Fixed Rate Home Loans - Westpac - 5 yr fixed Options |
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to select a different loan amount and loan term. Currently: $150,000 over 30 years |
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| Home Loan Lender |
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Westpac Home Loan |
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| Home Loan Product Name |
5 yr fixed Options |
| Interest Rate |
7.39% |
Comparison Rate
Estimated |
7.69% |
| Amount |
$150,000 |
| Term |
30 years |
Initial Monthly Payment
Estimated |
$1,037.55 |
Monthly Payment
Estimated |
$1,067.11 |
Total Paid
Estimated |
$385,860 |
| Establishment Fee |
$600.00 |
| Enquire/Apply |
 
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| Target Market |
Fixed rate loan for terms of 1-5, 7 or 10 year periods, used to buy, construct, or refinance real estate (must be owner occupied) for home improvements or for personal purposes.
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A first mortgage over residential property is required as security.
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Can be combined with other eligible loans to form a Combination Home Loan. |
| Acceptable Income |
Self Employed with 2 years financials to be supplied, salary and wage earner. |
| Loan Term |
Fixed rate term options of 1,2,3,4,5, 7 and 10 year periods.
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Maximum overall loan term is 30 years. |
| Loan Size |
Minimum: $15K
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No Maximum |
| Repayment Type |
Principal & Interest & Interest Only
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10 Years Interest Only for Owner Occupied note Owner Occupied with IO Terms greater than 5yrs are subject to Credit Approval. |
| Repayment Options |
Weekly, Fortnightly or monthly repayments provided the minimum monthly payment is achieved. |
| Extra Repayments |
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| Split Loan Facility |
Available within combination structure. |
| Offset |
Not available. |
| Redraw Facility |
Yes, Customers may redraw the excess funds that they have prepaid during the fixed rate period. Customers are only allowed to redraw up to the maximum prepayment amount. This amount called the ‘prepayment threshold’ is currently $15,000 during the fixed rate period. |
| LVR |
Owner Occupier Maximum LVR 100%
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Investment Maximum LVR N/A
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Construction Maximum LVR 100%
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Refinancing Maximum LVR 95%
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Debt Consolidation Maximum LVR 95%
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Loan to Security Ratio (LSR) between 80 and 85% refer to Flyer in Lender Documents LMI Folder.
Fixed Rate Low Doc loans are available on the full range of loan terms (1,2,3,4,5,7,10 years), and will incur the same interest rates, fees and charges as our standard fixed rate loans.
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Available to self-employed borrowers who cannot supply up to date financials.
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Accounts that break within 3 years must switch into another low doc product until 3 years has lapsed from the original loan start date.
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Expiring fixed option low docs that are not re-fixed will automatically roll into a Premium Option low doc .
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Lenders Mortgage Insurance is required on Low Doc Loans for Loan to Valuation Ratios (LVR) above 60%, up to a maximum LVR of 82%.
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Fixed rate low doc loans are eligible for PAP discounts when they roll into a variable rate low doc at the end of the fixed term.
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Low Docs are available for construction loans, however not for owner builders.
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Properties of up to 8ha will now be acceptable security.
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Minimum loan amount is $25,000 for Low Doc loans and maximum term is 30 years.
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Full valuations are required on all security properties. |
| Fees |
Establishment Fee:$600
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$750 for Combination Loan.
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Loan Maintenance Fee:$8 per month.
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Switching Fee:$300
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No fee applies when customer refixes loan or reverts to variable rate at the end of the fixed rate period
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An administration fee will apply if switching during fixed rate period to another fixed rate contract or to a variable rate loan. Break costs may also apply.
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A prepayment cost plus admin fee may apply if switching prior to fixed term expiry
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Independent valuers - for quote contact lender.
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Progress Draws $200 (payable once only)
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Lock In Fee .15% of the loan amount
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Guarantor Fee $200
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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
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repayment where they request to close their loan. |
| Enquire/Apply |
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| Other Fixed Rate Home Loans |
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| Other Westpac Home Loan Products |
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This Comparison Rate applies only to $150,000 with a loan term of 30 years. The loan amount and term will affect the comparison rate calculation. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparsion rate calculation but may influence the cost of the loan.
This rate is to be used as a guide only and we recommend that you confirm it with the lender before acting upon it.
The information provided in this website is a guide only and may not be complete for your purposes. ratesonline.com.au is not licensed to provide investment advice and recommends that you consult an independent financial adviser.
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