Lender Name

WESTPAC

Product Name

FIXED OPTIONS HOME LOAN

Product Type

FIXED

1,2,3,4,5,7 and 10 Year Fixed Rates

Interest Rates

Latest Interest Rates

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Redraw Facility

Yes, Customers may redraw the excess funds that they have prepaid during the fixed rate period. Customers are only allowed to redraw up to the maximum prepayment amount. This amount called the ‘prepayment threshold’ is currently $15,000 during the fixed rate period.

Offset

Not available.

Fees

Establishment Fee:$600
$750 for Combination Loan.
Loan Maintenance Fee:$8 per month.
Switching Fee:$300
No fee applies when customer refixes loan or reverts to variable rate at the end of the fixed rate period
An administration fee will apply if switching during fixed rate period to another fixed rate contract or to a variable rate loan. Break costs may also apply.
A prepayment cost plus admin fee may apply if switching prior to fixed term expiry
Independent valuers - for quote contact lender.
Progress Draws $200 (payable once only)
Lock In Fee .15% of the loan amount
Guarantor Fee $200
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.

LVR

Owner Occupier Maximum LVR 100%
Investment Maximum LVR N/A
Construction Maximum LVR 100%
Refinancing Maximum LVR 95%
Debt Consolidation Maximum LVR 95%

Repayment Type

Principal & Interest & Interest Only
10 Years Interest Only for Owner Occupied note Owner Occupied with IO Terms greater than 5yrs are subject to Credit Approval.

Repayment Options

Weekly, Fortnightly or monthly repayments provided the minimum monthly payment is achieved.

Repayment Method

Direct Debit is preferred. Additional payments allowed by other means and at any time.(ie. Internet Banking, BPay, Phone Banking).

Extra Repayments

Additional payments allowed (prepayments during fixed rate period permitted up to $15,000 prior to break costs applying).

Special Offers

Fixed Rate Low Doc loans are available on the full rnage of loan terms (1,2,3,4,5,7,10 years), and will incur the same interest rates, fees and charges as our standard fixed rate loans.
Available to self-employed borrowers who cannot supply up to date financials.
Accounts that break within 3 years must switch into another low doc product until 3 years has lapsed from the original loan start date.
Expiring fixed option low docs that are not re-fixed will automatically roll into a Premium Option low doc .
Lenders Mortgage Insurance is required on Low Doc Loans for Loan to Valuation Ratios (LVR) above 60%, up to a maximum LVR of 82%.
Fixed rate low doc loans are eligible for PAP discounts when they roll into a variable rate low doc at the end of the fixed term.
Low Docs are available for construction loans, however not for owner builders.
Properties of up to 8ha will now be acceptable security.
Minimum loan amount is $25,000 for Low Doc loans and maximum term is 30 years.
Full valuations are required on all security properties.

Term

Fixed rate term options of 1,2,3,4,5, 7 and 10 year periods.
Maximum overall loan term is 30 years.

Loan Size

Minimum: $15K
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.

Statements

Issued 6 monthly.

Portability

Available - Fee of $300.

Split Loan Facility

Available within combination structure.

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)

Progress Draw Loans Off Contract Items
It is acceptable for the applicant to provide a separate contract for additional work to be completed as a part of a Progress Draw loan application.
The following list details those items that may be completed by a contractor other than the primary builder:
Air conditioning,Carpets,Curtains,Driveways,Fences,FloorTiling,Landscaping
Pergolas, Paving, Security System, Swimming Pool.
Quotes from licensed tradesperson are to be provided along with other application documents for inclusion in the valuation process.
These additional items must be specified within the To Be Erected
(TBE) valuation. EDS Credit Services Progress Draw unit will pay the tradesperson once the invoice has been presented and an inspection carried out to confirm completion.

No Genuine Savings Option - refer to Special Lenders Criteria

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.

100% Loan Product based on the following conditions:
Can have combination as part of the 100% LVR Option
Repayments only on a Principal, Interest & Fees (PI&F) basis
The loan not available for Premier Advantage Package interest rate discounts for the first 2 years. Maximum LVR is 100% . Applications for dwellings can be considered for loans up to $500K (depending on location) refer to Introduce Net for details on postcode categories by state. Applicants must demonstrate a positive net tangible asset position. Tangible assets include items such as Real Estate, Deposit account, Shares / Unit Trust, Vehicles.
Not available for non resident borrowers, Family Trusts, or Company borrowers.
Loans may be utilised for the purchase or construction of owner-occupied residence. Security owner occupied residence
All mortgagors must also be borrowers . Residential dwelling properties only. No Switching within the first 2 years except within acceptable products. Top-ups are not available. Portability is available conditions applicable.  Standard mortgage insurance guidelines still apply.
Additional requirements for 100% LVR for investment property loans:
Borrower must have at least 20% equity in another residential property
Borrower must have at least 1.25 times the required income surplus requirement
Broker action required
To ensure a valid credit decision is applied to your 100% Loan option   applications: Submit the application to the Broker Processing Unit with a clear notation on the first page of the Introducer Pack 100% Loan Option Online Applications - must also have the ‘100% Loan Option written on the Introducer Pack in all cases.
For further information refer to BDM.

Low Doc Loans can be included within Premier Advantage. Note that the benefits differ to standard products. See Premier Advantage Package profile for details.
Low Docs are available for construction loans, however only for licensed builders (not owner builders). Full valuations are required on all security properties.

Target Market

Fixed rate loan for terms of 1-5, 7 or 10 year periods, used to buy, construct, or refinance real estate (must be owner occupied) for home improvements or for personal purposes.
A first mortgage over residential property is required as security.
Can be combined with other eligible loans to form a Combination Home Loan.