Lender Name

WESTPAC

Product Name

PREMIUM OPTION HOME LOAN

Product Type

VARIABLE

Interest Rates

Latest Interest Rates

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Redraw Facility

Available if excess funds exists. Nil fee.

Offset

Not available

Fees

Establishment Fee:$600
Loan Maintenance Fee:$8 per month
Switching Fee:$300
Additional Valuation Fees: Fees applicable
Progressive Draw Down Fee: $300 (payable once only)
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 100%
Investment Maximum LVR N/A
Construction Maximum LVR 100%
Refinancing Maximum LVR 97%
Repayments only on a Principal, Interest & Fees (PI&F) basis.

Repayment Type

Principal and Interest and Interest Only up to 10 years.

Repayment Options

Weekly, Fortnightly or Monthly.

Repayment Method

Direct debit, Internet Banking, BPay,Phone Banking

Extra Repayments

Additional repayments can be made without charge.

Special Offers

Premier Advatage Package benefits available.
$150K<$250K 0.40% p.a. discount
>$250K 0.70% p.a. discount
Nil Establishment fee
Premier Advantage Package fee is $395.

Term

Up to 30 Years.

Loan Size

Minimum: $10K
No Maximum.

Mortgage Insurance

Required if LVR is over 80%. 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 6 monthly.

Portability

Available - Fee of $300.

Split Loan Facility

Available as combination loan.

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% refer to Special Lenders Criteria - Savings History for details

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.

Target Market

The loan can be used for:
Home construction/improvements
Home purchases ( owner occupied )
Purchase of land on which a dwelling is to be built for the customer’s own occupancy
Personal purposes
Refinancing of either an existing housing loan or,other consumer loans.
A first mortgage over residential property is required as security.