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Westpac Equity Access Loan

Invest and build your future using your home's equity

The Westpac Equity Access Loan is a flexible option for property owners who want to use the equity they have built in their home to raise funds for other investments.

Product NameWestpac Equity Access
Interest Rate TypeVariable
Interest Rate (p.a.)5.96%
Comp Rate^ (p.a.)
Minimum Loan Amount$25,000
Maximum Loan Amount$10,000,000
Minimum Loan Term1 year
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditYes
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$600
Ongoing Fees$10 monthly ($120 p.a.)
Settlement Fee$0
Discharge Fee$350


  • Access cash in your line of credit via ATMs or EFTPOS
  • Pay as much as you want into your loan at any time without penalty
  • Waive the application fee and monthly fees if you choose the Premier Advantage Package


  • There is a $600 application fee
  • A $10 monthly account service fee applies
  • A discharge fee of $350 applies when you close your home loan account

Features of the Westpac Equity Access Loan

  • Use your equity to suit your lifestyle. Use the additional money to renovate or invest as you choose
  • Don't pay fixed interest on the full amount. Interest is only charged on the amount that you owe
  • Repay your amount owing in lump sums. Make payments of any size at any time throughout your loan, in addition to your regular repayments without having to be concerned with penalties
  • SmartPay offset account. SmartPay allows you to deposit all of your income into your loan account. This reduces daily interest charges, and in turn you can arrange automatic transfers to pay bills or move funds into other nominated accounts.
  • Maintain your own credit limit. A revolving or extendable line of credit allows you to control your own credit limit for as long as you like.

What fees and charges come with this loan?

  • Application Fee: $600. This is required to draw up papers and perform the necessary administration work for your home loan documents
  • Service Fee: $10 per month. This is charged for the maintenance of your account.
  • Exit Fee: $350. This is charged to close your account and prepare the documents necessary.

How to apply for the Westpac Equity Access Home Loan

If you think the Westpac Equity Access Home Loan might suit your needs, you can contact a Westpac banker online, over the phone or in branch to discuss the process.

Below is a list of information you will asked to provide when applying for this loan:

  • Personal details. This will include full name, contact details and photo ID
  • Income and asset details. You will be asked for recent payslips if you are a PAYG employee or tax returns if you are self-employed. You will also be asked to supply details of any other income-producing assets you have, such as investment properties or shares.
  • Savings and debt details. You will be asked to supply statements from your savings account, as well as the details of any other loans or credit you have owing so it can be taken into account when assessing your ability to repay the loan.
  • Property information. You will be asked to supply details of the property you are wanting to be held as security against this loan, whether you are purchasing a new home, refinancing or building a new property.

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2 Responses

  1. Default Gravatar
    CraigOctober 23, 2019

    I would like to know if it’s possible to borrow against the equity that I have in my home (around $500,000) without it affecting my current home loan set up? My partner currently pays the home loan and is able to salary sacrifice quite a good amount each fortnight from her pay. I don’t want to upset this so essentially want to know if I can take out a second mortgage?

    • Default Gravatar
      NikkiOctober 25, 2019

      Hi Craig,

      Thanks for your comment.

      You can opt to choose a line of credit as it usually allows you to borrow up to 80% of the value of your equity, and this amount is given to you as a credit limit. It would be best to talk to your chosen lender on this matter.

      As a friendly reminder, carefully review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.

      Hope this helps!


Westpac Equity Access

  • Interest Rate

    5.96% p.a.

  • Comparison Rate


  • App Fee / Annual Service Fee

    $600 / $10

  • Max LVR


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