Products
Home Loan Product Features
Fixed Options Home Loan & Fixed Rate Investment Property Loan |
Rocket Repay Home Loan & Rocket Investment Loan |
Flexi First Option Home Loan & |
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Fixed Rate on the Premier Advantage Package# A fixed interest rate and set repayments that won't change during the fixed term |
Variable Rate on the Premier Advantage Package# A variable interest rate loan with an offset account and make extra repayments |
Basic Home Loan A basic home loan with variable rate no fees for loan maintenance or redraw and no setup fee with principal & interest repayments |
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| Product Features | Construction loan | ✔ | ✔ | ✔ |
| Family guarantee | ✔ | ✔ | ✔ | |
| Offset available | ✖ | ✔ | ✖ | |
| Split loan | ✔1 | ✔ | ✖ | |
| Portability* | ✔1 | ✔ | ✔ | |
| Extra repayments* | ✔ - up to $30K per fixed period | ✔ | ✔ | |
| Redraw | ✔ - up to $30K per fixed period | ✔ | ✔ | |
| Parental leave | ✖ | ✔ - OO PIF loans only, after 12 months | ✔ - OO loans only | |
| Repayment holiday* | ✔ - available redraw | ✔- available redraw | ✔- available redraw | |
| Switching | ✔1 | ✔ | ✔ | |
| Top-ups* | ✖ | ✔ | ✔ | |
| Specifications | LVR | Investment – up to 90% (LMI cap) Owner Occupied – up to 95% (LMI cap) |
Investment – up to 90% (LMI cap) Owner Occupied – up to 95% (LMI cap) |
Investment – up to 90% (LMI cap) Owner Occupied – up to 95% (LMI cap) |
| IO term | Investment – max 10 years Owner Occupied – max 5 years |
Investment – max 10 years Owner Occupied – max 5 years |
Investment – max 10 years Owner Occupied – max 5 years |
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| Max loan term | 30 years | 30 years | 30 years | |
| Min loan size | $15,000 | $10,000 | $25,000 | |
| Min aggregated borrowing for package discounts | $150,000 | $150,000 | - | |
| PIF repayment frequency | W, F, M | W, F, M | W, F, M | |
| IO repayment frequency | M | M | M | |
| Fees & Charges | Annual Package fee# | $395 | $395 | - |
| Lending Establishment fee | $0 - waived | $0 - waived | $0 - special offer | |
| Loan Account fee | $0 - waived | $0 - waived | $0 | |
| Guarantor fee | $200 | $200 | $200 |
*Subject to Bank’s approval.1 Break costs may apply.2 If at any time before the end of a fixed rate period you switch to another product, interest rate (fixed or variable) or repayment type, then a break cost may apply.
Things you should know
#Premier Advantage Package Terms and Conditions apply. A $395 annual package fee applies and is payable from an eligible Westpac Choice transaction account. You must hold a Westpac Choice transaction account to qualify and continue to receive the benefits of the Premier Advantage Package. Read the Westpac Choice transaction account terms and conditions and consider whether the product is right for you. Refer to Westpac.com.au
Any application for credit is subject to the Bank’s normal lending criteria. Fees and charges apply. Full details of all product terms and conditions are available on request. These may be varied, or new terms and conditions introduced, in the future. This information is current as at 22 Nov 2021. Internal Use Only. This information has been prepared and is provided solely for the general guidance of staff within the Westpac Group and brokers. It must not be copied, used, reproduced or otherwise distributed or circulated without prior written consent of Westpac Banking Corporation.
© 2021 Credit criteria, fees and charges apply. Terms and conditions available on request. Credit provided by Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.