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
− 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.
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.
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".
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:
- 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