|
Lender Name |
WESTPAC |
|
Product Name |
EQUITY
ACCESS LOAN |
|
Product Type |
EQUITY LINE |
|
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
Establishment
Fee
Combination
Loan $750
Additional
valuation
fees:
Independent
valuers -
for quote
contact
lender.
Monthly
Maintenance
Fee Single
Loan $10
Combination
Maintenance
Fee $5
Excess
Transaction
Fee $2 per
withdrawal
in excess of
15 per month
free
Smart Pay
avaialbe for
Equity
Accerss Loan
Plan 2 -
Smartpay
will be
included as
part of the
15 free
Transcations
that is the
16th or more
transactions
will incur
the Excess
Transcation
Fee
Switching
Fee $300
Outward
Dishonour
Fee $40
Smart Pay
avaialbe for
Equity
Accerss Loan
Plan 2
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
92%
Investment
Maximum LVR
92%
Construction
Maximum LVR
0%
Refinancing
Maximum LVR
92%
Maximum LVR
92% (65% for
larger
country
postcodes -
refer to
lender for
postcode
classifications) |
|
Repayment
Type |
INTEREST
ONLY or Line
of Credit
Funds can be
accessed via
internet,
telephone,
B-pay,
cheque, over
the counter,
card |
|
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
available
Requirements
as follows:
Borrowings
$150K or
more
Annual
Package Fee
$395 |
|
Term |
Revolving
facility
repayable on
demand |
|
Loan Size |
Minimum loan
amount $25K
No Maximum |
|
Mortgage
Insurance |
Required if
the LVR is
greater than
80%.
Equity
Access Loan
Plan 2 -
Customers to
borrow up to
85% LVR
without
Mortgage
Insurance
(MI) and new
LVR limits
apply for
Security
Types,
Borrower
Types,
Security
Locations
and Loan
Types. Refer
to the LVR
Table
Introducer
Net
(Products
Policy and
Procedures,
section
titled
‘Security
and LVR).
Customers
who apply
for a loan
with an LVR
between 80%
and 85% will
be able to
choose to
pay MI or
not based on
the
following
pricing
rules:
Standard
pricing will
apply for
loans
originated
outside of
Premier
Advantage
Package
(PAP).
All loans
taken as
part of PAP
with an LVR
between 80%
and 85%
without MI,
will only be
able to
receive a
discount of
0.40% pa.
irrespective
of loan
amount. No
additional
discounts
below carded
rates
(discretions)
will be made
available
for loans in
the 80-85%
LVR band
that choose
to pay no
MI.
Customers
with an LVR
between 80
and 85% who
wish to
receive the
usual PAP
discounts
will be
required to
pay mortgage
insurance. |
|
Acceptable
Income |
Self
Employed
with 2
years
financials
to be
supplied,
salary and
wage earner. |
|
Product
Change |
Yes. |
|
Statements |
Issued
quarterly. |
|
Portability |
Yes - Fee of
$300. |
|
Split Loan
Facility |
Yes |
|
Special
Notes |
Will use
rural
residential
8 to 40
hectares
(80% within
50km of town
with 10,000
or more
people
otherwise
70% - refer
lender for
details) but
must have a
dwelling on
property
Note Studio
Apartments
must be over
50sqm*
(Sydney
units 35 to
50 sqm
acceptable
to 80% in
postcodes
2010, 2011 &
2021)
Vacant Land
can be used
as security
but funds
can not be
used for
purchase of
vacant land
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. 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 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
exception of
business
purposes for
the
customers
tax record
keeping
purposes, as
Equity
Access loan
can be split
into
different
accounts as
part of a
combination
loan
package. |
