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Owner occupied WLTH home loan rates

TMD

Loan typePrincipal & Interest rateInterest Only
Ocean Owner Occupied Variable (No Annual Fee) (Min Deposit 40%)
3.64% p.a.
3.71% p.a. Comparison rate
n/a
Ocean Owner Occupied Variable (No Annual Fee) (Min Deposit 30%)
3.74% p.a.
3.81% p.a. Comparison rate
n/a
Ocean Owner Occupied Variable (No Annual Fee) (Min Deposit 20%)
3.54% p.a.
3.61% p.a. Comparison rate
n/a
Ocean Owner Occupied Variable (Min Deposit 10%)
3.84% p.a.
4.3% p.a. Comparison rate
n/a

Investment purpose WLTH home loan rates

TMD

Loan typePrincipal & Interest rateInterest Only
Ocean SMSF (No Offset) (Min Deposit 40%)
4.19% p.a.
4.4% p.a. Comparison rate
4.59% p.a.
4.8% p.a. Comparison rate
Ocean SMSF (With Offset) (Min Deposit 40%)
4.19% p.a.
4.4% p.a. Comparison rate
4.59% p.a.
4.8% p.a. Comparison rate
Ocean SMSF (No Offset) (Min Deposit 35%)
4.29% p.a.
4.5% p.a. Comparison rate
4.69% p.a.
4.9% p.a. Comparison rate
Ocean SMSF (With Offset) (Min Deposit 35%)
4.29% p.a.
4.5% p.a. Comparison rate
4.69% p.a.
4.9% p.a. Comparison rate
Ocean SMSF (With Offset) (Min Deposit 30%)
4.39% p.a.
4.6% p.a. Comparison rate
4.79% p.a.
5% p.a. Comparison rate
Ocean SMSF (No Offset) (Min Deposit 30%)
4.39% p.a.
4.6% p.a. Comparison rate
4.79% p.a.
5% p.a. Comparison rate
Ocean Variable Investment (No Annual Fee) (Min Deposit 40%)
3.19% p.a.
3.26% p.a. Comparison rate
n/a
Ocean Variable Investment (No Annual Fee) (Min Deposit 30%)
4.19% p.a.
4.26% p.a. Comparison rate
n/a
Ocean Variable Investment (No Annual Fee) (Min Deposit 20%)
3.69% p.a.
3.76% p.a. Comparison rate
n/a
Ocean Variable Investment (Min Deposit 40%)
3.99% p.a.
4.45% p.a. Comparison rate
n/a
Ocean Variable Investment (Min Deposit 30%)
4.09% p.a.
4.55% p.a. Comparison rate
n/a
Ocean Variable Investment (Min Deposit 20%)
3.89% p.a.
4.35% p.a. Comparison rate
n/a
Ocean Variable Investment (No Annual Fee) (Min Deposit 10%)
4.29% p.a.
4.36% p.a. Comparison rate
n/a
Ocean Variable Investment (Min Deposit 10%)
4.19% p.a.
4.64% p.a. Comparison rate
n/a
Ocean SMSF (No Offset) (Min Deposit 25%)
4.49% p.a.
4.7% p.a. Comparison rate
n/a
Ocean SMSF (With Offset) (Min Deposit 25%)
4.49% p.a.
4.7% p.a. Comparison rate
n/a
Ocean SMSF (No Offset) (Min Deposit 20%)
4.59% p.a.
4.8% p.a. Comparison rate
n/a
Ocean SMSF (With Offset) (Min Deposit 20%)
4.59% p.a.
4.8% p.a. Comparison rate
n/a

WLTH home loan calculator

Thinking about taking out a home loan with WLTH? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how WLTH home loans compare with other options.

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With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 2.69%

Total interest payable

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Total loan repayments

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Learn more about home loans

Why does Westpac charge an early termination fee for home loans?

The Westpac home loan early termination fee or break cost is applicable if you have a fixed rate home loan and repay part of or the whole outstanding amount before the fixed period ends. If you’re switching between products before the fixed period ends, you’ll pay a switching break cost and an administrative fee. 

The Westpac home loan early termination fee may not apply if you repay an amount below the prepayment threshold. The prepayment threshold is the amount Westpac allows you to repay during the fixed period outside your regular repayments.

Westpac charges this fee because when you take out a home loan, the bank borrows the funds with wholesale rates available to banks and lenders. Westpac will then work out your interest rate based on you making regular repayments for a fixed period. If you repay before this period ends, the lender may incur a loss if there is any change in the wholesale rate of interest.

What are the features of home loans for expats from Westpac?

If you’re an Australian citizen living and working abroad, you can borrow to buy a property in Australia. With a Westpac non-resident home loan, you can borrow up to 80 per cent of the property value to purchase a property whilst living overseas. The minimum loan amount for these loans is $25,000, with a maximum loan term of 30 years.

The interest rates and other fees for Westpac non-resident home loans are the same as regular home loans offered to borrowers living in Australia. You’ll have to submit proof of income, six-month bank statements, an employment letter, and your last two payslips. You may also be required to submit a copy of your passport and visa that shows you’re allowed to live and work abroad.

Cash or mortgage – which is more suitable to buy an investment property?

Deciding whether to buy an investment property with cash or a mortgage is a matter or personal choice and will often depend on your financial situation. Using cash may seem logical if you have the money in reserve and it can allow you to later use the equity in your home. However, there may be other factors to think about, such as whether there are other debts to pay down and whether it will tie up all of your spare cash. Again, it’s a personal choice and may be worth seeking personal advice.

A mortgage is a popular option for people who don’t have enough cash in the bank to pay for an investment property. Sometimes when you take out a mortgage you can offset your loan interest against the rental income you may earn. The rental income can also help to pay down the loan.

Does Australia have no cost refinancing?

No Cost Refinancing is an option available in the US where the lender or broker covers your switching costs, such as appraisal fees and settlement costs. Unfortunately, no cost refinancing isn’t available in Australia.

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For details on how RateCity makes money, please see here.

How much information is required to get a rating?

You don’t need to input any information to see the default ratings. But the more you tell us, the more relevant the ratings will become to you. We take your personal privacy seriously. If you are concerned about inputting your information, please read our privacy policy.

Does Australia have no-deposit home loans?

Australia no longer has no-deposit home loans – or 100 per cent home loans as they’re also known – because they’re regarded as too risky.

However, some lenders allow some borrowers to take out mortgages with a 5 per cent deposit.

Another option is to source a deposit from elsewhere – either by using a parental guarantee or by drawing out equity from another property.

How do you determine which home loan rates/products I’m shown?

When you check your home loan rate, you’ll supply some basic information about your current loan, including the amount owing on your mortgage and your current interest rate.

We’ll compare this information to the home loan options in the RateCity database and show you which home loan products you may be eligible to apply for.

 

When does Commonwealth Bank charge an early exit fee?

When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.

The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:

  • If you switch your loan from fixed interest to variable rate
  • When you apply for a top-up home loan
  • If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
  • When you prepay the entire outstanding loan balance before the end of the fixed interest duration.

The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay. 

Who sets mortgage rates?

Mortgage rates are influenced by the official cash rate, which is determined by the Reserve Bank of Australia (RBA) at its monthly board meeting on the first Tuesday of every month, except for January.

The official cash rate is the interest rate that banks charge other banks to borrow money. If the RBA cuts the cash rate, the interest rate banks are charged when they borrow from other banks is reduced. Likewise, if the cash rate is hiked, the interest rate banks are charged will go up.

If banks can save money from reduced interest rates, they will often pass on some or all of these savings to their variable rate home loan customers – although they are not required to. They can also choose to pass on a cash rate rise by increasing mortgage interest rates.

What is the ANZ home loan settlement process?

Settlement is the procedure for the official transfer of ownership between the seller and buyer. It’s often done without the seller or buyers input but between both parties’ the financial and legal representatives.

Here is how the ANZ home loan settlement process works:

  1. The solicitor or conveyancer prepares the Transfer of Land document at least two weeks before the settlement date.
  2. The signed document is registered at the state or territory land registry office.
  3. Your solicitor or conveyancer will connect with the ANZ home loan settlement contact and the seller’s solicitor or conveyancer to finalise the date, time, and place of settlement.
  4. You must deposit any applicable amount into your ANZ account three days before the settlement date.
  5. After the settlement is completed, your solicitor or conveyancer will send you a Statement of Adjustment confirming the disbursal of funds from your home loan amongst the involved parties.

Do you compare mortgages using the comparison or advertised rate?

A lot of Australians compare home loans using the advertised interest rate, which indicates how much interest you’ll be charged on your mortgage repayments. The lower your rate, the cheaper your home loan should be.

However, interest charges aren’t the only cost associated with home loans. Most mortgage lenders also charge fees on their home loans. A mortgage with a low interest rate and high fees can sometimes cost more than a mortgage with a high interest rate and low fees.

A home loan’s comparison rate combines the cost of interest with the cost of standard fees and charges into a single percentage rate. Mortgage lenders are required to display a comparison rate alongside their advertised rate to better indicate the home loan’s overall cost.

Keep in mind that to ensure consistency, all comparison rates are calculated assuming a $150,000 principal and interest mortgage with a 25 year term. As your home loan may be different, the comparison rate may not accurately reflect exactly how much your home loan may cost. Also, the comparison rate doesn’t include every home loan fee and charge, so it’s still important to compare home loans and read the fine print before you apply.

What is a mortgage rate?

The interest rate on a home loan is sometimes called the mortgage rate. This percentage indicates how much interest the lender will charge you with each home loan repayment. Your interest rate is effectively the “cost” of “buying” the money you’re using to buy a property – the higher your mortgage rate, the more your home loan repayments may cost.

Using a home loan calculator, you can estimate how much your home loan repayments may cost, based on your mortgage rate, loan term, and loan amount. This may also be affected by whether you’re making principal and interest repayments or interest-only repayments, if you have a fixed rate or variable rate mortgage, and any fees and other charges that may apply.

What is the ME bank home loan approval time?

To start the process of getting a loan with ME bank, you can fill out the online application form. You’ll have to provide information about your income details, assets and liabilities, and the property you want to buy.

Generally, the pre-approval of your loan application can happen within four hours, and in some instances, it may take up to two weeks. It’s important to remember this is only conditional approval.

If you make an offer and the seller accepts it, you’ll need to wait for the cooling-off period, which varies from two to five days depending on where you live. After that, it can take between six and eight weeks after contracts have been exchanged for your application for unconditional approval to be processed.

Do first-time home loan applicants qualify for tax benefits?

If you’re a first-time homebuyer applying for a home loan, you could qualify for some tax deductions, but only if your property is a source of income for you. For instance, if you rent out the property, you could get tax deductions on the cost of constructing or renovating it, the loss in value of depreciating assets such as furniture or electrical fixtures, and the home loan interest. 

Homeowners using their property as a residence could also get a tax deduction if a part or all of it is used for business. These deductions include tax write-offs for depreciating assets and deductions for operating expenses like utilities’ payments and service charges for phones and the internet. However, people running businesses from their residences don’t qualify for a tax deduction on the interest paid on their home loans.