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The home loan process

The home loan process

The home loan process doesn't have to be complicated if you follow these 5 steps.

Home loan process
Steps What you should do More information
1 Calculate your deposit

Your deposit is usually 20% of the purchase price or 5% with mortgage insurance.

Use our calculators to work out your deposit and upfront costs.
2 Calculate your borrowing capacity

Our calculators will help you work out:

3 Select the right loan for your needs

Ask yourself what you need in a loan to suit your lifestyle and plans. To help find the right loan:

  • Use our home loan selector tool
  • Refer to our home loan comparison tables:

- Variable home loans comparison table
- Fixed home loans comparison table

4 Obtain pre-approvalPre-approval is conditional approval from Westpac for your loan.
5 Obtain formal approval and settlement Once you find your property you need formal approval from Westpac. You must provide evidence of the details you gave at the pre-approval stage.
Things you should know
  • The information contained within this page is general in nature. It serves as a guide only and does not take into account your personal financial needs. Before you act on this information you should seek independent legal and financial advice.
  • Terms and Conditions apply and are available on request. Application subject to normal credit criteria and approval.
  • 1. A redraw request is subject to approval. A redraw fee applies.