Westpac Equity Access Loan

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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.

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About this loan

What are the features and benefits 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

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.

Home Loan Offers

Important Information*
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Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)

Up to $3,000 refinance cashback. A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.

Logo for St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)
St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)

Up to $4,000 refinance cashback. With this competitive variable rate loan from St.George, refinancers borrowing $250,000+ can get up $4,000 cashback and borrow up to 90% of the property's value. (Terms, conditions & exclusions apply).

Logo for Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I
Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I

A competitive variable rate mortgage for owner occupiers $0 application and $0 ongoing fees. This interest rate falls over time as you pay off the loan.

Logo for Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR ≤ 80% (Owner Occupier, P&I)
Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR ≤ 80% (Owner Occupier, P&I)

Get a competitive variable interest rate with no application fee or ongoing fees.

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    Default Gravatar
    October 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
      October 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!


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