The home loan process
The home loan process
The home loan process doesn't have to be complicated if you follow these 5 steps.
| 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:
- Variable home loans comparison table |
| 4 | Obtain pre-approval | Pre-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.
