|
Lender Name |
WESTPAC |
|
Product Name |
FIRST OPTION
HOME LOAN |
|
Product Type |
VARIABLE |
|
Interest
Rates |
Latest
Interest
Rates
Compare
Other
Lenders |
|
Redraw
Facility |
Available to
access
additional
repayments.
Access Fee:
$50 charged
per redraw. |
|
Offset |
Not
available. |
|
Fees |
Establishment
Fee:$600
Loan
Maintenance
Fee:$10 per
month
Top Ups
Occurrence
Fee:$450
charged when
used.
Additional
Valuation
Fees:
Independent
valuers -
for quote
contact
lender.
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.
Progress
Draw Fee $95
per draw |
|
LVR |
Owner
Occupier
Maximum LVR
97%
Investment
Maximum LVR
97%
Construction
Maximum LVR
97%
Refinance
Maxim LVR
97%
Vacant Land
Maximum LVR
97%
Debt
Consolidation
Maximum LVR
97% |
|
Repayment
Type |
Principle &
Interest. |
|
Repayment
Options |
Weekly,
Fortnightly
or Monthly. |
|
Repayment
Method |
Direct debit
only. |
|
Extra
Repayments |
Additional
repayments
can be made
at any time
(no
minimum). |
|
Special
Offers |
The new
offer will
be made via
a discount
on the
Bank’s First
Option Home
Loan. First
Home Owners
that qualify
for the
Federal
Government’s
First Home
Owners Grant
will be able
to apply for
a discount
of 0.12% off
the standard
First Option
Home Loan
Rate for the
life of the
loan. The
maximum loan
size for the
First Home
Owners
Special
Offer is
$500K. |
|
Term |
Up to 30
years. |
|
Loan Size |
Minimum: $
40K
Maximum:
$750K
(Higher
amounts by
exception). |
|
Mortgage
Insurance |
Required if
the LVR is
greater than
80%. |
|
Acceptable
Income |
Self
Employed
with 2
years
financials
to be
supplied,
salary and
wage earner. |
|
Product
Change |
Yes. |
|
Statements |
Statements
can be
issued
monthly,
quarterly or
semi-annually.
$3 is
charged per
extra
statement,
for
statement
cycles more
frequently
than
semi-annually. |
|
Portability |
Available to
customers
who wish to
take their
loan to
another
property.
Portability
Fee: $350
charged when
used. |
|
Split Loan
Facility |
Not
available |
|
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. Refer
to Policy
guidelines
for complete
details. For
more
information
please
contact your
Business
Development
Manager .
Not
available on
Low Doc
Products. |
|
Target
Market |
A low
variable
rate home
loan to buy
or refinance
residential
real estate
(must be
owner
occupied).
Also for
home
construction
or
improvement
and
refinancing
existing
home loan. |
