|
Lender Name |
WESTPAC |
|
Product Name |
PREMIUM
OPTION WITH
1 YEAR
G'TEED RATE |
|
Product Type |
INTRO -
PRINCIPAL &
INTEREST |
|
Interest
Rates |
Latest
Interest
Rates
Compare
Other
Lenders |
|
Redraw
Facility |
Not
Permitted
during
Guaranteed
Rate Period.
Available at
the end of
the
Guaranteed
Rate Period. |
|
Offset |
Not
applicable. |
|
Fees |
Establishment
Fee:$600
Loan
Maintenance
Fee:$8 per
month
Special
Offer Admin
Charge:$900
Will apply
if more than
25% of the
original
loan balance
is repaid
within the
1st year or
if more than
75% of the
original
loan balance
is repaid
within the
first 4
years or if
the customer
switches to
another loan
within the
first four
years or if
a customer
switches the
loan into
the Premier
Advantage
Package
within the
first four
years.
Switching
Fee:$300
only applies
after the
loan has
been running
for 4 years
Independent
valuers -
for quote
contact
lender.
Progress
Draws $300
(covers all
draws)
Guarantor
Fee $200
Independent
valuers -
for quote
contact
lender.
Fixed rate
Lock-in Fee
of 0.15% of
loan amount
applicable
on new loans
for a period
of 90 days
to secure
their fixed
interest
rate prior
to loan
drawdown. |
|
LVR |
Owner
Occupier
Maximum LVR
97%
Investment
Maximum LVR
N/A
Construction
Maximum LVR
97%
Refinancing
Maximum LVR
97%
Debt
Consolidation
Maximum LVR
97%
Vacant Land
Maximum LVR
97% |
|
Repayment
Type |
Principal
and Interest |
|
Repayment
Options |
Weekly,
Fortnightly
or Monthly. |
|
Repayment
Method |
Direct
debit,
Internet
Banking,
BPay,Phone
Banking. |
|
Extra
Repayments |
Additional
repayments
are allowed
during the
Guaranteed
Rate Period
and
thereafter
(conditions
apply).
Up to 20% of
loan amount
in 1st year.
Up to 75% of
loan amount
in the first
4 years ( if
exceeded
Special
Offer Admin
Charge of
$900 will
apply ). |
|
Special
Offers |
|
|
Term |
Maximum
overall loan
term is 30
Years. |
|
Loan Size |
Minimum:
$10K
No Maximum. |
|
Mortgage
Insurance |
Required if
LVR above
80%. |
|
Acceptable
Income |
Self
Employed
with 2
years
financials
to be
supplied,
salary and
wage earner. |
|
Product
Change |
Yes.
Switching to
other
products
during first
4yrs
allowed, but
incurs $800
Special
Offer Admin.
Charge.
Switching
from other
products to
the Premium
Option 1 Yr
Guaranteed
rate product
is not
allowed. |
|
Statements |
Issued 6
monthly. |
|
Portability |
Available -
Fee of
$300. |
|
Split Loan
Facility |
Not
available. |
|
Special
Notes |
Family
Guarantee
Option
This option
allows
borrowers to
use
additional
guarantee
support
security
provided by
a parent/s
to borrow up
to a maximum
of 100% of
the purchase
price of a
property.
Debtors are
no longer
required to
contribute a
minimum of
5% of the
security
value of the
property
being
purchased
and enables
borrowers to
cover costs
related to
the
purchase of
new security
into the
loan amount
for example
Government
costs,
Solicitor's
costs, Bank
Fees and
Insurance
costs.
WestPac Term
Loan
Deposits in
the name of
a family
member can
be used as
security for
a guarantee.
Refer to
Policy
guidelines
for complete
details. For
more
information
please
contact your
Business
Development
Manager .
Not
available on
Low Doc
Products. |
|
Target
Market |
A low
introductory
guaranteed
rate to help
with
expenses
associated
with the
purchase,
construction,
refinance of
real estate
(Owner
Occupied),
large home
improvement,
personal
expenses.
Mandatory
conversion
to Variable
rate at the
end of
guaranteed
rate period.
Progress
Draws
allowed
(licensed
builder).
A first
mortgage
over
residential
property is
required as
security.
Available
for new
loans only.
|
