Get a discount off your interest rate whilst enjoying the comfort of it being locked in
Fixed rate home loans can be an option for people who want the certainty of knowing what the repayments are going to be. With this loan you get to package a fixed rate with other financial products.
Premier Advantage Package rebates
You can get a $2,000 rebate when taking out a new Westpac Premier Advantage Package loan borrowing $250,000 or more. Interest only loans are excluded. You do have to pay the $395 annual package fee. You must apply by 31 July 2020 and settle the loan by 30 September 2020.
|Product Name||Westpac Fixed Options Home Loan Premier Advantage Package|
|Interest Rate Type||Fixed|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$150,000|
|Maximum Loan Amount||$10,000,000|
|Minimum Loan Term||1 year|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||95%|
|Mortgage Offset Account||No|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Ongoing Fees||$395 p.a.|
- $0 application fee
- Make extra payments up to $30,000 and redraw these funds during the fixed term without penalty
- There is a $395 annual package fee
- A $350 discharge fee applies when you pay off your home loan
Things to consider about the Westpac Fixed Rate Premier Advantage Package
The Westpac Fixed Rate Premier Advantage Package Home Loan is available to owner-occupied borrowers. An investment loan is available as well. There is also the Premier Advantage Package variable and line of credit loans.
With no maximum loan amount you just need your loan-to-value ratio approved by Westpac. Part of the package is a Westpac Choice transaction account which, if you don't already have one, can be opened when you apply.
The Premier Advantage Package comes with an annual fee of $395 allowing for the fee, rate and other discounts involved.
Features of the Westpac Fixed Rate Premier Advantage Package Home Loan
- Package discounts: With this package you receive discounts on your home loan as well as other Westpac banking products. Benefits include no annual fee on your credit card, no monthly service fee on your Westpac Choice account, plus discounts off interest rates for loans, other fee waivers and discounts on insurance products.
- Loan-to-value ratio (LVR): You can borrow up to 95% LVR if you pay lender's mortgage insurance (LMI). To avoid LMI you will just need to keep your loan amount below 80% LVR.
- Flexible Repayments: You choose to make repayments weekly, fortnightly or monthly. Your repayments can be principal and interest or you can opt for interest only for a period of up to 15 years, conditions apply. You can also make extra repayments up to $30,000 in the loan term without penalty.
- Redraw: You can redraw any extra payments you make without having to wait for it to revert to a variable rate.
- Rate lock. Your fixed interest rate can still change up until the date your loan settles. You can pay a fee of 0.10% of the fixed loan amount and lock in the rate for up to 90 days from date of application.
What fees and charges come with this loan?
- Annual fee: $395. This fee replaces other account keeping and establishment fees.
- Discharge fee: $350. This is for the closing of all your home loan accounts.
How to apply for the Westpac Fixed Rate Advantage Package Home Loan
If the Westpac Fixed Rate Advantage Package Home Loan interests you click the green 'Go to Site' or 'Enquire' button on this page. You will then be securely transferred to the Westpac website or asked to fill out your details for a mortgage broker to contact you.
A lending expert from Westpac or a mortgage broker will then be in touch to discuss your lending needs. If you prefer to speak to someone in person you can visit your local Westpac branch.
Some of the information they may ask for during the application process is:
- Details and confirmation of your income, savings and assets;
- Details of your monthly expenses and other debts;
- Details of the property you wish to use as security.