The home loan process

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Buying a home doesn't have to be complicated. There are five steps you need to go through when obtaining a loan:

Step 1
Calculate your deposit Your deposit is usually 20% of the purchase price, or 5% with mortgage insurance. Use our calculators to work out your deposit and upfront costs.

If you don't have a deposit saved, don't worry - we could offer you a mortgage of up to 100% if you have a good income.

Step 2
Calculate your borrowing capacity We offer calculators that can quickly figure out how much you can borrow, what deposit you need, your repayments and more.

You can even send the results of your calculations to a Westpac Home Loan Expert to help kickstart the approval process.

Step 3
Selecting the right loan for your needs Getting your property starts with asking yourself what you need in a loan to suit your lifestyle and plans.

We offer selector tool and comparison tables to help you determine the right loan for your situation.

Step 4
Obtaining pre-approval Pre-approval is conditional approval from Westpac for your loan.
It means that your loan will be approved, subject to the bank's normal lending criteria. Pre-approval means that you have an indication of how much you are able to borrow, have a realistic budget when you shop for a property, confirmed by an entitlement certificate and can be treated as a serious buyer by an agent.

Step 5
Getting formal approval and settlement Once you have found your property you will need to obtain formal approval from Westpac.

You will need to provide evidence of the details you gave in pre-approval.

Got a question about Home Loans?

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Step 1 Calculate your deposit	Your deposit is usually 20% of the purchase price, or 5% with mortgage insurance. Use our calculators to work out your deposit and upfront costs. If you don't have a deposit saved, don't worry - we could offer you a mortgage of up to 100% if you have a good income.
Step 2 Calculate your borrowing capacity	We offer calculators that can quickly figure out how much you can borrow, what deposit you need, your repayments and more. You can even send the results of your calculations to a Westpac Home Loan Expert to help kickstart the approval process.
Step 3 Selecting the right loan for your needs	Getting your property starts with asking yourself what you need in a loan to suit your lifestyle and plans. We offer selector tool and comparison tables to help you determine the right loan for your situation.
Step 4 Obtaining pre-approval	Pre-approval is conditional approval from Westpac for your loan. It means that your loan will be approved, subject to the bank's normal lending criteria. Pre-approval means that you have an indication of how much you are able to borrow, have a realistic budget when you shop for a property, confirmed by an entitlement certificate and can be treated as a serious buyer by an agent.
Step 5 Getting formal approval and settlement	Once you have found your property you will need to obtain formal approval from Westpac. You will need to provide evidence of the details you gave in pre-approval.