Westpac Home Loans

All lenders have their own strengths, limitations and requirements and it’s important to shop around to find the best fit for your unique financial situation.

Everything you need to know about a Westpac Home Loan

Originally Australia’s first bank, Westpac remains one of the big four banks, serving over 13 million customers. Westpac is the ideal choice for many borrowers, with competitive rates, full-featured products and convenient online access. They do however tend to be rigid in their lending.

Westpac tends to lean toward high net individuals, using their subsidiaries such as St George Bank to provide options for first-home buyers or self-employed customers. Due to this, Westpac has the ability to be choosy with who they approve, which means that with a bad credit history or a low deposit, you may not qualify for a home loan.

Key Benefits

100% offset available
Redraw facilities available
Ability to make extra repayments without any added cost
Plenty of branch access being one of the big four
MLI can be waived if you’re a preferred industry professional
Bridging loans are available
Loans approved quickly
Network of mortgage brokers
Keen on working with high net investors
They’re good to existing customers
Offer fixed rate construction loans – which aren’t easy to come by

Drawbacks

They’re interest rates are not always competitive
Getting LMI through Westpac can be pricey
High application fees
Exit fees
Unlikely to help people with bad credit
Being a big four, may feel more impersonal
Unlikely to give a loan over 90% of the property value to non-existing customers
No self-managed super fund (SMSF) loans
No low-doc loans
Self-employed borrowers must have two years of consistent income

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Westpac Home Loan Products Breakdown

Flexi First Option Home Loan

No ongoing fees
Low interest rate
No fee extra repayments

Enjoy rate discounts for new customers

Westpac occasionally offers rate discounts for new customers or fee waivers. You’ll get all the basics that you need to pay down your loan quickly and the peace of mind that comes with flexible features and knowing you’ve got one of the most established banks in Australia on your side. There are no maintenance fees and you can make extra repayments when you want.

Flexi First Option Investment Loan

No establishment fees
No monthly maintenance fees
No fee extra repayments

A flexible and basic loan for residential investors

If you’ve had your eye on an investment loan, the flexi first option investment loan may be able to support you. One of the main advantages of this loan is that it offers a lower interest rate than other loans. As well as this, there’s flexibility with the features that are available. You also have flexibility in how you make your payments, as you can make extra repayments or alternatively take a repayment break at no extra cost.

Rocket Repay

Offset
Redraw
No fee extra repayments

A great loan if your goal is to pay down your mortgage as quickly as possible

Westpac’s Rocket Repay Home Loan is one of their two main loans. This loan comes with a competitive variable interest rate which is perfect if your goal is to pay down
your mortgage as quickly as possible. You can use an optional offset account, redraw facility or make extra payments without any added costs.

Rocket Investment

100% Offset
Low rate
Unlimited extra repayments

Build your future with a competitive loan for residential investors.

This is a competitive home loan for residential investors. On top of the low rate, you can pay down your loan faster with an offset account and unlimited extra repayments. Perfect for investors who plan on building up their rental income, you can take advantage of an interest only repayment period for up to ten years. You can also link a 100% offset account and make additional repayments at no extra cost.

Fixed Options Home Loan

Interest only options
Redraw
Extra repayments

Get a stress-free fixed rate loan

Get a stress-free fixed rate loan from Westpac and rest easy with your stable, low fixed rate and all the features you could ask for such as redraw, an interest only option, and you can make extra repayments up to $30,000. Once you have prepaid, you can also take a repayment holiday.

Fixed Rate Investment Property Loan

Loan term option of between 1 – 5 years
Can make up to $30,000 in additional repayments during fixed term without paying fees
Redraw facility available

An investment loan that provides you with certainty

Westpac’s fixed rate investment loan provides you a low fixed interest rate that will allow you to pay of your loan faster. There are various flexible features available to suit your needs as well. For instance, you can apply for redraw for up to $30,000 over the life of this loan without having to pay extra costs. Additionally, you will have the option of making interest only repayments or make extra repayments.

Speak to a Home Loan Expert

Westpac Home Loan Products Comparison

How to apply for a home loan with Westpac Bank

Before you apply, you will be expected to answer a number of questions around your financial situation. You can prepare using the Westpac Home Loan Checklist on their home loan page.

This document will ask about your income, assets and financial commitments. It also asks about the purpose of the property purchase, whether you will be building and for proof of identification.

Once you’ve completed the two-page document, talk to Westpac to make an appointment with a finance manager. No matter how you applied, you can check the status of your application online at any time.