Westpac Bank

Westpac Bank

Westpac is the second largest bank in Australia that offers a range of financial packages to support personal, business, and commercial loans.

Find out everything you need to know about overseas home loans.
  • Westpack Premier Advantage
  • Fixed Rate
  • Flexi First Option

Westpac Premier Advantage Package

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.

Along with the discounted interest rates on fixed and variable home loans, customers can save $600 on establishment fees and a minimum of $96 on ongoing loan maintenance fees. 

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

Fixed-Rate Home Loan

For customers who want certainty in their home loans, Westpac offers a range of fixed-rate packages. This fixed-rate lock-in rate also allows customers to make extra repayments up to a total of $30,000 on new loans.

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

 

Flexi First Option Home Loan

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 fees, top-up fees, or switching fees.

Pros and Cons

Take a look at the pros and cons of Westpac’s home loans.

Pros Cons
Westpac accepts the majority of foreign currency income.
Australian income tax rates are applied to foreign income.
Open to adjusting loan on complicated scenarios.
Tough 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.
Don’t offer Self Managed Super Fund Loans (SMSF).
One of the largest on-demand ATM and branch networks throughout Australia.
Refinances are unavailable at Westpac.
Westpac offers top-ups, flexible repayments, and split loan packages.
Policy-driven - to secure approval you’ll need to meet all of Westpac’s borrowing policies.

Allow us to find you the perfect home loan.​

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

Pros Cons
Westpac accepts the majority of foreign currency income.
Australian income tax rates are applied to foreign income.
Open to adjusting loan on complicated scenarios.
Maximum Loan Value Ratio (LVR) of 70%.
Free features are available for customers like offset accounts and redraw facilities.
Does not accept refinance applications, if you wanted to refinance to Westpac from a different financial institution

Mortgage Features

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

Feature Details
Deposit Size
Westpac usually wants a 20% deposit of the purchase price. If you want to buy sooner with a smaller deposit you will need to pay Lenders Mortgage Insurance (LMI).
Offset Account
Bank account linked to your home loan that can help to lower the loan interest. Used as a safety buffer for a rainy day.
Repayment Options
Westpac offers repayment options of principal and interest and interest-only repayments. Interest-only repayments have a set term of 5 years before you will start paying the principal.
Package Benefits
Borrowers can benefit from waived fees, discounts on insurance products, and lower interest rates.
Interest Rates (Investment)
2.49% basic 2-year variable rate. 1-year fixed-rate loan at 2.49%, increasing up to the 5-year rate of 2.69%.
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 term is 30 years. Interest rates and other fees are the same as regular home loans on offer to those living in Australia.

Mortgage Features

Westpac accepts the majority of foreign currency income.

Foreign income is assessed by Australian tax income rates.

Westpac packages can allow customers to access low-interest rates and discounts on other products.

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

How Do I Apply?

When applying for a home loan at Westpac, you will need to meet the eligibility criteria and have various documents ready. 

Eligibility

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

Documents required

When you apply for a home loan with Westpac you are required to provide a number of documents.

Form of Identification

Passport, driver licence, birth certificate etc.

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

Allow us to find you the perfect home loan.​

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

More home loan questions

As an Australian citizen living and working abroad, you can still benefit from the regular home loans available to those living 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.

Yes, upon termination/discharge of your loan, there will be a nominal fee of $350. There may also be a break cost fee if you fixed part of your home loan. For example, if you’re ending your fixed loan before the end of the fixed term, you’ll need to pay a break cost which is calculated on a function of loan size, interest rate change, and how long left on the fixed term. This fee may not apply if you repay an amount below the threshold prepayment limit.

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.