|
Lender Name |
WESTPAC |
|
Product Name |
FIRST OPTION
INVESTMENT
PROPERTY
LOAN |
|
Product Type |
VARIABLE |
|
Interest
Rates |
Latest
Interest
Rates
Compare
Other
Lenders |
|
Redraw
Facility |
Available to
access
additional
repayments
Access Fee:
$50 charged
per redraw. |
|
Offset |
Not
available. |
|
Fees |
Establishment
Fee:$750
($1000 for
non
residents).
Loan
Maintenance
Fee:$ 10 per
month.
Top Ups
Occurrence
Fee:$450
charged when
used.
Guarantor
Fee : $200 (
where a
Guarantor is
required for
the loan )
Additional
Valuation
Fees:
Independent
valuers -
for quote
contact
lender.
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.
Progress
Draw Fee:
$95 per draw
Portability
Fee: $350 |
|
LVR |
Owner
Occupier
Maximum LVR:
N/A
Investment
Maximum LVR
97%
Construction
Maximum LVR
97%
Refinance
Maxim LVR
97%
Vacant Land
Maximum LVR
N/A
Debt
Consolidation
Maximum LVR
97% |
|
Repayment
Type |
Principle &
Interest. |
|
Repayment
Options |
Weekly,
Fortnightly
or Monthly. |
|
Repayment
Method |
Direct
debit. |
|
Extra
Repayments |
Additional
repayments
can be made
at any time
(no
minimum). |
|
Special
Offers |
|
|
Term |
Up to 30
years. |
|
Loan Size |
Minimum:
$40K
No Maximum. |
|
Mortgage
Insurance |
Required for
LVR above
80% of the
purchase/valuation
price.
No mortgage
insurance is
available
for
non-residents. |
|
Acceptable
Income |
Self
Employed
with 2
years
financials
to be
supplied,
salary and
wage earner. |
|
Product
Change |
Yes. |
|
Statements |
Statements
can be
issued
monthly,
quarterly or
semi-annually.
$3 is
charged per
extra
statement,
for
statement
cycles more
frequently
than
semi-annually. |
|
Portability |
Available to
customers
who wish to
take their
loan to
another
property.
Portability
Fee: $350
charged when
used. |
|
Split Loan
Facility |
Not
available. |
|
Special
Notes |
No Genuine
Savings
Option -
This option
allows the
3%
deposit/equity
to come from
any source
other than
borrowed
funds, for
LVR’s up to
97%
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 low
variable
rate home
loan to buy
or refinance
residential
real estate
for
investment
purposes.
Also can be
used for
construction.
Up to 3
residential
properties
can secure
the loan,
one property
must be
owner
occupied
(any
additional
valuation
costs are
payable by
the
customer). |
