Westpac Home Loans

Optional extras that can be included with a Westpac home loan

Westpac offers a diverse range of optional extras with their home loans. This allows you to tailor your banking products to suit your specific needs. This includes:

The Westpac Premier Advantage Package gives you the ability to bundle banking products that suit your own financial goals. As you select various banking products to include with your home loan, various discounts may apply. Discounts off personal loans and margin loan interest rates may also apply.

The package also includes waived monthly account keeping fees on a Westpac Choice Transaction Account and discounted credit card annual fees. Customers choosing the Premier Advantage Package can also receive various bonuses on fixed term deposit accounts that are higher than the advertised interest rates paid. Additionally, bonuses and further discounts may apply to superannuation accounts and other wealth products.

Benefits of choosing a Westpac home loan

There are multiple benefits to using a Westpac home loan, but perhaps the most common is the ability to tailor your banking needs to suit your specific financial requirements. The products allow you to choose from competitive interest rates and flexible features, along with the ability to incorporate other banking products easily.

First home buyers

• First home buyers have access to plenty of benefits through Westpac. There is a basic variable product available (Flexi First Option Home Loan) that offers a no-frills home loan with a discounted variable interest rate for those who wish to keep interest charges to a minimum. The fixed rate home loans available also offer highly competitive rates, so first home buyers can benefit by locking in their rate to help avoid any future interest rate increases. This allows them the security of knowing their repayments won't rise until the fixed term ends.

Refinancers

• Choosing to refinance your existing mortgage over to Westpac can give you access to plenty of flexible home loan options, whether you're refinancing to access better interest rates or to increase your loan amount to pay for home renovations.
• If you choose a variable rate, you have the option of choosing a discounted Rocket Repay Home Loan with a very low-interest rate or a standard variable loan under the Premier Advantage Package. This package offers discounts on the standard variable rate depending on the loan amount.

Investors

• The Premier Advantage Package offers discounts that increase with the size of the loan. For investors with multi-property portfolios, this gives them aggregate borrowing that may entitle them to discounts off the standard variable rate over and above the advertised discount rates.
• The Rocket Repay Investment Home Loan can be easily set to interest-only repayments. The interest-only period extends for five years initially, but this can be extended for a further five years with a simple phone call to the bank. The package allows you to link a 100% offset account to any of your home loan accounts, which provides you with a transaction account with no ongoing monthly fees. Further discounts off other banking products, including insurance and margin loans may also apply. A Westpac credit card can also be linked to the account.
• If you want more security when it comes to your repayments, Westpac also offers the Fixed Rate Investment Property Loan that allows you to fix the interest rate for up to 15 years.

Estimate your home loan repayments by filling in some of your details

Applying for a Westpac home loan

Applying for a Westpac home loan is very simple, but you will need to prepare some information before you submit your application.

You must be over 18 and a permanent resident of Australia. You will also need to provide some form of income verification. This might be recent payslips, tax returns or an employment contract. If you have other forms of income coming into the household, you should verify these too. These might include family allowance payments or investment income.

Self-employed applicants will need to provide business or company tax returns for two full financial years. Westpac may also ask to see personal tax returns for the same period of time. This will need to include a full profit and loss statement and a balance sheet.

The home loan application will ask you to fill in some details about your current financial situation. This will include any details about your monthly expenses and any repayments you currently make on any outstanding debts you have. You'll also need to provide any information of other expenses you might be paying, such as HECS/HELP debts or child support payments.

Westpac will ask you to verify evidence of your savings history by providing bank statements for your savings account. If you're refinancing, you can do this by providing existing mortgage statements. If you're buying a home, you will need to provide a copy of the fully executed, signed Contract of Sale for the property.

Westpac offers an online home loan enquiry form that allows you to enter your details and information at a time that suits you, or request a call-back from a Westpac banker at a time you would prefer.