Policy made simple
Watch our latest simplified credit policy videos to support your self-employed and investor customers. To watch, search 'Self-employed Credit Policy Video' or ‘Investor Credit Policy Video’ in BrokerHub.
Use this page to provide helpful information on our Home Loan Product & Policy options. It’s important to remember these Policy options are subject to approval and conditions may apply.
To read more about our Special Packages, view or download our flyer (PDF 148KB).
Policy made simple
Watch our latest series of videos aimed at supporting you through simplifying our policy, for self-employed and investor customers. We also have handy Policy Quick Guides for key segments such as Bridging Loans, Self-employed, First Home Buyer, Investor and Special Package, for you to quickly check eligibility**. To watch the video’s, search ‘Credit Policy Video’ or search ‘Quick-Guide’ in BrokerHub to grab your copy of our Guides.
LMI* Waiver Policies
Max loan amount $5m ($7.5m total lending with LMI waiver). We will verify professional qualifications as part of your application. The following medical occupations are eligible for our 95% LVR+ LMI waiver with no minimum income requirement:
- Dentists
- General Practitioners
- Hospital-employed Doctors (Intern, Resident, Registrar, Staff Specialist)
- Medical Specialists
Minimum income threshold of $90,000 per annum:
- Audiologists
- Chiropractors
- Midwives
- Occupational Therapists
- Osteopaths
- Physiotherapists
- Podiatrists
- Psychologists
- Radiographers
- Registered Nurses
- Sonographers
- Speech Pathologists
- Optometrists
- Pharmacists
- Veterinary Practitioners.
This cannot be used in conjunction with Fast Track.
Your clients could borrow up to 90% LVR with no LMI if they meet the approved industry accreditation, eligibility and income requirements. Industries include:
- Accounting
- Legal
View our quick guides on BrokerHub for more on the following Policy:
Self-employed clients can be assessed under the Fast Track method, by providing latest two years’ individual ATO NOA for borrowing up to 80% LVR. Eligible Medico clients* can still get LMI waivers up to 95%. For non-Fast Track applications, we may accept the use of 1 Year Assessment or latest year income for servicing for those who meet the criteria.
Visit our Self-Employed page or our quick guide on BrokerHub to learn more.
Family Security Guarantee.
- Family Security Guarantee loans available for Owner Occupied and Investment purchases.
- No serviceability assessment required for the guarantors. Refer to BrokerHub for more.
- Please ensure your clients and their family members seek independent legal advice and understand the risks and exclusions associated with guarantees before proceeding.
Rent as genuine savings.
- For those who are currently renting, minimum of 3 months of continuous rental history can be used as proof of genuine savings.
Visit our First Home Buyer page or view our quick guide on BrokerHub
Portability.
- Allows for a customers to switch securities with no changes to the loan details or loan serviceability assessment.
Projected super as part of an exit strategy.
- The ASIC MoneySmart Superannuation Calculator can be used to assist your clients to project their superannuation balance at retirement age.
Bridging ICAP finance.
- Bridging interest capitalised loan – servicing is assessed on the end debt amount where applicable.
- Bridging facility can be in place for up to 12 months.
Visit our Next Home Buyer page or view our quick guide on BrokerHub
Interest in Advance (IIA).
- Additional interest rate discount for paying 12 months’ worth of interest up-front which could benefit a customer by reducing their tax liabilities in the financial year.
Investment Property Loan LVR.
- Up to 90% LVR for Investment Property loans with Interest Only repayments (inclusive of LMI).
Negative gearing.
- Estimate the potential negative gearing benefit through our calculator for on-the-spot serviceability calculations.
Visit our Investor page or view our quick guide on BrokerHub
Other Policy we support:
Eligible Emergency Services frontline employed applicants could have their overtime and allowances assessed at 100% (conditions apply). Eligible professions include:
- Fire Officers or Firefighters
- Police Officers
- Ambulance Officers or Paramedics
- Hospital employed Nurses, Doctors, Surgeons or Specialists
Available with Westpac Variable or Fixed Rate Loan, including Flexi First Home and Investment Loans.
- Max LVR 95% for Owner Occupier and 90% for Investor (inclusive of LMI) or 80% LVR without LMI.
- Cash out amounts up to $250k for renovations to an existing property does not require progress draws (non-LMI, as-is valuation required). First Home Owner Grant (FHOG) monies made available at land settlement.
- FHOG funds could be used towards settlement for construction loans when purchasing or refinancing land and construction together (approved FHOG required).
- You may encourage your clients to seek independent tax advice regarding the FHOG.
Visit our Construction Loan page to learn more.
Options available^ to support customers who are going on, or are on, parental leave:
- Switch to Interest Only for the parental leave period.
- Reduce repayments by up to 50% for 3 to 12 months on Principal & Interest repayments.
- Pause or reduce repayments by accessing excess payment funds for a certain period of time.
- Return to work income can be considered as part of your client’s borrowing power assessment.
Note: Interest accrues on the loan amount if payments are paused or reduced. This ensures the loan is paid within the original term.
Priority Refinance
- Priority Refinance option to turn refinances around without waiting for the other bank to process the discharge. To check eligibility and more, visit BrokerHub.
- For non-mortgage insured loans; your clients could request cash out up to $250k for renovation purposes. We don’t apply a cash out limit for personal or investment purposes (conditions apply).
- For mortgaged insured loans; your clients could request up to $100k for renovation, personal or investment purposes.
Visit our Refinance page to learn more.
Order a valuation prior to originating a loan application providing confidence to you and your clients (some policy conditions apply).
Did you know?
Your clients could be eligible to provide 6 months of continuous rental history as proof of genuine savings when applying for a home loan. Ensuring that:
- The loan application is for an owner-occupied residence, or the purchase of an established owner-occupied dwelling, or the purchase of vacant land if there is also an application to construct an owner-occupied residence on that land
- All tenants on the lease are borrowers (note: rental ledger can be in one name if the loan application is for two borrowers who are spousal
- The rental property is leased through a licensed property manager/agent/letting agent (excludes family/private)
Refer to Credit Policy for further information.
Credit policies and scenarios hotline
Call 1300 130 928 (select option 1, then option 5) for support with credit scenario questions.
The operating hours are: Monday to Friday 8am - 5pm (ACST), or 8:30am - 5:30pm (AEST)
Need help but don't know where to start?
Things you should know
For broker purposes only – not to be shared with or forwarded to customers.
This information's been prepared without taking your clients objectives, needs and overall financial situation into account. For this reason, your client consider the appropriateness of the information and, if necessary, seek appropriate professional advice. This includes any tax consequences arising from any promotions for investors and customers should seek independent advice on any taxation matters.
If any of the information related to (or provided by) Westpac Group that you rely on is printed, downloaded or stored in any manner on your systems, files or otherwise, please ensure that you update your systems and files with the most up-to-date information provided by us and rely only on such updated information.
+LVR stands for the loan-to-value ratio. LVR is the amount of your loan compared to the Bank's valuation of your property offered to secure your loan expressed as a percentage. Home loan rates for new loans are set based on the initial LVR and won't change during the life of the loan as the LVR changes.
*LMI waiver up to 90% LVR (min 10% deposit) for registered nurses and registered midwives earning a minimum annual income of $90,000. LMI waiver up to 95% LVR (min 5% deposit) may also apply to listed medical practitioners.
**For more detailed information on requirements and eligibility criteria, refer to the Credit Policy in BrokerHub.
^Options to lower repayments: conditions, eligibility and suitability criteria apply.
- Reduced loan repayments. Had your home loan for more than a year? You could apply to lower your minimum repayment by up to 50%, for up to 12 months. But, when this time ends, your repayments will increase to ensure you repay your loan within its original term.
- Repayment Holiday. Ahead on your home loan because you’ve made extra repayments? If you need to, you can arrange to skip repayments or repay less, as long as your ‘Available’ funds are enough to cover your minimum scheduled repayment
- Switching to an Interest Only repayment term. Sometimes you can apply to repay just the interest for a while. But, when you go back to repaying Principal & Interest, your repayments will be higher. This is because you still have to pay back the money you borrowed. And means you’ll pay more interest overall than if you instead chose to continue paying Principal & Interest.
Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.