Westpac Loan Guide

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Westpac offers financial services such as banking, wealth management, and home loans. Their focus is on providing high-quality, consistent customer service. The company continually develops new products in an effort to offer modern, efficient features to its customers. These include fraud protection methods and removing ATM withdrawal fees and transaction fees.

Westpac offers financial services such as banking, wealth management, and home loans. Their focus is on providing high-quality, consistent customer service. The company continually develops new products in an effort to offer modern, efficient features to its customers. These include fraud protection methods and removing ATM withdrawal fees and transaction fees.

Westpac was the first bank in Australia, and today makes up one of the ‘Big 4’ banks in the country. It was formed in 1817 under the name ‘Bank of New South Wales,’ but changed to ‘Westpac’ in 1982 after acquiring the Commercial Bank of Australia. It continued to expand into the 2000s, merging with St.George Bank in 2008, and now operates as Westpac Group.

2018, Australia’s Best Major Bank, Mozo Experts Choice Major Bank Awards 2018

2017, Australia’s Most Sustainable Bank, Dow Jones Sustainability Index Annual Review 2017

2017 Best Bank in Australia, Asiamoney’s Cash Management Customer Satisfaction Awards 2017

2017 Best Digital Bank in Australia, Asiamoney Best Bank Awards for Australia 2017

2016 Best Service Innovation for Connect Now Home Lending service, CXFS Asia Awards

Westpac has a variety of loans available grouped by interest rate type: variable, fixed or combination.

Variable Home Loans

Westpac offers two residential and two investment loan types with a variable interest rate.

The Flexi First Option Home Loan and Flexi First Option Investment Loan are basic loans with a lower interest rate, designed so that you only pay for the features you use. These loans cannot be packaged with the premier advantage package. They also require full documentation, so they may not suit unconventional borrowers.

Features include:

  • Ability to add features at an extra cost
  • Make extra repayments any time with no fee
  • No loan maintenance fees
  • Interest-only repayments up to 5 years for residential loans and up to 10 years for investment loans

The rocket repay home loan and rocket investment home loan are more comprehensive loans, and you have the option of packaging with the premier advantage package.

Features include:

  • Make extra repayments any time with no fee
  • Redraw at no extra cost
  • Pause repayments
  • Interest-only repayments up to 5 years for residential loans and up to 10 years for investment loans
  • 100% offset account
Fixed Home Loans

The fixed options home loan and fixed rate investment property loan allow borrowers to lock in an interest rate for a set period of time. Re-fix the rate when the term ends, or switch to a variable rate. These loans can be packaged with the premier advantage package.

Features include:

  • Set a fixed rate for 1 to 5 years on a residential loan or 1 to 7, 9 or 10 years on an investment loan
  • Make up to $30,000 in extra repayments without fees
  • Rate lock-in options prior to settlement (fee applies)
  • Interest-only repayments up to 5 years for residential loans and up to 10 years for investment loans
  • Redraw up to $30,000 over the life of the loan with no fee
  • Option to pause repayments
Combination Home Loan

With a combined home loan, borrowers can combine a variable rate home loan with a fixed rate home loan. Choose how you would like to split the loan amount between fixed and variable. The relevant loan features will apply to each portion of the loan.

Premier Advantage Package: $395 per year

Add the premier advantage package to eligible home loans and you could see significant savings.

  • Annual fee of $395
  • No annual fee on a range of credit cards
  • Save up to $2,506 on a $250,000 home loan in the first year
  • Eliminate certain home loan fees, such as a monthly service fee or loan top up fee
  • Access to discounted insurance products
Equity Access Loan

This is a line of credit loan secured against your property. Use the funds to renovate, make new investments or even take a much-needed holiday. Draw on credit up to your approved limit, and pay interest only on the amount you’ve used. This loan can be packaged with the premier advantage package.

SMSF Investment Property Loan

Borrow through your SMSF to purchase residential investment property with loans from $200,000 to $2 million. Variable, fixed and combination rates are available. You may access this loan if you are currently an SMSF member, or if you intend to become one.

Westpac offers a variety of features with their home loans. Available features will vary depending on the home loan loan product. Some of these features include:

  • Interest rates: choose from variable, fixed, or combination rate home loans
  • Offset account: link your home loan with a transaction account to offset the interest
  • Loan terms of up to 30 years: with combination loans, you can have different terms
  • Additional repayments: unlimited for variable rate loans and limited for fixed rate loans
  • Redraw when you’ve made extra repayments: fee may apply depending on the loan product
  • Repayment frequency: make monthly, bi-monthly, fortnightly, or weekly payments
  • Pause repayments: take a break from repayments if your circumstances change
  • Family guarantee: avoid Lenders Mortgage Insurance (LMI) by using the equity in a family member’s home

Westpac home loans can be repaid as interest-only or principal and interest. Interest-only payments can be made up to 5 years for a residential loan or up to 10 years for an investment loan.

Investment borrowers can also consider paying interest-only in advance (IOA). By paying up to 12 months in advance, you can leverage a change in income and possibly access a discounted interest rate.

You can apply for a Westpac home loan by calling Westpac or requesting that they call you. Alternatively, existing Westpac online banking customers can access Wonder, an online property dashboard that helps you manage your purchase, including your home loan application.

A Westpac home finance manager will help you identify your borrowing power and which home loan products are best suited to your situation. You will need to provide a number of documents, such as proof of income, assets, and debts, as well as complete an application form.

Yes. You can set up a redraw facility and get same-day access to your extra repayments. Fees may apply, depending on the home loan product. To activate redraw, complete a redraw authority form, available for download from the Westpac website.

Yes. You can make extra repayments through online banking. Make extra repayments of up to $30,000 on fixed loans and unlimited amounts on variable loans.

If you make extra repayments, you may also be able to temporarily reduce or take a break from making repayments. Terms and conditions apply.

Website
westpac.com.au

Phone
132 032, 8am – 8pm, 7 days

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