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Westpac Construction Home Loans Purchases Fixed 2 Yr P&I 1.89% up to 95% LVR (for Both Land and Contruction) @ Nectar Mortgages


Westpac offers fixed homeloan options for both land and construction which are generally on a very low rates compared to variable rates up to 95% LVR for owner occupied. Most banks would only offer fixed homeloan on land only and variable homeloan interest only during construction phase.

The benefits of Westpac’s construction loan include:
− Construction loans are available for owner occupiers and investors on our Rocket Repay, Fixed Options or
Flexi First Options Home Loan.
− Customers looking to reduce the amount of interest paid on their fixed home loan can make additional payments
without costs or fees up to a threshold of $30,000 during the fixed rate period without incurring a prepayment
break cost.
− If redraw is activated, available excess funds paid into the loan during the current fixed rate period up to the
value of the prepayment threshold can be redrawn.
− Managing cash flow as repayments can be in Interest Only during the construction period based off Principal
and Interest rates


Variable P&I - 2.29% p.a. comp rate 2.79% p.a.

2 years P&I - 1.89% p.a. comp rate 3.29% p.a.
3 years P&I - 1.98% p.a. comp rate 3.29% p.a.
4 years P&I - 2.49% p.a. comp rate 3.29% p.a.
5 years P&I - 2.59% p.a. comp rate 3.29% p.a.


2 years P&I - 2.29% p.a. comp rate 3.84% p.a.
3 years P&I - 2.49% p.a. comp rate 3.84% p.a.
4 years P&I - 2.79% p.a. comp rate 3.84% p.a.
5 years P&I - 2.79% p.a. comp rate 3.84% p.a.

Option to Split loan.

Westpac’s split home loan provides the best of both worlds of variable and fixed homeloans where you can:
1. Lock in some certainty: Know what your interest rate and repayments will be on your fixed loan for the full
1–5 year term.
2. Make additional repayments: Get ahead on your variable rate home loan with no cap on extra repayments
and no associated break costs.
3. Save interest with an offset: Keep funds in an offset facility to reduce the amount of interest you pay
on your variable home loan balance.

Rate Lock

Please note that the advertised fixed homeloan is guaranteed until it is settled.
Westpac offers their customers to lock in a fixed rate for 0.10% of the loan amount. For example it will cost $100 to lock
in a fixed rate loan of $100,000. This fee is usually paid at time of T&C sign-up, as fee cannot be paid from loan
proceeds. The fixed rate is locked in for a period of 90 days on all applicable single drawdown loans.

Business notes

Westpac's turnaround time for a new application is generally 2-3 weeks once an application is submitted.
Urgent deal wouldn't be suitable and we can access other banks with similar features that have better turnaround time.

Broker Rebate Terms and Conditions

To be eligible for the annual fee rebate of $395, customers need to be borowing from $500,000. One rebate per eligible home loan. Quote "Ozbargain members".

Comparison Rates

Any quoted comparison rate is only true for the example given and may not include all fees and charges. Different terms, loan amounts or fees may result in a different comparison rate. Comparison rates are based on a loan amount of $350,000 over a loan term of 30 years.

Other similar fixed homeloan from other banks as a backup are as follows:

  1. Heritage
  2. Auswide
  3. Newcastle Permanent

Other refinancing rebates available:

CBA - Get $2,000 cashback when you refinance until June 30, 2021 T&Cs apply.
St. George - Receive up to $4,000 cashback when you refinance until June 30, 2021. T&Cs apply.
ANZ - Get $3,000 cashback when you refinance your home loan until July 30, 2021 T&Cs apply.
Virgin - Receive up to $3,000 cashback when you refinance until May 28, 2021. T&Cs apply.

How to Apply

Any advice is tailored to your financial situation. Our platform would simplify the lending process and our team will ensure that you are updated throughout the whole process.

For further details about this deal or other 35 lenders we work with, please contact directly via email or phone.

Other Important Information: Applications are subject to credit approval of the respective lender applied to. Full terms and conditions will be included in our loan offer. Fees and charges are payable. Interest rates are subject to change.

Contact me for a no obligation appointment.

James Sim - Senior Mortgage Broker
M: 02 8319 4862 / 0487 000 098
E: [email protected] or [email protected]
W: https://www.nectarmortgages.com.au/project/james-sim/ or http://jamessimbroker.com.au
Australian Credit Licence number 387856

Related Stores

Nectar Mortgages
Nectar Mortgages

closed Comments

  • +25 votes

    Is this a bargain, or advertising?


      I see you need to spend more than 500k to get $399 annual rebate, maybe a bargain?

    • +13 votes

      I just asked my mortgage broker friend about this and he said that this is pretty standard - most banks are doing something similar and there is nothing special about this one in particular. He reckons this is just pure advertising and asked if he can post the same thing if this is allowed ahaha


      Also both Westpac and St George require upto 21 business days to make a payment to the builder apparently (compared to 2-3 business days at normal)

  • +2 votes


    Just a word of caution on refinancing with St George and perhaps Westpac in general based on my recent experience. The timelines are severely delayed!!! St George is definitely not 3 weeks turnaround. It’s more like 2 - 3 months.

    Every time a document is requested, it goes back to the queue again and takes another 3-4 business days, which is ridiculous. I had to submit the same document three times as it was so outdated by the time someone looked at it. So, start on your refinancing process at least 3 months before your loan is due to switch to another rate.


      Did you go through a broker, or did you approach the bank directly?

      Hopefully a broker would get everything in order first before submitting, as they don't want to spend extra hours getting more paperwork from you.

      • +1 vote

        I went through a broker. My broker was quite frustrated as well, and also quite busy with getting in other applications (as you would expect with current times).

        Unfortunately, from what I can see, there are significant issues with how the St George system works. I was told it’s also handled by an offshore processing place, which isn’t helped by covid.

        By the time my application was looked at, it was a couple of weeks since submission. So, bank statements were all outdated and needed resubmission.

        The process between loan approval and settlement was another couple of weeks. Again, the bank said that the home loan statement was out of date. Of course it would be! They took that long before they got to it. Each time they requested for an updated document, it goes back to the queue again and something else gets outdated. Super frustrating!!!


      Agree with this. My refinancing loan with Westpac was formally approved then got knocked back after couple of weeks. They kept on requesting for more documents and will be back in queue and timeline to look into the documents is around 8 working days. So the timeline when we apply to the settlement date that has been week after week delayed is 3 months. I am still waiting for my settlement that is scheduled for next week. We applied in April.


    can I apply for construction loan while I still have a mortgage on my old home?

  • -1 vote

    I thought a good rate going was around 1.6 with the big banks o.O

  • +8 votes

    I applaud this guy for hustlin’ but surely this type of self-promotion is not allowed?

  • +2 votes

    With a side of money laundering?

  • +6 votes

    Are we are going to have real estate agents here next flogging properties as bargains?

    • -2 votes

      Now that would be interesting to see what properties they will post, and then say this 1 bedroom apartment is worth a 600,000 home because its "everyone's getting on it"

      Then one's gotta ask, why they posting it here if its so valuable LOL

      When it comes to OZbargains, I think solar panels and Telsa Cars are the high limits for those of us with disposable bargain cash and even the Telsa posting was a stretch, but it was very popular.

  • +13 votes

    Is this even allowed since it's more just advertising?

  • +3 votes

    Look like target for fomo 🐑🐑🐑🐑🐑🐑, Il pass

  • +5 votes

    Where is the Bargain?


    Bargain error

  • +8 votes
  • +7 votes

    Advertising shouldn't be allowed here. It's not a bargain.

  • +2 votes

    wrong website m8, go to ozads for all your advertising needs..

  • +1 vote

    Just advertising. Great job at doing so and on another platform would be worth a read.

  • +1 vote

    Disgusting ‘deal’.

  • +3 votes

    This 'deal' needs to be binned.

    Great advertising and I'm sure your services are useful but this has gotta go.


    Is this self promotion?


    Is this Ozmarketing or Ozbargain please?

    Ozbargain is slowly dying.

  • +1 vote

    Advertising shouldn't be allowed here. It's not a bargain.

  • +1 vote

    Advertising boo!

  • +1 vote

    A word of caution. I had a horrific experience with St George. I was late on settlement by a week and suffered $3k penalty interest. That was due to them only reviewing the application only 4 days before settlement, giving approval the day before and issuing loan docs the day of settlement. The loan docs were incorrect (interest rate too high), and it took them 5 business days to correct it.

    It was an incredibly stressful process, their systems and processes are horribly slow and delayed, with very little/no communication at all.

    Would strongly recommend you avoid St George (and by extension Westpac) if possible. Or apply with them, and with another bank or two as back up - so that if you get the run around from these guys, you can easily switch to a more reliable bank.