Lender Name

WESTPAC

Product Name

FIXED RATE INVESTMENT PROPERTY LOAN

Product Type

FIXED

1,2,3,4,5,6,7,9,10 & 12 FIXED RATES

Interest Rates

Latest Interest Rates

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Redraw Facility

Available. Redraw fee $10 for Fixed Rate Investment Property Loans & Low Doc. Customer may redraw excess funds they have prepaid during the fixed period ,up to a maximum of the prepayment threshold of $15,000 during the fixed period. Redraw not available for company borrowers and where loan has Interest Only in Advance ( IOA ) payment arrangement.

Offset

Not available.

Fees

Establishment Fee:$750  ($1,000 for non-residents).
Loan Maintenance Fee:$ 8per month
$8 per loan if Combination Loan.
Progressive Draw Down Fee:$300 (payable once only)
Switching Fee::$300 (covers all draws)
No fee applies when customer refixes loan or reverts to variable rate at the end of the fixed rate period
Switching fee applies if switching during fixed rate period to another fixed rate contract or to a variable rate loan.
A prepayment cost plus admin fee may apply if switching prior to fixed term expiry
Lock in Fee 0.15% of the Loan Amount
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.
Guarantor Fee $200.

LVR

Australian residences Investment Maximum LVR 100% Loan Product Option available.
Investment Maximum LVR 100%
Construction Maximum LVR 100%
Refinancing Maximum LVR 97%.

Repayment Type

Principle and interest
Interest only term (up to 10yrs) and/or
Interest only in advance repayments (up to 12 months) available on 1-5 Year terms.

Repayment Options

Weekly, fortnightly or monthly.

Repayment Method

Payment by direct debit is preferred. Additional payments allowed at any time by other means (ie. Internet Banking, BPAY, Phone Banking). Non-resident borrowers are to open a Westpac account and use DDR payments.

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 range of loan terms (1,2,3,4,5,6,7,9,10 and 12 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 rate low docs that are not re-fixed will automatically roll into a variable rate low doc (Home Loans will roll into a Premium Option Low Doc, and Investment loans into a Variable Rate Investment Property Loan  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 for 1,2,3,4,5,6,7,9,10 & 12 year periods.
Maximum overall loan term is 30 years.

Loan Size

Minimum: $15K
No maximum.

Mortgage Insurance

Required if the LVR is greater than 80% (60% for Low Doc loans).
Mortgage Insurance not available for non- residents.

Acceptable Income

Product Change

Available.

Statements

Issued 6 monthly.

Portability

Available.

Split Loan Facility

Available within combination structure.

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. 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

A loan to buy construct or refinance residential real estate for investment purposes. (Available to Non- Residents).
Can be combined with other eligible loans to form a Combination Investment Property Loan.
First mortgage over residential property is required as security.
Fixed rate term options for 1,2,3,4,5,6,7,9,10 & 12 year periods.