Flexi First 2 Years Introductory Variable Flexi First 2 Years Introductory Variable (Principal & Interest) (Owner Occupied)

  • 4.44%
    p.a Basic Variable
  • 4.44%
    p.a Comparison**
  • $0
    Upfront fees
  • $0
    Annual fees
  • 95%
    Max LVR
  • $1,934
    Per Month*

About Westpac

Westpac Banking Corporation was founded in 1817 and was the first bank established in Australia. Now one of the Big4, Westpac has a long and proud history as Australia's first and oldest bank. It was established in 1817 as the Bank of New South Wales under a charter of incorporation provided by Governor Lachlan Macquarie. In October 1982 it changed its name to Westpac Banking Corporation following the acquisition of the Commercial Bank of Australia. Westpac’s vision is ‘To be one of the world’s great companies, helping our customers, communities and people to prosper and grow’. Their customer-specific focus on deposits, wealth and insurance have been key elements to their success story and has enabled them to appeal to a broader range of customers. Westpac continues to provide a strategic flexibility to financial solutions to better meet individual customer needs.

Basic Variable

Repayments calculated to take into account ongoing monthly and anual fees.

Monthly repayment*
$1,934
rate per annum
4.44%

Loan to Value Ratio

Borrow up to the maxium of 95% of the value of the property.

Lenders Mortgage Insurance, or LMI, will be payable on most loans where the borrowings are greater than 80% of the value of the property.

However, you may be able to capitalise LMI into your loan, increasing the overall loan amount by about 2% (in order to cover the cost of the insurance). Contact a loan market broker to find out how LVR and LMI might impact the cost of your loan repayments.

Lvr
95%
Capitalise LMI
Yes

Availability

For Construction, Owner Occupied, and Vacant Land in NSW, NT, QLD, SA, WA, VIC, TAS, and ACT.

Term
1 - 30 years
Min
$25,000
Max
$99,999,999

Eligibility

The level of financial documentaion and credit history required to apply for the loan.

Financials
Full Doc
Credit History
Conforming
Genuine Saving
Required

Redraw Facility

Get quick access to cash by drawing on the loan to pay for renovations or other purchases.

Redraw Facility
Yes
Min Redraw
$0
Redraw fee
$0

Banking Features

Given the wide range of loans on offer – with different interest rates, product features and fees – it pays to shop around to find the loan that fits your needs and circumstances. Some loans offer features that may be appropriate for your situation and result in savings over the life of the loan.

Some features you may wish to consider include:

  • an offset account;
  • ability to make extra repayments;
  • a redraw facility; and
  • linked credit card and savings accounts;
  • ability to split your loan between fixed and variable interest rates
Offset Account
No
Redraw Available
Yes
Credit Card
Yes
Internet Banking
Yes
Telephone Banking
Yes
BPay Option
Yes
Portability of Loan
Yes
Professional Pack
No
Check Account
Yes
Direct Salary Credit
Yes
Free Transactions
Yes
Minimum Redraw
No
Redraw Fee
Yes

Repayments

You can make your repayments Fortnightly, Monthly, and Weekly.

Interest Only Option
No
Max Interest Only
0 years

Upfront Fees

Upfront fess associated with estabilishing the loan. Other loan set-up fees, such as valuation fees and lender's mortgage insurance, and Government charges, such as registration fees and stamp duty on property transfer, have not been included. These will be determined after application.

Total
$0

Ongoing Fees

Monthly and annual fees and charges during the loan period.

Total
$0

Exit Fees

Fees associated with prematurely ending the loan.

Total
$700
Exit
$350
Early Repayment
$0
Switch To Fixed
$350

Notes

New Lending only available for a limited time. Discount for the first two years Further T&C’s apply see Pricing and Policy update attached. Must note in your application ‘Flexi First 2yr intro 2017’ Eligibility - Flexi First Option Home Loan and Flexi First Option Investment Property Loan offers are applicable to new lending on Principal & Interest repayments and available for a limited time only. - No discounts available for Interest Only repayment types. - Discounts do not apply to internal refinances and are not transferable between loans. - Not available to Non-Resident borrowers. - $0 establishment fee applies to Flexi First Option Home & Investment Loans with Principal and Interest repayment types. Repayment payments are to be by direct debit (DDR) from a suitable Westpac account.

LVR Notes

Foreign Income Policy Non residents - no lending permitted Temporary visa holders - no lending for foreign income, 70% LVR for applications involving AUD Australian citizens - 70% New Zealand citizens - 70% Permanent visa holders - 70% * Applications for new purchases only - any refinances or cash out are not permitted. LMI required above 80%. Max LVR 90% inclusive of LMI cap (if all security is non-owner occupied) Max LVR 95% inclusive of LMI capitalisation (if at least 1 security being owner occupied)

Notes

5% Genuine Savings must be validated and verified for all mortgage insured applications where the LVR is >85%. Land Purchase, Construction and Renovation Loans: - If the property has been held for 3 months or more then treat as an existing property holding with any equity in the property counting towards the genuine savings. - If the property has been held for less than 3 months then the original purchase and the new application can be treated as one application for genuine savings purposes. Calculate the genuine savings applicable to the total new application then deduct any genuine savings that were verified in the original purchase to leave the net genuine savings required for the new application. Proposals involving Investment loans with LVR > 90% requires applicants to demonstrate 10% equity in another property. The 10% Equity is to be qualified using the applicants estimated Market Value of their existing residentail property's against the total current exposure. Current exposure is to be calculated on loan account limit and not loan account balance.

Fee Notes

Portability Yes. $350 per move. Progressive drawdown: $95 per draw. $350 Top-up fee $350 Top-up (with portability) $200 Guarantor fee where guarantee is selected.

*Monthly Repayments

Monthly repayments are calculated to take into account the loan amount, repayment term and ongoing fees and charges over the life of the loan.

  • Variable rate loans show the monthly repayments at the current rate.
  • Fixed rate loans show the monthly repayment during the fixed period only.
  • Monthly repayment calculations are an approximate guide only. Speak to a LoanMarket Mortgage broker to understand the exact cost of a loan given your particular circumstances.

**Comparison Rates

A comparison rate is a tool to help consumers identify the true cost of a loan. It factors in the interest rate, loan amount, repayment term and ongoing fees and charges and displays this as a single percentage rate that can be used to compare various loans from different lenders.

Monthly Repayment and Comparison Rate* calculations do not include:

  • The use of account features such as early repayments and offset accounts which vary widely among loans and can reduce the cost of a loan significantly.
  • Cost savings such as fee waivers or special rate discounts.
  • Fees and charges associated with loan options or events that may or may not be used by the borrower, such as early repayment or redraw fees
  • Lenders Mortgage Insurance (LMI) which may be required to secure the loan and can increase the cost of the loan.
  • Government charges such as stamp duty or mortgage registration fees.
  • Fees and charges which aren’t available at the time the comparison rate is provided