Westpac Equity Access


The Westpac Equity Access Loan will allow borrowers access to a line of credit based on the equity of their home. These funds can be used for investment or renovation purposes, and will allow borrowers to seek opportunities that might otherwise be closed off while managing finances with a mortgage.

To help borrowers manage their credit and home loan together, the Westpac Equity Access Loan allows for income to be paid directly into the Equity Access account to reduce any interest owed. This will allow borrowers to pay more than their required payments, and use the additional funds deposited to pay their bills through Westpac’s SmartPay facility. Borrowers will also be able to access any additional repayments by way of ATM, BPAY, direct debit, online or phone banking, EFTPOS, and cheque.

The Westpac Equity Access Loan also offers borrowers who have used additional repayments to get ahead on their standard repayments the opportunity to take a “repayment holiday”, until the sum that they’re ahead by is exhausted. This provides some useful flexibility for borrowers who may need to take time off work during the term of their loan.

The Westpac Equity Access Loan is also portable, so that borrowers who need to move to a new house during the term of their loan will be able to take their loan with them. This will help to avoid new establishment fees. Borrowers will also be able to increase the size of their loan at any time, for a fee. This will also extend the credit limit on the existing loan.

Who is the Westpac Equity Access good for?

The Westpac Equity Access Loan will suit any borrower looking for a line of credit with some flexibility and portability, giving them the capacity to structure their finances around their home loan. The ability to redraw on the loan and opportunity to make additional repayments will allow borrowers a good deal of control over the management of their finances over the course of the loan.

First time investors and owner-occupiers looking to seek investment opportunities may find its features useful.

Review - What RateCity says

The Westpac Equity Access Loan provides access to a ready source of extra funds that can be used for investment or renovation purposes. As borrowers will only pay interest on the portion of their credit that they have chosen to use, it will be adaptable to a wide range of needs, and could be as easily used for investment as it could for structuring monthly expenses around a home loan account. The loan’s portability and opportunities for breaks in repayment give some useful flexibility for owner-occupiers who might have a number of other concerns.

Westpac Equity Access Options

The Westpac Equity Access Loan provides a range of options, generally with a relatively high minimum loan amount.

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  • Easy access to available equity.
  • Additional repayments allowed.
  • Portable for those planning to move property.
  • No offset account.
  • Limited redraw functionality.
  • Variable rate only.

Must be an Australian Resident.

Must be at least 18 years of age.

Proof of income must be provided.

Suitable For
  • First Home Buyers
  • Investors
  • Owner-Occupiers
  • Refinancers
  • Line of Credit Loans
  • Estimated upfront fees: $0 - $600.00
  • Discharge fees: $350
  • Ongoing fees: $10 monthly - $395 annually

Borrowers signing up to the Westpac Equity Access Loan can expect to pay ongoing monthly fees, as well as upfront fees at the loan’s establishment. A discharge fee will also be payable on termination of the loan.

Borrowers should note that fees will apply per move to the loan’s portability feature, and a fee will also be payable by borrowers seeking to increase their loan amount.

Borrowers who choose to take the Westpac Equity Access Loan as part of the Premier Advantage Package will have most of these fees waived and replaced by the Premier Package fees.

  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Monthly repayments
About Westpac

Westpac was founded in 1817 as the Bank of New South Wales, and is Australia’s oldest bank. It offers financial services throughout Australia and overseas, and is focused on helping communities and borrowers to prosper and grow. Westpac customers can engage with bank staff by visiting a branch, calling their 7 day a week phone line or conducting banking online.

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