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Westpac Fixed Options Home Loan (2 Years)
Posted June 18th, 2010
and last modified January 31st, 2012
What happens when I click Enquire Now?
- Clicking Enquire Now will take you to the lender's website
- After completing the contact form, a mortgage expert will contact you
- The mortgage expert will ensure you find the right loan, calculate your repayments, and explains all the associated fees
- After going through the enquiry process you will be able to know how much you can borrow, begin your application when you are ready to apply and be approved for a home loan
If you’re buying a home or refinancing your current home loan, you will be considering the merits of fixed and variable interest rate loans. Currently Westpac Bank offers a Fixed Options Home Loan at the following rates:
Features and benefits of a Westpac Fixed Options Home Loan
Many borrowers like to take the chances of the “swings and roundabouts” of variable rate home loans, where repayments vary as interest rates change and they enjoy lower repayments when interest rates fall. At times (like now) when interest rates are tending to rise, home buyers often prefer to take out home loans at fixed rates of interest. The features and benefits of the Westpac Fixed Options Home Loan include:
- Fixed interest rates for 2 to 10 years. This means that during the fixed term the amount of loan repayments will not change. If you prefer to know in advance what your repayment commitments will be, or if your budget is tight and you want to avoid higher repayment amounts when interest rates rise, a Westpac Fixed Options Home Loan will help you to plan your finances and budget with certainty during the fixed period. At the end of your chosen fixed rate period you have the option of refixing rates for a further period or converting to a variable rate loan.
- Fixed rate lock in feature. This facility allows you to lock in the current interest rate for up to 90 days so that the rate is secured in case interest rates rise between the date of application and the loan settlement date.
- Flexible repayment options and repayment periods. The frequency of your repayments may be monthly, fortnightly or weekly, whichever period best suits your financial arrangements. If you wish to free up some funds or your circumstances change, you have the option to switch to interest only payments with monthly repayments by direct debit.
- Progress draws are possible for progress payments to builders constructing a new home.
- Extra repayments up to $25,000 are allowed without charge during the fixed rate period. If you have some spare cash, for example from a tax refund, you can apply the funds to your home loan and save on interest.
- Redraw is available on extra repayments, with no redraw fees. Redraw funds are available on the same business day.
- What are the fees and charges? There is an upfront application fee of $600 and a monthly loan service fee of $8. A fee of 0.15% of the loan amount is payable for use of the fixed rate lock in facility, and there is a fee of $300 covering all construction progress draws. If you wish to terminate the loan early there is an exit fee of $250 and if the termination is within 4 years of the start of the loan there is a deferred establishment fee of $900, and there may also be break costs and a prepayment admin fee of $300. If you anticipate terminating the loan within four years, either to sell the property or to refinance your loan, it would be prudent to calculate all the costs of closing the loan.
- Who is eligible to apply? The loan is available for residential property and owner-occupiers wishing to borrow between $15,000 and $10,000,000 may apply.
- How much can I borrow? Westpac lending criteria will determine your borrowing capacity. If your loan application is approved you may borrow up to 87% of the property’s value, or up to of its value with Mortgage Insurance.
A Westpac Fixed Options Home Loan allows you flexible options like additional repayments and redraw facilities, in addition to the advantage of stable repayment amounts over a period up to 10 years. To find out more about this loan contact Home Loan Finder now.
Read the Westpac Fixed Options Home Loan - 2 Year Fixed Rate terms and conditions.
| Minimum Loan Amount | $15,000 | |
|---|---|---|
| Maximum Loan Amount | $10,000,000 | |
| Maximum LVR | 87% | |
| Maximum Insured LVR | 92% | |
| Mortgage Offset Account | No | |
| Loan Redraw Facility | Yes | |
| Split Loan Facility | No | |
| Fixed Interest Option | No |
| Interest Rate Type | Fixed | |
|---|---|---|
| Interest Rate | 6.39% | |
| Comparison Rate | 7.37% | |
| 2 Year Fixed Rate | 7.54% | |
| Repayment Type | Interest Only | |
| Repayment Frequency | Weekly | |
| Extra Repayments | Yes |
| Application Fee | $600 | |
|---|---|---|
| Legal Fee | $0 | |
| Valuation Fee | $0 | |
| Service Fee | $8.00 | |
| Settlement Fee | $0 | |
| Exit Fee | $250 |
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