Westpac Home Loan Options

Find out everything you need to know about overseas Westpac expat mortgages.

As a featured loan product, you will get a fully packaged home loan with an offset account and discount interest rates. This package requires an annual fee of $395.

The package provides several benefits, including rate discounts, no annual card fee, and no account-keeping fee.

Generally, this is the best choice for larger loans, as borrowers must either hold or get approval for a Westpac Choice transaction account linked to their home loan.

Westpac offers a range of fixed-rate packages for customers who want certainty in their home loans. This fixed-rate lock-in rate also allows customers to make extra repayments of up to $30,000 on new loans with no fees or break costs.

Lock in your rates starting from a 5.89% interest rate for two years on an owner-occupied packaged home loan.

At the end of the fixed-rate period, the interest will convert to a variable rate unless a new fixed-rate term is determined.

*Note that interest rates apply on the day you draw your loan. Not at the time of application. Thus, they are subject to change.​

The Flexi First Option package is a basic variable rate loan without an offset account. Westpac offers low variable rates with flexibility, no cap on extra repayments, and a waived establishment fee of $600.

This package is usually for loans under $250,000, and customers will not need to pay annual, top-up, or switching fees.

Have a specific home loan package in mind? Get in touch with our specialist expat mortgage brokers to find out if you can qualify for a great deal.

Westpac Home Loans Review

Westpac Bank offers a variety of benefits and features on its home loan packages.

Pros Cons
Accepts the majority of foreign currency income
Australian income tax rates apply to foreign income
Open to adjusting loans on complicated scenarios
Strict serving assessment for foreign income applications
Free features are available for customers, like offset accounts and redraw facilities
Maximum Loan Value Ratio (LVR) of 70%
Offer an innovative and leading mobile banking platform and is one of the largest on-demand ATM and branch networks throughout Australia
Don’t offer Self Managed Super Fund Loans (SMSF) and Refinances
Offers top-ups, flexible repayments, and split loan packages
Policy-driven - You’ll need to meet all of their borrowing policies to secure approval

Allow us to find you the perfect home loan.

Apply online to get expert recommendations with real interest rates and repayments.

Westpac Home Loans Features

Here are the main features of WBC’s mortgage packages.

Feature Details
Deposit Size
Usually require a 20% deposit of the purchase price. If you buy sooner with a smaller deposit, you will need to pay Lenders Mortgage Insurance (LMI).
Offset Account
A bank account linked to your home loan can help lower the loan interest, which is a safety buffer for a rainy day.
Repayment Options
Options of principal and interest and interest-only repayments. Interest-only repayments have a set term of 5 years before you start paying the principal.
Package Benefits
You can benefit from waived fees, discounts on insurance products, and lower interest rates.
Interest Rates (Investment)
A 4.64% basic 2-year variable rate, 1-year fixed-rate loan at 5.34%, increasing to the 5-year rate of 6.49%.
Expat Information
Australian citizens living abroad can borrow 80% of the property value to purchase a house overseas. The minimum amount is $25,000 for these loans, and the maximum is 30 years. Interest rates and other fees are the same as regular home loans on offer to those living in Australia.

Facts About Westpac Bank

Westpac accepts most foreign currency income and uses Australian income tax rates to assess it.

Packages allow customers to access low-interest rates and discounts on other products.

Interest rates and fees are the same for expats for Australian citizens buying a house in Australia.

How Do I Apply for a Westpac Expat Home Loan?

Who is Eligible for a WBC Expat Mortgage?

  • No need to be a Westpac customer
  • Australian citizen or eligible permanent resident
  • Over the age of 18

What Documents Will I Need to Provide?

When you apply for a home loan with Westpac, you are required to provide several documents.

Form of Identification​

Passport, driver's licence, birth certificate etc.

Statement of Income

Bank account statements showing three months of salary income.

Financial Position

Assets like shares and vehicles, liabilities such as credit card limits and living expenses.

Property Details

Mortgage and rental income statement.

Need help with your documents? Speak with us today!

Other Related Products from Westpac

Construction Loan

Construction home loan option for borrowers looking to renovate or build their homes.

Split Loan

Option to split your loan into separate fixed-rate and variable-rate accounts. This way, you can get the best of both worlds.

Allow us to find you the perfect home loan.

Apply online to get expert recommendations with real interest rates and repayments.

Other Australian Lender Reviews

FAQs about WBC

As an Australian citizen living and working abroad, you can still benefit from the regular home loans available to those in Australia. Expats can borrow up to 70% of the property value. The minimum loan amount for expat home loans is $25,000, with a maximum term of 30 years.

When we have found a property that matches your borrowing capacity in the pre-approval stage, Westpac will need a confirmed contract of sale before settlement can commence. Once this is all provided, the settlement process will take between 4 and 8 weeks.

When we have found a property that matches your borrowing capacity in the pre-approval stage, Westpac will need a confirmed contract of sale before settlement can commence. Once this is all provided, the settlement process will take between 4 and 12 weeks or 2 to 5 days if you are refinancing.

If you meet their criteria, Westpac conditional approval can be completed in one business day. It will be good for up to 90 days from approval.

Easily apply for a Westpac conditional approval online, which usually takes under half an hour to complete depending on your financial situation.

See What You Qualify For

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