|
Lender Name |
WESTPAC |
|
Product Name |
EQUITY
ACCESS LOAN |
|
Product Type |
LOW DOC LOC |
|
Interest
Rates |
Latest
Interest
Rates
Compare
Other
Lenders |
|
Redraw
Facility |
Not
applicable -
can draw up
to maximum
approved
credit
limit. |
|
Offset |
Not
available. |
|
Fees |
Establishment
Fee Single
$600 ($1,000
for
non-residents)
Establishment
Fee
Combination
Loan $750
Additional
valuation
fees:
Independent
valuers -
for quote
contact
lender
Monthly
Maintenance
Fee Loan
$10
Excess
Transaction
Fee $2 per
withdrawal
in excess of
15 per month
free
Switching
Fee $300
(only to
other Low
Doc products
within 1st 3
years)
Outward
Dishonour
Fee $40
Deferred
Establishment
Fee $900
will only be
charged if a
customer
closes their
loan with
Westpac
within 4
years of
origination
for reasons
such as
re-financing
to another
institution,
selling
their
property or
early
repayment
where they
request to
close their
loan.
Guarantor
Fee $200. |
|
LVR |
Owner
Occupied
Maximum LVR
82%
Investment
Maximum LVR
82%
Construction
Maximum LVR
N/A
Refinancing
Maximum LVR
82%
Debt
consolidation
Maximum LVR
82%
Maximum LVR
82% (With
Mortgage
Insurance)
Refer to
Westpac
Lenders
Mortgage
Insurance
guidelines-Maximum
Loan amounts
& Security
Locations |
|
Repayment
Type |
Interest
Only or Line
of Credit
Funds can be
accessed via
internet,
telephone,
B-pay,
cheque, over
the counter,
ATM, EFTPOS. |
|
Repayment
Options |
Monthly
repayments. |
|
Repayment
Method |
Interest
Only Direct
Debit Only. |
|
Extra
Repayments |
Payments can
be made with
no
restrictions. |
|
Special
Offers |
Premier
Advantage
Package
benefits
available:
Discounts:
$150k to
$250k
0.40% p.a.
$250k to
$500k
0.60% p.a.
$500k
+
0.60% p.a.
Annual
Package Fee
$395
Nil
Establishment
fee |
|
Term |
Revolving
facility
repayable on
demand. |
|
Loan Size |
Minimum loan
amount $40K
Maximum Loan
Amount - Non
Mortgage
Insured
Vacant
Security
$400K
All Other
residential
Security $1M
Selected
Postcodes -
refer to
lender for
postcode
classifications
$1.5M
Larger Loans
will be
considered
on their
merits |
|
Mortgage
Insurance |
Maximum LVR
82% with
mortgage
insurance. |
|
Acceptable
Income |
Self
Employed
minimum of 2
years. |
|
Product
Change |
Yes (only to
other Low
Doc products
within 1st 3
years). |
|
Statements |
Issued 3
monthly /
Quarterly. |
|
Portability |
Yes fee of
$300 (Nil
fee Premier
Advantage
Package). |
|
Split Loan
Facility |
Low Doc
Loans may be
taken in
combination
with each
other
Maximum 3
loans note a
combination
of Low Doc
and a Non
Low Doc loan
is not
acceptable. |
|
Special
Notes |
|
|
Target
Market |
A variable
loan
specifically
for
customers
who are self
employed,
experience
uneven cash
flows, have
difficulty
separating
their
personal or
business
cashflows or
who do not
have up to
date
financials.
A Loan that
gives access
to the
equity in a
property for
any
worthwhile
purpose
including
investments,
education,
holidays or
cars, with a
choice of
repayments
options. Can
be used for
any legal
purpose
including
business
purposes.
For the
customers
tax record
keeping
purposes, an
Equity
Access loan
can be split
into
different
accounts as
part of a
combination
loan
package. |
