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Increase your home loan

You can apply to increase your home loan using our top up / loan increase feature. This lets you extend the credit limit on your existing loan

  • $400 per top up / loan increase
  • Free with Premier Advantage Package


Let your line of credit move with you to your new home

If you’re moving house you can avoid the establishment and other fees of setting up a new loan by taking your current home loan with you and keeping the same account number (security criteria apply). That’s real portability.

  • $300 per move
  • Free with Premier Advantage Package


You can take a repayment holiday when you’ve made extra repayments

If you’ve made extra repayments, you can take a partial or full break from making repayments (conditions apply).

  • Fee free


Lower your interest repayments by having your income paid into your loan account with SmartPay

The more money you have in your home loan, the lower your interest repayments will be. Deposit your income directly into your home loan account, make more than your required loan repayments, and then set up automatic transfers to pay bills or transfer money to other accounts.

To activate SmartPay, fill out the SmartPay Authority form (PDF 187KB).

  • 15 free transactions per month (includes redraw), then $2 each


Accessing your funds

You can access any extra repayments via ATM, BPAY®, direct debit, Westpac Online, Mobile and Tablet Banking, Telephone Banking, EFTPOS, cheque or at any Westpac branch.

  • 15 free transactions per month

Equity Access Loan with or without Premier Advantage Package

You save on fees when you choose the Premier Advantage Package, however an annual package fee of $395 applies.
 

All fees shown apply to Equity Access Loans and low doc loans unless otherwise included.
 

Fee With Premier Advantage Package Without Premier Advantage Package
Loan establishment fee $0 $355 (low doc loan) $600 (one upfront fee) 
Loan maintenance fee $0 $10 per month
Top up / Loan increase fee $0 $400
Portability fee (Taking your home loan with you) $0 $300 per move
Repayment holiday fee $0 $0

Below is the applicable variable interest rate for the Equity Access Loan and also the lower rates you'll pay if you package your new loan under our optional home loan package, Premier Advantage Package. An annual fee of $395 applies.

Variable interest rate for Equity Access Loan

Loan Variable Interest rate 
Equity Access Loan 5.65% p.a.

Equity Access Loan interest rates under our home loan package, Premier Advantage Package   

Loan
Package discount on new loan Variable interest rate

$150,000 - $249,999

Your total packaged home loans - new and existing

Special Offer1

0.6% p.a. off the applicable interest rate

Conditions apply. Special limited time offer available from 19/09/2016 which may be withdrawn or varied at any time.

5.05% p.a.

$250,000 - $499,999

Your total packaged home loans - new and existing

Special Offer1  

0.8% p.a. off the applicable interest rate

Conditions apply. Special limited time offer available from 19/09/2016 which may be withdrawn or varied at any time.

4.85% p.a.

 

$500,000 and $749,999

Your total packaged home loans - new
and existing

Special Offer1

0.85% off the applicable interest rate

Conditions apply. Special limited time offer available from 19/09/2016 which may be withdrawn or varied at any time.

4.80% p.a.

$750,000 and above

Your total package home loans - new
and existing.

Special Offer1

0.9% p.a. off the applicable interest rate

Conditions apply. Special limited time offer available from 19/09/2016 which may be withdrawn or varied at any time.

 

4.75% p.a.

 

 

Interest rates shown are for fully documented loans. Find out more about our Home Loan Package, Premier Advantage package.

Total packaged home loan(s) means all your new and existing home loans that are under Premier Advantage Package.

 

 

 

 

 

 

If you add up the savings offered by Premier Advantage Package, you could save over $2,000 in the first year and nearly $2,000 in the second year. You’ll continue to save for the life of your loan when you add up the savings offered by Premier Advantage Package.
 

Example:
 

Potential savings Saving (year one)  Saving (year two onwards)
0.7% p.a. discount on $250,000 Westpac Equity Access Loan $1,750 $1,750
No establishment fee on Westpac Equity Access Loan $600 N/A 
No ongoing loan maintenance fees $120 $120 
No monthly service fee on Westpac Choice account (regardless of deposits) $60 $60
No annual fee on Altitude Black credit card $395 $395 
Saving $2,925 $2,325
Less Premier Advantage Package fee $395 $395 
  $2,530 $1,930

This example is for illustrative purposes only and assumes the following:
 

  • The Equity Access Loan is the first Westpac packaged loan taken out
  • Westpac Equity Access Loan interest rate is discounted by 0.7% p.a.
  • Interest only repayments
  • Minimum contracted repayments are made on scheduled repayment dates through the life of the Equity Access Loan
  • No additional repayments made
  • The loan is fully documented.

This example does not include other fees that may be payable on the Equity Access Loan.

 

All our home and investment property loan applications are completed with the help of one of our home loan experts, either over the phone or at a branch. Our expert will first listen and discuss your individual needs, then give you the information that will help you choose the right home loan for you.

To get started you can:

  • Fill out an enquiry form and a home loan expert will call you back
  • Call 1300 650 105 and talk to a home loan expert (8am-8pm, 7 days a week)
  • Pop into your local branch and have a chat.

Our home loan experts can give you the information you need to help decide which loan is best for you. They can also help you with your application.


What you’ll need to kick start your application

We’ve put together this checklist (PDF 1MB) of what you’re likely to need when you apply. Having this information ready before you start could help speed up the process.


Standard information

  • Details of monthly expenses (including loans and credit card debts)
  • Lists of assets (what you own) and liabilities (what you owe)
  • Income confirmation (including trusts and investments)
  • Superannuation balances
  • Proof of savings (statements)
  • Property contract of sale (if you’ve chosen a property you’d like to purchase and if available)
  • Identification Checklist for Individual Customers (PDF 42KB)


If you’re a PAYG employee:

  • Your 2 most recent payslips
  • Your most recent payment summary or tax return.


If you’re self-employed:

  • Your business/company tax returns for the last 2 years
  • Your personal tax returns and assessment notices for the last 2 years.


If you’re refinancing:

  • Loan statements for the last 6 months
  • Land title description (if available).


If you’re building a home:

  • Plans, specifications, council approval and builders contract
  • Owner Builder Independent Adviser’s Report (if you’re the builder).
Things you should know

Premier Advantage Package Conditions of Use (PDF 63KB)

Discounts do not apply to internal refinances and are not transferable between loans. Package benefits cannot be taken in conjunction with, or in addition to other special offers, negotiated rates or discounts.

The discount on existing loans within a package is that offered at the time you settled your loan.  Any new packaged loans will have the benefit of the discounts set out above, subject to any conditions apply.


Special offer conditions

Special interest rate discounts are only available:

- On the standard applicable variable rate for Equity Access Loans

 - Which are included in a Premier Advantage Package (Package)

 - Special limited time offer available from 19 September 2016 which may be withdrawn or varied at any time.

To qualify and continue to receive the benefits of the Package you must either hold or are approved for a Westpac Choice transaction account.  Before deciding to acquire a Westpac Choice account, consider whether it is appropriate for you by reading the terms and conditions for this account in our Deposit Accounts for Personal and Self-Managed Superannuation Fund Customers terms and conditions (PDF 360KB)

Special rate discount applies only to full doc loans and includes the standard package discount of 0.70% p.a. for loans of $250,000 or more and 0.40% p.a. for loans between $150,000 and $249,999.

Find out about Low doc loan discounts.