Equity Access Loan

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Equity Access helps you make the most of the equity that you have in your property to achieve your plans for the future faster.

With Equity Access, you can access up to 80% of the value of your property to renovate, make investments or to achieve other plans that are important to you. The loan is suitable if you need to borrow an amount from $25,000.

Features

Flexibility in timing and size of repayments
Interest paid only on the funds you access (however fees will apply once a limit has been established)
Helps you now and in the future – you can choose to maintain a credit limit for as long as you like

Essential details

Interest rate	Variable Equity Rate at 9.76% pa
Establishment fee	$600
Loan maintenance fee	$10 per month
Transaction fee	$2 per withdrawal (after 15 withdrawals per month)
Loan term	On call facility - no specified term
Repayment frequency	Monthly
Repayment method	Direct debit
Additional repayments	Accepted at any time without penalty

Options

Portability	Gives you the ability to change properties while maintaining the same loan account. Usual security criteria apply.	$300 per move
Funds access	Access available funds directly from your loan account via: ATM BPAY Direct Debit Internet Banking Transfer Internet Banking Transfer Telephone Banking EFTPOS At any Westpac Branch Cheque	15 free per month
Top-up	Allows you to increase your loan if you need further finance. Usual lending criteria apply.	$400 each
Progress draws	This option is not available on this loan.	N/A
Repayment holidays	Allows you the option of stopping monthly repayments while the balance of your loan is less than your limit.	Free
Parental leave	This option is not available on this loan.	N/A
Interest only payments	You have two options: monthly payments of interest only can be made by Direct Debit OR allow interest to be added to the loan debt within the approved limit.	Free
SmartPay	SmartPay is a way to reduce daily interest charges	Excess Transaction fee of $2 is payable for each withdrawal (which includes any SmartPay disbursement) in excess of fifteen withdrawals per month.
100% Offset	This option is not available on this loan.	N/A
Fixed rate lock in	This option is not available on this loan.	N/A

Information current as at 19 August 2008

Calculators

Use our calculators to see how much you can borrow.

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Disclaimer and use of Home Loan Centre

Fees and charges payable. Normal lending criteria apply. Full details of all terms and conditions are available on application. These may be varied, or new terms and conditions introduced, in the future.