Home loans Solutions

What are my options for finance?

We have a range of options suitable for different circumstances.

I am planning cosmetic renovations

If you are planning cosmetic renovations, like upgrading your kitchen or bathroom, there are a number of options available for accessing extra funds.

If you've paid off more than your minimum repayments, the  redraw feature allows you to withdraw extra money you've paid into your home loan, so you're able to access your money to fund your renovation plans. ¹

The top-up feature allows you to extend the credit limit of your existing loan without applying for a new one.

An Equity Access Loan lets you use the equity in your property as a source of funds. This loan is secured by a first registered mortgage over your property.

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I am planning to build from scratch or do major renovations

If you are constructing a property from scratch, or undertaking major renovations, you could apply for a new home loan with a progressive draw down feature.

Progressive draw down is available on many of our loans. It allows you to pay the builder for the construction or renovation as the building work reaches each stage of completion. You also need to be comfortable that the works have been completed to your satisfaction before Westpac releases any loan proceeds.

A builder's valuation is usually required for construction or renovation loans to:

• Provide an 'as is' market value assessment
• Provide a 'to be erected' market value assessment of the property on completion of the renovation/construction
• Assist in determining the approved loan amount.

Periodic inspections during construction may also apply if you are undertaking a larger project.

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Are these scenarios similar to your situation?

Agatha and Ben want to rebuild

Agatha and Ben want to knock down and rebuild the home they’re buying. What options do they have?

A loan with a progressive draw down feature, such as a Rocket Repay Home Loan, would let Agatha and Ben draw on their funds at different stages of construction.

Lisa and Robert are looking to install a new kitchen in their investment property

Lisa and Robert have a Rocket Investment Loan which they have made several extra repayments on. What options do they have?

As they have made extra repayments, Lisa and Robert could redraw this amount through their redraw facility to fund their renovations. This saves them time and they can even use Telephone Banking or Online Banking to redraw money without having to obtain a separate loan.

Janice wants a swimming pool

Janice has a First Option Home Loan. She has always wanted a swimming pool but has been unable to save enough money. How can she make her dream come true?

Janice could apply for a top-up for her existing loan. This could save her time and money because she won't have to apply for a new loan.

Tim and Michelle want to renovate

Tim and Michelle have paid 30% off their Flexi First Option Home Loan. They now want to renovate their home. What options do they have?

Tim and Michelle could apply for an Equity Access Loan and use the equity in their home to finance their renovation. Alternatively, they could use the redraw or top-up features as sources of funds.