First Option Investment Property Loan

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If you want an investment loan with a low rate that can still give you access to the options you need, a First Option Investment Property Loan could be best for you. First Option is competitively priced with options that you only pay for if you use them.

At a glance
Essential details
Features

At a glance

Low ongoing interest rate
Full choice of loan features on a 'pay-as-you-use' basis - only add and pay for those you require.

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Essential details

Interest rate	Variable First Option Investment Rate at 7.98% pa Comparison rate at 8.14% pa*
Establishment fee	$750 establishment fee
Monthly maintenance fee	$10 monthly loan maintenance fee.
Loan term	Up to 30 years
Repayment basis and cycle	Principal, Interest and Fees
Repayment frequency and method	Monthly, fortnightly or weekly by Direct Debit only from a Westpac account
Additional repayments	Additional repayments allowed at any time without penalty

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Features

Portability	Gives you the ability to change properties while maintaining the same loan account. Usual security criteria apply.	$350 per move
Progress draws	Allows you to draw funds when building for payments to builders and other contractors, so interest costs are reduced. Drawings must be completed within 12 months.	$95 per draw
Redraw	Gives you same day access to any available funds (for payments you have made over and above the normal scheduled payments) in your account.	Free to activate, $50 per redraw
Repayment holidays	Gives you the option of skipping full or partial repayments while you are ahead of your required payments.	$95 to activate
SmartPay	This option is not available on this loan.	N/A
Top-up	Allows you to increase your loan if you need further finance. Usual lending criteria apply.	$450 each
100% Offset	This option is not available on this loan.	N/A
Parental leave	This option is not available on this loan.	N/A
Reduced Repayment	This option is not available on this loan.	N/A

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1. For new business originated from 21 March 2005. A rate of 8.08% pa applies to loans originated prior to 21 March 2005.

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* The comparison rate for each of the home loan products contained on this page are based on a secured loan of $150,000 over a term of 25 years.

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Details of the comparison rate schedule in respect of these home loan products can be obtained from any of our branches.