Equity Access Loan

Access the equirt you've built up in your property
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    How to apply

Essentials

  • Equity Access Loan is a revolving line of credit secured against your property
  • Use your equity to renovate, invest or to fund those great plans you've always had. When approved, your line of credit is ready to use when you need it including for unexpected expenses
  • You only pay interest on what you've used of your available credit
  • Package your Equity Access Loan and your establishment and monthly service fees are waived (a package fee and other fees apply)
  • You can draw on your credit up to your approved limit. Make payments and redraw again, whenever you need
  • You can choose to make as many repayments as you want. Or you can choose to pay interest only repayments or take full advantage of the revolving loan and let the interest add to your balance, as long as your balance doesn't exceed your approved limit.


Save by packaging your Equity Access Loan

You can save thousands if you give your Equity Access Loan the premier advantage, with our great home loan package.  An annual package fee (currently $395) applies.

For example, on a Equity Access Loan of $750,000:

With Premier Advantage PackageWithout Premier Advantage Package
5.13% p.a.
(This rate includes the standard discount plus an additional promotional discount of 0.3% p.a. available from 3 February 2014 for a limited time.)
6.13% p.a.

The package discount that applies to any loan is the discount offered at the time the loan is taken out.

Low doc loans under Premier Advantage Package may have different rates, depending on loan amounts. Total borrowings of $150,000 or more are required to bring your loan under Premier Advantage Package.

Limited time offer details

When you take out a selected new fully documented home loan in combination with our Choice transaction account and Premier Advantage Package: for total packaged  loans (new and existing) of $750,000 or more, receive 1% p.a. off the standard variable rate; of $250,000 to $749,999, receive 0.9% p.a. off the standard variable rate and of  $150,000 to $249,999, receive 0.7% p.a. off the standard variable interest rate.

Special interest rate discounts are only available on 1) the standard variable rate on Rocket Repay Home, Rocket Investment Property and Equity Access Loans which are 2) included in a Premier Advantage Package (Package) and 3) applied for from 3 February 2014 and conditionally approved by 12 December 2014.

You must either hold or be approved for a Westpac Choice transaction account in order to qualify and continue to receive the benefits of the Package. Before deciding to acquire a Westpac Choice account, consider whether it is appropriate for you by reading the Deposit Accounts for Personal and Self-Managed Superannuation Fund Customers (PDF 379kb)

Special rate discount includes the standard Package discount of: 1% p.a. for both full and low doc loans of $750,000 or more, 0.9% p.a. for full doc loans between $250,000 and $749,999 and 0.7% p.a. for full doc loans between $150,000 and $249,999. 

Premier Advantage Package Conditions of Use apply. Discounts do not apply to internal refinances and are not transferable between loans. Package benefits cannot be taken in conjunction with, or in addition to other special offers, negotiated rates or discounts.

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Things you should know
  • Discounts do not apply to internal refinances and are not transferable between loans. Package benefits cannot be taken in conjunction with, or in addition to other special offers, negotiated rates or discounts.

    The discount on existing loans within a package is that offered at the time you settled your loan.  Any new packaged loans will have the benefit of the discounts set out above, subject to any conditions apply.


    Special offer conditions

    Special interest rate discounts are only available:

     - On the standard variable rate for Equity Access Loans

     - When applied for from 3 February 2014 and conditionally approved by 12 December 2014 and

     - Which are included in a Premier Advantage Package (Package)

    To qualify and continue to receive the benefits of the Package you must either hold or are approved for a Westpac Choice transaction account.  Before deciding to acquire a Westpac Choice account, consider whether it is appropriate for you by reading the terms and conditions for this account in our Deposit Accounts for Personal and Self-Managed Superannuation Fund Customers terms and conditions (PDF 845kb).

    Special rate discount applies only to full doc loans and includes the standard package discount of: 0.9% p.a. for loans of $250,000 or more and N/A% p.a. for loans between $150,000 and $249,999.

    Find out about Low doc loan discounts.

Features

Increase your home loan

You can apply to increase your home loan using the top up feature. This lets you extend the credit limit on your existing loan

  • $400 per top up
  • Free with Premier Advantage Package


Let your line of credit move with you to your new home

If you’re moving house you can avoid the establishment and other fees of setting up a new loan by taking your current home loan with you and keeping the same account number (security criteria apply). That’s real portability.

  • $300 per move
  • Free with Premier Advantage Package


You can take a repayment holiday when you’ve made extra repayments

If you’ve made extra repayments, you can take a partial or full break from making repayments (conditions apply).

  • Fee free


Lower your interest repayments by having your income paid into your loan account with SmartPay

The more money you have in your home loan, the lower your interest repayments will be. Deposit your income directly into your home loan account, make more than your required loan repayments, and then set up automatic transfers to pay bills or transfer money to other accounts.

To activate SmartPay, fill out the SmartPay Authority form (PDF 188kb).

  • 15 free transactions per month (includes redraw), then $2 each


Accessing your funds

You can access any extra repayments via ATM, BPAY®, direct debit, Westpac Online, Mobile and Tablet Banking, Telephone Banking, EFTPOS, cheque or at any Westpac branch.

  • 15 free transactions per month
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    1300 650 105

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Fees

Standard fees and home package fees 

You save on standard fees when you choose the Premier Advantage Package, however an annual package fee of $395 applies.

All fees shown apply to standard loans and low doc loans unless otherwise included.

FeeUnder Premier Advantage PackageStandard loan without Premier Advantage Package
Loan establishment fee$0
$355 (low doc loan)
$600 (one upfront fee) 
Loan maintenance fee$0$10 per month
Top up fee$0$400
Portability fee
(Taking your home loan with you)
$0$300 per move
Repayment holiday fee$0$0
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Rates

Interest rates

Below is the standard variable interest rate for the Equity Access Loan and also the lower rates you'll pay if you package your new loan under our optional home loan package, Premier Advantage Package. An annual fee of $395 applies.

 

Standard variable interest rate for Equity Access

LoanVariable Interest rate 
Equity Access Loan6.13% p.a.

 

Equity Access Loan interest rates
Under our home loan package, Premier Advantage Package   

Your total packaged home loans - new and existingPackage discount on new loanVariable interest rate
$150,000 - $249,999

Special Offer1
0.7% p.a. off
the standard interest rate

Conditions apply. Loan must be conditionally approved by 12 December 2014.

5.43% p.a.
$250,000 - $749,999

Special Offer1
0.9% p.a. off
the standard interest rate


Conditions apply. Loan must be conditionally approved by 12 December 2014.

5.23% p.a.
$750,000 and above

Special Offer1
1% p.a. off
the standard interest rate

Conditions apply. Loan must be conditionally approved by 12 December 2014.

5.13% p.a.

Interest rates shown are for fully documented loans. Find out more about our Home Loan Package, Premier Advantage package.

Total packaged home loan(s) means all your new and existing home loans that are under Premier Advantage Package.

  •  

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    How to apply

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    Let us call you

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    Explore your options

    1300 650 105

    8am-8pm, 7 days a week

Things you should know
  • Discounts do not apply to internal refinances and are not transferable between loans. Package benefits cannot be taken in conjunction with, or in addition to other special offers, negotiated rates or discounts.

    The discount on existing loans within a package is that offered at the time you settled your loan.  Any new packaged loans will have the benefit of the discounts set out above, subject to any conditions apply.


    1. Special offer conditions

    Special interest rate discounts are only available:

     - On the standard variable rate for Equity Access Loans

     - When applied for from 3 February 2014 and conditionally approved by 12 December 2014 and

     - Which are included in a Premier Advantage Package (Package)

    To qualify and continue to receive the benefits of the Package you must either hold or are approved for a Westpac Choice transaction account.  Before deciding to acquire a Westpac Choice account, consider whether it is appropriate for you by reading the terms and conditions for this account in our Deposit Accounts for Personal and Self-Managed Superannuation Fund Customers terms and conditions (PDF 845kb).

    Special rate discount applies only to full doc loans and includes the standard package discount of: 0.7% p.a. for loans of $250,000 or more and 0.4% p.a. for loans between $150,000 and $249,999.

    Find out about Low doc loan discounts.

How to save

If you add up the savings offered by Premier Advantage Package, you could save over $2,000 in the first year and nearly $2,000 in the second year. You’ll continue to save for the life of your loan when you add up the savings offered by Premier Advantage Package.

Example:

Potential savingsSaving (year one) Saving (year two onwards)
0.7% p.a. discount on $250,000 Westpac Equity Access Loan$1,750$1,750
No establishment fee on Westpac Equity Access Loan$600N/A 
No ongoing loan maintenance fees$120$120 
No monthly service fee on Westpac Choice account (regardless of deposits)$60$60
No annual fee on Altitude Black credit card$395$395 
Saving$2,925$2,325
Less Premier Advantage Package fee$395$395 
 $2,530$1,930

 

This example is for illustrative purposes only and assumes the following:

  • The Equity Access Loan is the first Westpac packaged loan taken out
  • Westpac Equity Access Loan interest rate is discounted by 0.7% p.a.
  • Interest only repayments
  • Minimum contracted repayments are made on scheduled repayment dates through the life of the Equity Access Loan
  • No additional repayments made
  • The loan is fully documented.

This example does not include other fees that may be payable on the Equity Access Loan.


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    How to apply

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    1300 650 105

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About applying

All our home and investment property loan applications are completed with the help of one of our home loan experts, either over the phone or at a branch. Our expert will first listen and discuss your individual needs, then give you the information that will help you choose the right home loan for you.

To get started you can:

  • Fill out an enquiry form and a home loan expert will call you back
  • Call 1300 650 105 and talk to a home loan expert (8am-8pm, 7 days a week)
  • Pop into your local branch and have a chat.

Our home loan experts can give you the information you need to help decide which loan is best for you. They can also help you with your application.


What you’ll need to kick start your application

We’ve put together this checklist of what you’re likely to need when you apply. Having this information ready before you start could help speed up the process.


Standard information

  • Details of monthly expenses (including loans and credit card debts)
  • Lists of assets (what you own) and liabilities (what you owe)
  • Income confirmation (including trusts and investments)
  • Superannuation balances
  • Proof of savings (statements)
  • Proof of identity for new customers (driver’s licence or passport)
  • Property contract of sale (if you’ve chosen a property you’d like to purchase and if available).


If you’re a PAYG employee:

  • Your 2 most recent payslips
  • Your most recent payment summary or tax return.


If you’re self-employed:

  • Your business/company tax returns for the last 2 years
  • Your personal tax returns and assessment notices for the last 2 years.


If you’re refinancing:

  • Loan statements for the last 6 months
  • Land title description (if available).


If you’re building a home:

  • Plans, specifications, council approval and builders contract
  • Owner Builder Independent Adviser’s Report (if you’re the builder).
  •  

    Apply for a home loan

    How to apply

  •  

    Let us call you

    Request a call back
  •  

    Explore your options

    1300 650 105

    8am-8pm, 7 days a week