Skip to main content Skip to main navigation
Skip to accessibility page Skip to search input

We assume: By using this calculator you are saving for a deposit to buy your first home.


Our calculations will include the First Home Owner Grant (FHOG) and first home buyer’s duty concessions where, based on the information you provide, you are eligible for the FHOG and concessions.


Check here to see if you are eligible for First Home Owner Grant (FHOG).


Things you should know

The purpose of this calculator is to provide you with general information about the amount you may be able to borrow for your first home purchase and how long it may take you to save for a deposit, based on the information you provide. The results generated by this calculator are subject to the disclosures below and further information accompanying the calculations.


The calculations do not constitute an offer to acquire any financial product and neither do they constitute any offer or quote for credit from Westpac.
Your borrowing power amount may be different when you complete a loan application and all the details relevant to our lending criteria are captured and verified.  The calculations should not be relied on for the purpose of making a decision whether to apply for a home loan.


References to any financial or credit product contained in the assumptions are not recommendations to acquire that financial or credit product. You should always refer to the relevant offer document(s) and/or terms and conditions (“T&Cs”) applying to a financial or credit product and ensure you read and understand those documents and/or T&Cs or obtain independent financial advice from a licensed financial services provider prior to making any decision regarding whether you should acquire that product.

Any calculation made by you using this calculator is intended as a guide. Results shown are for illustrative purposes only and are limited to the accuracy of the information provided, the assumptions set out in this section, and information about FHOG and government duties and concessions that are applicable as at 30 August 2018.   Unless otherwise indicated, calculations do not take government charges or other fees into account.  Any fees costs, concessions and FHOG referred to in the assumptions are estimations only. Actual fees and  costs may be higher than those estimated and any first home buyer concessions or FHOG that have been included in the calculations may be lower, which will impact the results.

* Assumption used for illustrative purposes only. The savings calculations provided are based on a total variable interest rate of 2.30% p.a. offered under the Westpac Life savings account ("Account") for the full time period indicated in the calculation, and includes a 1.50% p.a. standard variable base rate plus  0.80% p.a. monthly variable bonus rate. The bonus rate is only payable: (a) each month that a deposit is made into the Account; and (b) the Account balance is higher at the end than the beginning of the month; and (c) the Account balance remains above $0. Calculations may not include all fees and charges and interest rates may be subject to change. Please refer to the full terms and conditions applying to the Account.


First Time Buyer Exclusive offers

Credit Criteria, fees and charges apply. Terms and conditions available on request.  Based on Westpac's credit criteria, residential lending is not available for non-Australian Resident. This information has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice.

The First Time Buyer Fixed Options Home Loan offer and the First Time Buyer Flexi First Options Home Loan offer is eligible for First Time Buyers only. First Time Buyers are applicants applying for their first home loan for their first property. First Time Buyer offers can be taken together however cannot be taken in conjunction with, or in addition to other special offers, negotiated rates or discounts. For joint home loan applications, all applicants must be First Time Buyers.  Not available to company and trust account holders.


1
5 Year Introductory First Time Buyer Flexi First Option Home Loan
: This offer is valid for applications from 19/09/2018 and may be varied or withdrawn at any time.  Includes a 0.85% p.a. discount off our Flexi First Option Home Loan Principal & Interest Variable Rate for five years from loan settlement date reverting to a 0.75% p.a. discount off our Flexi First Option Home Loan Principal & Interest Variable Rate for the remaining loan term. Interest rates are subject to change.


2
5 Year Introductory First Time Buyer Flexi First Option Investment Loan:
This offer is valid for applications from 19/09/2018 and may be varied or withdrawn at any time. Includes a 1.10% p.a. discount off our Flexi First Option Investment Loan Principal & Interest Variable Rate for five years from loan settlement date reverting to a 0.80% discount off our Flexi First Option Investment Property Loan Principal & Interest Variable Rate for the remaining loan term. Interest rates are subject to change.


3 Comparison Rate: The comparison rate is based on a secured loan of $150,000 over the term of 25 years. WARNING: The comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates.


Rounding of amount of each repayment

In practice, repayments are rounded to at least the nearer cent. However the calculator uses the unrounded repayment to derive the amount of interest payable at points along the graph and in total over the full term of the loan. This assumption allows for a smooth graph and equal repayment amounts.”