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Westpac
Westpac is Australia’s first bank and oldest company. Westpac was first founded in 1817 as the Bank of New South Wales and changed its name to Westpac Banking Corporation in 1982.
Westpac is one of Australia’s big four banks and has grown to serve over 13 million customers. It offers a wide range of home loan products, including owner-occupier loans and investor loans, as well as lines of credit and split loans.
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Westpac home loan repayment calculator
Your estimated mortgage repayments
at interest rate 2.19%
Total interest payable
$0
Total loan repayments
$0
Pros and cons
- Variety of home loan products to choose from
- Loans can be packaged with other financial products
- Extensive branch and customer service offering
- Some loans have annual packaging fees
- Higher rates for some types of customers
Westpac home loans rates
Advertised Rate 2.19% Intro 24 months | Total estimated upfront fees | Comparison Rate* 2.62% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.29% Intro 24 months | Total estimated upfront fees | Comparison Rate* 2.72% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.49% Intro 12 months | Total estimated upfront fees | Comparison Rate* 3.00% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.59% Intro 12 months | Total estimated upfront fees | Comparison Rate* 3.10% | Ongoing fee | Go to site | More details | |
Product | Advertised Rate 1.89% Fixed - 4 years | Total estimated upfront fees | Comparison Rate* 3.19% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 2.19% Fixed - 5 years | Total estimated upfront fees | Comparison Rate* 3.22% | Ongoing fee | Go to site | More details |
Advertised Rate 1.99% Fixed - 4 years | Total estimated upfront fees | Comparison Rate* 3.29% | Ongoing fee | Go to site | More details | |
Advertised Rate 3.29% Variable | Total estimated upfront fees | Comparison Rate* 3.30% | Ongoing fee | Go to site | More details | |
Product | Advertised Rate 1.99% Fixed - 3 years | Total estimated upfront fees | Comparison Rate* 3.31% | Ongoing fee | Go to site | More details |
Advertised Rate 2.29% Fixed - 5 years | Total estimated upfront fees | Comparison Rate* 3.31% | Ongoing fee | Go to site | More details | |
Product | Advertised Rate 1.99% Fixed - 2 years | Total estimated upfront fees | Comparison Rate* 3.40% | Ongoing fee | Go to site | More details |
Advertised Rate 2.09% Fixed - 3 years | Total estimated upfront fees | Comparison Rate* 3.40% | Ongoing fee | Go to site | More details | |
Advertised Rate 3.39% Variable | Total estimated upfront fees | Comparison Rate* 3.40% | Ongoing fee | Go to site | More details | |
Product | Advertised Rate 1.99% Fixed - 1 year | Total estimated upfront fees | Comparison Rate* 3.50% | Ongoing fee | Go to site | More details |
Advertised Rate 2.09% Fixed - 2 years | Total estimated upfront fees | Comparison Rate* 3.50% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.09% Fixed - 1 year | Total estimated upfront fees | Comparison Rate* 3.59% | Ongoing fee | Go to site | More details | |
Product | Advertised Rate 3.19% Variable | Total estimated upfront fees | Comparison Rate* 3.60% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 3.29% Variable | Total estimated upfront fees | Comparison Rate* 3.70% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 2.69% Fixed - 5 years | Total estimated upfront fees | Comparison Rate* 3.73% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 2.39% Fixed - 5 years | Total estimated upfront fees | Comparison Rate* 3.78% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 2.39% Fixed - 3 years | Total estimated upfront fees | Comparison Rate* 3.80% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 2.69% Fixed - 4 years | Total estimated upfront fees | Comparison Rate* 3.80% | Ongoing fee | Go to site | More details |
Advertised Rate 2.79% Fixed - 5 years | Total estimated upfront fees | Comparison Rate* 3.82% | Ongoing fee | Go to site | More details | |
Product | Advertised Rate 2.09% Fixed - 4 years | Total estimated upfront fees | Comparison Rate* 3.83% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 2.49% Fixed - 5 years | Total estimated upfront fees | Comparison Rate* 3.88% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 3.83% Variable | Total estimated upfront fees | Comparison Rate* 3.88% | Ongoing fee | Go to site | More details |
Advertised Rate 2.49% Fixed - 3 years | Total estimated upfront fees | Comparison Rate* 3.89% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.79% Fixed - 4 years | Total estimated upfront fees | Comparison Rate* 3.89% | Ongoing fee | Go to site | More details | |
Product | Advertised Rate 2.39% Fixed - 2 years | Total estimated upfront fees | Comparison Rate* 3.90% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 3.89% Variable | Total estimated upfront fees | Comparison Rate* 3.90% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 2.79% Fixed - 5 years | Total estimated upfront fees | Comparison Rate* 3.91% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 2.19% Fixed - 4 years | Total estimated upfront fees | Comparison Rate* 3.92% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 3.93% Variable | Total estimated upfront fees | Comparison Rate* 3.98% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 2.79% Fixed - 4 years | Total estimated upfront fees | Comparison Rate* 3.99% | Ongoing fee | Go to site | More details |
Advertised Rate 2.49% Fixed - 2 years | Total estimated upfront fees | Comparison Rate* 4.00% | Ongoing fee | Go to site | More details | |
Product | Advertised Rate 3.99% Variable | Total estimated upfront fees | Comparison Rate* 4.00% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 2.49% Fixed - 3 years | Total estimated upfront fees | Comparison Rate* 4.01% | Ongoing fee | Go to site | More details |
Advertised Rate 2.89% Fixed - 5 years | Total estimated upfront fees | Comparison Rate* 4.01% | Ongoing fee | Go to site | More details | |
Product | Advertised Rate 2.19% Fixed - 3 years | Total estimated upfront fees | Comparison Rate* 4.03% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 2.49% Fixed - 1 year | Total estimated upfront fees | Comparison Rate* 4.03% | Ongoing fee | Go to site | More details |
Advertised Rate 2.89% Fixed - 4 years | Total estimated upfront fees | Comparison Rate* 4.09% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.59% Fixed - 3 years | Total estimated upfront fees | Comparison Rate* 4.10% | Ongoing fee | Go to site | More details | |
Product | Advertised Rate 2.29% Fixed - 3 years | Total estimated upfront fees | Comparison Rate* 4.12% | Ongoing fee | Go to site | More details |
Advertised Rate 2.59% Fixed - 1 year | Total estimated upfront fees | Comparison Rate* 4.12% | Ongoing fee | Go to site | More details | |
Product | Advertised Rate 2.49% Fixed - 2 years | Total estimated upfront fees | Comparison Rate* 4.13% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 3.59% Fixed - 3 years | Total estimated upfront fees | Comparison Rate* 4.13% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 3.59% Fixed - 2 years | Total estimated upfront fees | Comparison Rate* 4.14% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 3.74% Variable | Total estimated upfront fees | Comparison Rate* 4.14% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 3.59% Fixed - 1 year | Total estimated upfront fees | Comparison Rate* 4.16% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 2.19% Fixed - 2 years | Total estimated upfront fees | Comparison Rate* 4.21% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 3.89% Fixed - 4 years | Total estimated upfront fees | Comparison Rate* 4.21% | Ongoing fee | Go to site | More details |
Advertised Rate 2.59% Fixed - 2 years | Total estimated upfront fees | Comparison Rate* 4.22% | Ongoing fee | Go to site | More details | |
Product | Advertised Rate 3.89% Fixed - 5 years | Total estimated upfront fees | Comparison Rate* 4.22% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 3.69% Fixed - 3 years | Total estimated upfront fees | Comparison Rate* 4.23% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 3.69% Fixed - 2 years | Total estimated upfront fees | Comparison Rate* 4.24% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 3.84% Variable | Total estimated upfront fees | Comparison Rate* 4.24% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 2.59% Fixed - 1 year | Total estimated upfront fees | Comparison Rate* 4.26% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 3.69% Fixed - 1 year | Total estimated upfront fees | Comparison Rate* 4.26% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 3.88% Variable | Total estimated upfront fees | Comparison Rate* 4.28% | Ongoing fee | Go to site | More details |
Advertised Rate 2.89% Fixed - 5 years | Total estimated upfront fees | Comparison Rate* 4.30% | Ongoing fee | Go to site | More details | |
Product | Advertised Rate 2.29% Fixed - 2 years | Total estimated upfront fees | Comparison Rate* 4.31% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 3.99% Fixed - 4 years | Total estimated upfront fees | Comparison Rate* 4.31% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 3.99% Fixed - 5 years | Total estimated upfront fees | Comparison Rate* 4.32% | Ongoing fee | Go to site | More details |
Advertised Rate 2.69% Fixed - 1 year | Total estimated upfront fees | Comparison Rate* 4.36% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.99% Fixed - 5 years | Total estimated upfront fees | Comparison Rate* 4.39% | Ongoing fee | Go to site | More details | |
Product | Advertised Rate 4.00% Variable | Total estimated upfront fees | Comparison Rate* 4.39% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 2.19% Fixed - 1 year | Total estimated upfront fees | Comparison Rate* 4.41% | Ongoing fee | Go to site | More details |
Advertised Rate 4.38% Variable | Total estimated upfront fees | Comparison Rate* 4.43% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.89% Fixed - 4 years | Total estimated upfront fees | Comparison Rate* 4.44% | Ongoing fee | Go to site | More details | |
Product | Advertised Rate 4.42% Variable | Total estimated upfront fees | Comparison Rate* 4.47% | Ongoing fee | Go to site | More details |
Advertised Rate 2.99% Fixed - 5 years | Total estimated upfront fees | Comparison Rate* 4.48% | Ongoing fee | Go to site | More details | |
Product | Advertised Rate 4.10% Variable | Total estimated upfront fees | Comparison Rate* 4.49% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 2.29% Fixed - 1 year | Total estimated upfront fees | Comparison Rate* 4.50% | Ongoing fee | Go to site | More details |
Advertised Rate 2.59% Fixed - 3 years | Total estimated upfront fees | Comparison Rate* 4.52% | Ongoing fee | Go to site | More details | |
Advertised Rate 4.48% Variable | Total estimated upfront fees | Comparison Rate* 4.53% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.99% Fixed - 4 years | Total estimated upfront fees | Comparison Rate* 4.54% | Ongoing fee | Go to site | More details | |
Product | Advertised Rate 4.52% Variable | Total estimated upfront fees | Comparison Rate* 4.57% | Ongoing fee | Go to site | More details |
Advertised Rate 3.09% Fixed - 5 years | Total estimated upfront fees | Comparison Rate* 4.58% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.69% Fixed - 3 years | Total estimated upfront fees | Comparison Rate* 4.62% | Ongoing fee | Go to site | More details | |
Product | Advertised Rate 4.48% Variable | Total estimated upfront fees | Comparison Rate* 4.62% | Ongoing fee | Go to site | More details |
Advertised Rate 2.99% Fixed - 4 years | Total estimated upfront fees | Comparison Rate* 4.64% | Ongoing fee | Go to site | More details | |
Advertised Rate 4.64% Variable | Total estimated upfront fees | Comparison Rate* 4.69% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.59% Fixed - 2 years | Total estimated upfront fees | Comparison Rate* 4.72% | Ongoing fee | Go to site | More details | |
Product | Advertised Rate 4.58% Variable | Total estimated upfront fees | Comparison Rate* 4.72% | Ongoing fee | Go to site | More details |
Advertised Rate 2.69% Fixed - 3 years | Total estimated upfront fees | Comparison Rate* 4.74% | Ongoing fee | Go to site | More details | |
Advertised Rate 3.09% Fixed - 4 years | Total estimated upfront fees | Comparison Rate* 4.74% | Ongoing fee | Go to site | More details | |
Advertised Rate 4.74% Variable | Total estimated upfront fees | Comparison Rate* 4.79% | Ongoing fee | Go to site | More details | |
Product | Advertised Rate 4.09% Fixed - 5 years | Total estimated upfront fees | Comparison Rate* 4.80% | Ongoing fee | Go to site | More details |
Advertised Rate 2.69% Fixed - 2 years | Total estimated upfront fees | Comparison Rate* 4.82% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.79% Fixed - 3 years | Total estimated upfront fees | Comparison Rate* 4.83% | Ongoing fee | Go to site | More details | |
Product | Advertised Rate 3.79% Fixed - 3 years | Total estimated upfront fees | Comparison Rate* 4.86% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 4.09% Fixed - 4 years | Total estimated upfront fees | Comparison Rate* 4.87% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 4.19% Fixed - 5 years | Total estimated upfront fees | Comparison Rate* 4.90% | Ongoing fee | Go to site | More details |
Advertised Rate 2.69% Fixed - 1 year | Total estimated upfront fees | Comparison Rate* 4.94% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.69% Fixed - 2 years | Total estimated upfront fees | Comparison Rate* 4.94% | Ongoing fee | Go to site | More details | |
Product | Advertised Rate 3.89% Fixed - 3 years | Total estimated upfront fees | Comparison Rate* 4.96% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 3.79% Fixed - 2 years | Total estimated upfront fees | Comparison Rate* 4.97% | Ongoing fee | Go to site | More details |
Product | Advertised Rate 4.19% Fixed - 4 years | Total estimated upfront fees | Comparison Rate* 4.97% | Ongoing fee | Go to site | More details |
Advertised Rate 2.79% Fixed - 2 years | Total estimated upfront fees | Comparison Rate* 5.04% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.79% Fixed - 1 year | Total estimated upfront fees | Comparison Rate* 5.04% | Ongoing fee | Go to site | More details |
Westpac customer service
Home loan customers at Westpac can contact the bank by calling the customer service centre 7 days a week. In addition, home loan customers can pop into a local branch or arrange a call back through the online enquiry form.
- Customer service centre (phone, email, branch)
- Mobile app
- Online banking
- Mobile banking staff
How to apply for a Westpac home loan
Customers wanting to apply for a Westpac Home Loan can start their application by giving the bank a call or requesting a call back.
Before applying for a home loan it’s important to consider how much money you can afford to borrow and comfortably repay in your current financial situation.
You will also need to provide documentation when applying for a home loan, including:
- Proof of identity
- Proof of income and employment details e.g. payslips
- Details of household expenses and other debts, including credit cards, personal loans and car loans.
- Self-employed borrowers will need the last two years of company and personal tax returns.
About Westpac home loans
Westpac offers a vast range of home loans, with options suited to almost every type of mortgage borrower in Australia, including:
- First-time home buyers
- Upgraders
- Investors
- Renovators
- Refinancers
- Self-employed (low-doc loans)
Borrowers who take out Westpac home loans can choose to make principal and interest or interest-only repayments. Westpac home loans can have variable or fixed interest rates, or customers can choose to split their loan between fixed and variable rates.
Westpac offers special benefits to customers when they package their home loan and bank account. Borrowers can enjoy interest rate discounts and savings on other Westpac products.
Westpac does not always offer the lowest mortgage interest rates on the market, but it can be an attractive option for many Australians because of its extensive branch network and respected reputation.
Westpac home loan rates
Westpac home loan rates tend to be on the higher end of the spectrum, though they’re not generally the highest on the market. Westpac home loan interest rates vary from mortgage to mortgage, and borrowers can choose between fixed, variable, and split rate home loans.
Owner-occupiers are generally offered lower rates than investors, and borrowers who make principal and interest repayments more often get lower rates than those who make interest-only repayments.
Interest rates can also vary between variable rate and fixed rate mortgages, and also with the length of a fixed rate term. Westpac home loans can be fixed from one to five years. As a general rule, the interest rate goes up the longer you want to fix, meaning a five-year fixed term has a higher interest rate than a one-year fixed term.
Westpac home loans review
Westpac has a strong reputation for home loans within Australia, which can make it a popular choice with many borrowers. Because it is an established brand with millions of customers, a Westpac mortgage can feel like a straightforward choice in a confusing mortgage market. Plus, Westpac can offer access and convenience to Australian borrowers, as unlike online-only lenders, Westpac has an extensive branch network that operates beyond the capital cities.
Westpac’s home loans may be suited to almost any type of borrower. Westpac offers standard loans for first home buyers, renovators, owner-occupiers, and investors, but it also has products for more specialist clients, such as those who are self-employed.
Although Westpac can be a more convenient option when it comes to home loans, it’s not always the most affordable option. Westpac home loan rates tend to be moderate or moderately high.
Learn more about home loans
How do I apply for Westpac’s first home buyer loan?
If you’re a first home buyer looking to apply for a home loan with Westpac, they offer an online home loan application. They suggest the application can be completed in about 20 minutes. Based on the information you provide, Westpac will advise you the amount you can borrow and the costs associated with any possible home loan.
You can use Westpac’s online mortgage calculators to estimate your borrowing power. You can also work out the time it might take to save up for the deposit, and the size of your home loan repayments.
When applying for a home loan with Westpac, you’re assigned a home finance manager who can address your concerns and provide information. The manager will also offer guidance on any government grants you may be eligible for.
Does the Home Loan Rate Promise apply to discounted interest rate offers, such as honeymoon rates?
No. Temporary discounts to home loan interest rates will expire after a limited time, so they aren’t valid for comparing home loans as part of the Home Loan Rate Promise.
However, if your home loan has been discounted from the lender’s standard rate on a permanent basis, you can check if we can find an even lower rate that could apply to you.
How long does Westpac take to approve a home loan?
Applying for a home loan at Westpac is fairly simple. The process from initial application to settlement varies in its time frame. Some customers receive in-principle approval within a couple of days.
You can initiate the process by filling out the bank’s home loan form and requesting a callback. A Westpac representative will get in touch with you within 24 hours. You will need to provide the following information to the representative during the call:
- Total income
- Total expenses
- Details about all your liabilities and debts
- Information and value of all your assets.
The Westpac representative will then share with you information about the types of home loans you may qualify for, along with an estimate of interest rates and applicable fees.
Once Westpac has received all your details, loan preferences, and documents, the representative will assess all the information. If everything is in order, you may receive an Approval in Principle (AIP) within 2 working days. This specifies the amount Westpac is willing to offer for your home loan.
Your Approval in Principle will often remain valid for only 90 days and if you don’t find a suitable property within that time frame, you need to apply for a renewal on your Approval in Principle. In this circumstance, if the Westpac representative confirms that there are no changes in your financial circumstances, your Approval can be extended for another 90 days.
After you have found a home that matches the Approval in Principle, you will need a confirmed contract of sale before Westpac initiates the loan settlement. This process takes about 4-12 weeks or 2-5 days if you’re refinancing.
How can I apply for a first home buyers loan with Commonwealth Bank?
Getting a home loan requires planning and research. If you are considering a home loan with the Commonwealth Bank, you can find the information you need in the buying your first home section of the bank’s website.
You can see the steps you should take before applying for the loan and use the calculators to work out how much you can borrow, what your monthly repayments would be and the upfront costs you’d likely pay.
You can also book a time with a Commonwealth first home loan specialist by calling 13 2221.
CommBank publishes a property report that may help you understand the real estate market. The bank has also created a CommBank Property App that you can use to search for property. The link to download this app is available on the same webpage.
If you are eligible for the First Home Loan Deposit Scheme, CommBank will help you process your application. The scheme helps first home buyers to purchase a home with a low deposit. You can read details about this scheme here and speak with a CommBank home lending specialist to understand your options.
How do I get a Suncorp home loan pre-approval?
Getting home loan pre-approval helps you work out a budget to help you search for a suitable property and make an offer with confidence. Once you put in an application, you should get your pre-approval outcome within two business days. To help get a fast turnaround time of your pre-approval application, ensure all the information and documentation that Suncorp requires. This includes proof of identification, recent payslips, bank account and credit card statements.
You can submit the home loan pre-approval application online. You’ll be asked for information about your income, expenses, assets, and debts. It should take you about 10 minutes to fill out the application, and you can do it free of charge. A Suncorp lending specialist will review your application and contact you within 24 hours or the next working day. Suncorp will not run a credit check until you have heard from this lending specialist.
Once you get Suncorp home loan pre-approval, it’s valid for 90 days. If you don’t find a property you wish to buy in this time you may be able to apply for an extension, speak to your Suncorp lending specialist about this.
Remaining loan term
The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.
What are the NAB term deposit interest rates for businesses?
If you’re looking to lock in a return on your business savings, one option is a business term deposit with NAB. The big four bank provides competitive interest rates while giving you the flexibility to choose the term. NAB offers business term deposit interest rates for investments of between $5,000 to $499,999.
NAB doesn’t charge any monthly account or application fees. The interest is calculated daily and for the 90-day term and six months term, you will get paid when the deposit matures. For the 12 months term, you can either choose to get paid monthly, quarterly, half-yearly or annually.
If you wish to withdraw your funds before the deposit matures, you need to give NAB 31 days notice. However, they do make exceptions if you’re experiencing hardship and need the funds immediately. Either way, you may have to bear the prepayment cost, which you can learn more about in the Terms and Conditions.
Does Westpac offer loan maternity leave options?
Having a baby or planning for one can bring about a lot of changes in your life, including to the hip pocket. You may need to re-do the budget to make sure you can afford the upcoming expenses, especially if one partner is taking parental leave to look after the little one.
Some families find it difficult to meet their home loan repayment obligations during this period. Flexible options, such as the Westpac home loan maternity leave offerings, have been put together to help reduce the pressure of repayments during parental leave.
Westpac offers a couple of choices, depending on your circumstances:
- Parental Leave Mortgage Repayment Reduction: You could get your home loan repayments reduced for up to 12 months for home loans with a term longer than a year.
- Mortgage Repayment Pause: You can pause repayments while on maternity leave, provided you’ve made additional repayments earlier.
When applying for a home loan while pregnant, Westpac has said it will recognise paid maternity leave and back-to-work salaries. All you need is a letter from your employer verifying your return-to-work date and the nature of your employment. Your partner’s income, government entitlements, savings and investments will may help your application.
Can I apply for an ANZ non-resident home loan?
You may be eligible to apply for an ANZ non-resident home loan only if you meet the following two conditions:
- You hold a Temporary Skill Shortage (TSS) visa or its predecessor, the Temporary Skilled Work (subclass 457) visa.
- Your job is included in the Australian government’s Medium and Long Term Strategic Skills List.
However, non-resident home loan applications may need Foreign Investment Review Board (FIRB) approval in addition to meeting ANZ’s Mortgage Credit Requirements. Also, they may not be eligible for loans that require paying for Lender’s Mortgage Insurance (LMI). As a result, you may not be able to borrow more than 80 per cent of your home’s value. However, you can apply as a co-borrower with your spouse if they are a citizen of either Australia or New Zealand, or are a permanent resident.
How do I get a pre-approved home loan with Aussie?
Getting Aussie home loan pre-approval means receiving conditional support from Aussie Home Loans to borrow the money you need to buy a home.
It’s an indication of the approximate amount Aussie may offer you, subject to some terms and conditions. Keep in mind, having a pre-approved home loan does not guarantee an actual approval of your loan when it comes time to buy.
Aussie home loan pre-approval often involves speaking to one of the lender’s brokers. You can make an appointment online. You’ll often have to submit your personal details and other information about your assets, income, liabilities and expenses. It’s worth remembering that a pre-approved loan is usually valid for a few months.
Does the family tax benefit count as income?
The family tax benefits are one of several government support payments that are not considered taxable income. Other such payments include child care subsidies, economic support payments, rent assistance, and carer allowances. If you file a tax return, you typically don’t need to mention such income on the return. However, some home loan lenders may accept family tax benefits as an income source when reviewing your home loan application. You’ll still need to meet other lending requirements, such as having a sufficiently high credit score and enough savings for a deposit before the loan will be approved.
Aussies receiving family tax benefits usually have an adjusted taxable income of no more than $55,626 a year. Alternatively, one spouse can be receiving income support payments from the government to be eligible. Most importantly, they need to have children dependent on them for care at least 35 per cent of the time. Children between the ages of 16 and 19 should be either full-time secondary students or have a somewhat comparable study load unless the government exempts them from these study requirements.
How can I get ANZ home loan pre-approval?
Shopping for a new home is an exciting experience and getting a pre-approval on the loan may give you the peace of mind that you are looking at properties within your budget.
At the time of applying for the ANZ Bank home loan pre-approval, you will be required to provide proof of employment and income, along with records of your savings and debts.
An ANZ home loan pre-approval time frame is usually up to three months. However, being pre-approved doesn’t necessarily mean you will get your home loan. Other factors could lead to your home loan application being rejected, even with a prior pre-approval. Some factors include the property evaluation not meeting the bank’s criteria or a change in your financial circumstances.
You can make an application for ANZ home loan pre-approval online or call on 1800100641 Mon-Fri 8.00 am to 8.00 pm (AEST).
How long does Bankwest take to approve home loans?
Full approval for a home loan usually involves a property valuation, which, Bankwest suggests, can take “a week or two”. As a result, getting your home loan approved may take longer. However, you may get full approval within this time if you applied for and received conditional approval, sometimes called a pre-approval, from Bankwest before finalising the home you want to buy.
Another way of speeding up approvals can be by completing, signing, and submitting your home loan application digitally. Essentially, you give the bank or your mortgage broker a copy of your home’s sale contract and then complete the rest of the steps online. Bankwest has claimed this cuts the approval time to less than four days, although this may only happen if your income and credit history can be verified easily, or if your home’s valuation doesn’t take time.
Does UBank offer home loan pre-approvals?
If you’re applying for a home loan with UBank, you can first get an approval in principle. You’ll need to provide information about your job and earnings, your household expenses, the assets you own and the debts you owe.
UBank will assign a home loan specialist to discuss these details over a phone call, which can take about 30 minutes.
The bank will then confirm if you’ve received in-principle approval for your home loan. Depending on how you submit your documents, this could take a few days or a few weeks. If successful, the approval will be valid for 60 days.
What is the difference between fixed, variable and split rates?
A fixed rate home loan is a loan where the interest rate is set for a certain amount of time, usually between one and 15 years. The advantage of a fixed rate is that you know exactly how much your repayments will be for the duration of the fixed term. There are some disadvantages to fixing that you need to be aware of. Some products won’t let you make extra repayments, or offer tools such as an offset account to help you reduce your interest, while others will charge a significant break fee if you decide to terminate the loan before the fixed period finishes.
A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.
Split rates home loans
A split loan lets you fix a portion of your loan, and leave the remainder on a variable rate so you get a bet each way on fixed and variable rates. A split loan is a good option for someone who wants the peace of mind that regular repayments can provide but still wants to retain some of the additional features variable loans typically provide such as an offset account. Of course, with most things in life, split loans are still a trade-off. If the variable rate goes down, for example, the lower interest rates will only apply to the section that you didn’t fix.