Westpac Equity Access
Posted June 30th, 2010
and last modified January 31st, 2012
Home Owners’ equity is the value a home owner can access that has built up in the home since the time of purchase. Home equity is often described as ‘liquid cash’ and can serve as a great benefit to Westpac Home Loan Customers.
Selecting the right home loan for you can be a difficult process, but, having the right information in the beginning will fast track you towards choosing the Home Loan that fits you best.
Key Information about the Westpac Equity Access Loan
The Equity Access Loan (EAL) allows you to access the equity you have built up in your property. An Equity Access Loan means easily available funds for you and your family, without the stress of taking out an additional loan. Consider whether you can benefit from features such as:
- · Use your Equity to suit your lifestyle - The Loan allows you to use the additional monies to renovate or invest as you choose
- · Don’t pay fixed interest on the full amount – Interest is only charged to the amount that you owe
- · Repay your owing amount in Lump Sums – As a Westpac Home Loan customer you are allowed to make payments of any size at any time throughout your loan, in addition to your regular repayments without having to be concerned with penalties
- · Enjoy freedom and flexibility with your repayments – Westpac offers customers flexibility and comfort regarding the size and time of repayments
- · Get ahead with SmartPay – SmartPay allows you to deposit all of your income into your loan account. This reduces daily interest charges and in turn you can arrange automatic transfers to pay bills or move funds into other nominated accounts.
- · Maintain your own credit limit – A revolving, or extendible line of credit allows you to control your own credit limit for as long as you like
The Westpac Equity Home Access Loan is a Flexible option for Property Owners who want to raise funds for other investments, allowing you to focus on a lifestyle, not just an individual property.
Home Loan Fees for the Equity Access Loan are up front and can be tracked easily with a Westpac Finance Manager or even online. A one-off Establishment fee of $600 is required at the signing of a Home Loan Mortgage Agreement and for the life of the loan customer is only required to pay a monthly $10 Loan Maintenance fee.
For More information regarding fees and Essentials for your Equity Access Home Loan, contact us to see whether the features from Westpac really are the best for you and we can help you understand the application process to ensure your success.
Discounts Available on the Westpac Equity Access Home Loan Interest Rate
When preparing to apply for a Westpac Equity Access Home Loan, you should seek financial advice and make an educated assessment of your current and future financial situation and possible movements. There are many free websites which can provide you with the help and advice that you need. You may also need to ensure that you are aware of your current credit rating, which often has a substantial affect on your Home Loan credibility.
Read the official terms and conditions
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