Westpac Banking Corporation

Home loans

Equity Access Loan

Essentials

  • EAL allows you to access the equity you've built up in your property
  • Variable home equity loan rate of 7.51% p.a. 1
  • Discount of up to 0.7% p.a. discount applies when you combine our equity home loan with a home loan package 2
  • Revolving line of credit lets you maintain a credit limit for as long as you like
  • Additional repayments allowed at anytime without penalty
  • Offers flexibility in the timing and size of repayments
  • Low doc version available
  • Use your equity to renovate or invest
  • Pay interest only on the amount you owe 1.
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Apply for Equity Access Loan now
Things you should know
  • 1. For borrowings above 80% loan mortgage insurance is required. Fees apply once a limit has been established. Interest rate subject to change. Fees and charges and normal lending criteria apply. Terms and Conditions apply and are available on request.
  • 2. The discount applies to loan applications made from 31 January 2005. Discounted margin is subject to change.

Features

 

Let us help you manage your money
Feature Description Fee 1

Top-up 2

Lets you increase your home equity loan if you need access to additional funds.

$400 per top up

Redraw 2

Gives you same day access to any available funds up to your loan limit.

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

Portability 2

Allows you to retain your loan account number when you move properties.  You avoid the hassle and establishment fees associated with taking out a new loan. Security criteria apply.

$300 per move

Repayment holiday 2

Lets you skip full or partial repayments when you’re ahead with your payments.

Fee free

SmartPay

Lets you deposit all your income into your loan account which reduces daily interest charges. You can then arrange automatic transfers to pay bills or transfer funds to nominated accounts.

To activate SmartPay fill out the Adobe Acrobat fileSmartPay Authority form (PDF 188kb).

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

Funds access

Provides flexible access via ATM, BPAY ®, direct debit, Internet banking, telephone banking, EFTPOS, cheque or at any Westpac branch. 3

15 free transactions per month

Things you should know
  • 1. For borrowings above 80% loan mortgage insurance is required. Fees apply once a limit has been established. Interest rate subject to change. Fees and charges and normal lending criteria apply. Terms and Conditions apply and are available on request.
  • 2. Subject to Bank's approval.
  • 3. Subject to system availability.
  • BPAY® is a registered trademark of BPAY Pty Ltd ABN 69 079 137 518.

Fees

Standard fees and home loan package fees 1

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

Fees
Fee Standard loan Under Premier Advantage Package Low doc loan under Premier Advantage Package
Loan establishment fee $600 (one up-front fee) NIL $355
Loan maintenance fee $10 per month NIL NIL
Things you should know
  • 1. Other fees and charges apply.

Rates

The variable equity access loan rate is 7.51% p.a. 1  

Home loan package discount rates

You can receive a discount of up to 0.7% p.a. on the standard variable rate of your home equity loan with a Premier Advantage Package 2.  

Rates
Loan amount Discount on standard loan 1 Discount on low doc loan 1
$150,000 - $249,999 0.4% p.a. 0.3% p.a.
$250,000 - $499,999 0.7% p.a. 0.5% p.a.
$500,000 and above 0.7% p.a. 0.7% p.a.

View Equity Access essentials.

Things you should know
  • 1. For borrowings above 80% loan mortgage insurance is required. Fees apply once a limit has been established. Interest rate subject to change. Fees and charges and normal lending criteria apply. Terms and Conditions apply and are available on request.
  • 2. The discount applies to loan applications made from 31 January 2005. Discounted margin is subject to change.

Options

Take advantage of a home loan package

Receive an interest rate discount on your loan of up to 0.7% p.a. and enjoy a range of savings on Westpac products when you bundle your home equity loan with your regular banking. An annual package fee applies 1,2.

Consider other types of loans

Combination loan – split your loan between fixed and variable to give you both flexibility and certainty.

Submit a low doc loan application

If you’re self-employed and don't have a documented proof of income, we can still help. You’ll need to provide us with your registered business name along with your ABN and your last 12 months worth of Business Activity Statements (BAS). Eligibility criteria apply.

Repayment methods

  • Interest only and fees, repaid monthly by direct debit is preferred
  • Line of credit repayments not required if within limit.
Things you should know
  • 1. For borrowings above 80% loan mortgage insurance is required. Fees apply once a limit has been established. Interest rate subject to change. Fees and charges and normal lending criteria apply. Terms and Conditions apply and are available on request.
  • 2. The discount applies to loan applications made from 31 January 2005. Discounted margin is subject to change.

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