion, the portfolio was estimated to comprise approximately $15.4 billion in residential mortgages.

Pepper Money has been appointed servicer of the portfolio, leveraging its operational expertise in mortgage servicing and customer engagement.

Pepper Money also holds a small investment in the securitisation financing vehicle which has acquired the beneficial interest in the loan portfolio, alongside other members of the Consortium.

The transaction supports Pepper Money’s strategy to grow its capital-light servicing business, which provides annuity-style earnings, operational scale and diversification benefits.