Westpac Fixed Rate Investment Property Loan
Posted July 28th, 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
Repayments on your home loan are a significant part of your budget. In times of frequent fluctuations in interest rates, many investors are attracted to the certainty of a fixed rate loan with a set repayment amount. Westpac offers a range of Fixed Rate Investment Property Home Loans allowing you to lock in your interest rate for up to 12 years. Current rates offered by Westpac are:
- Fixed rate for 1 year 6.39%
- Fixed rate for 2 years 6.39%
- Fixed rate for 3 years 6.39%
- Fixed rate for 4 years 7.19% p.a
- Fixed rate for 5 years 6.89%
- Fixed rate for 6 years 8.19% p.a.
- Fixed rate for 7 years 8.19% p.a.
- Fixed rate for 9 years 8.19% p.a.
- Fixed rate for 10 years 8.19% p.a.
- Fixed rate for 12 years 8.39% p.a.
Features and benefits of a Westpac Fixed Rate Investment Property Loan
If it’s important to you to know exactly how much your loan repayment will be, you will be interested in Westpac’s Fixed Rate Investment Property Loan. It offers protection against interest rate changes, no matter what happens in the financial markets, for up to 12 years. The main features of this loan are:
- Fixed interest rate is available for 1 to 7, 9, 10 or 12 years. You can budget with certainty that your repayments and interest won’t rise during your chosen fixed rate period.
- Combination loans are an option,allowing you to split your loan between fixed and variable rate components, giving you both the certainty of a fixed rate loan and the flexibility of a loan at variable rates.
- Lock in feature lets you secure your fixed interest rate during the settlement process. Your rate will be protected for up to 90 days if fixed rates increase after your request.
- Flexible repayment arrangements are available on principal, interest and fees loans. You can structure your repayment schedule on a monthly, fortnightly or weekly basis, whichever best suits your budget.
- Low doc version of the Fixed Rate Investment Property Loan is available if you’re self-employed and don’t have documented proof of income.
- Progress draws (for construction) help you to minimise interest costs by progressively drawing down funds to pay builders and contractors.
- Extra payments are allowed, up to $25,000 per fixed rate term. If you want to pay off your loan sooner, you can make extra repayments without charge at any time during the fixed rate investment home loan period.
- Redraw facility gives you same day access to the extra repayments you have made in your home loan account, up to a maximum of $25,000.
- Refix your home loan at the end of the fixed rate period – or you may choose to convert to a variable rate loan when your fixed rate term expires.
- Fees and charges for a standard loan include one up-front loan establishment fee of $600 and a monthly loan maintenance fee of $8. Additional charges may apply if you use other features of this loan, such as a low doc option or progress draws.
- Who can apply? Westpac Fixed Rate Investment Property Loans can be used to purchase your primary residence or an investment property.
As you can see, this fixed rate home loan offers a range of flexible options while safeguarding you against changes in interest rates. In researching the most suitable type of home loan for your individual circumstances, it’s important to consider both the current economic conditions and your own personal budgeting needs.
Read the Westpac Fixed Rate Investment Property Loan terms and conditions.
| Minimum Loan Amount | $15,000 | |
|---|---|---|
| Maximum Loan Amount | $10,000,000 | |
| Maximum LVR | 80% | |
| Maximum Insured LVR | 87% | |
| Mortgage Offset Account | No | |
| Loan Redraw Facility | No | |
| Split Loan Facility | No | |
| Fixed Interest Option | No |
| Interest Rate Type | Fixed | |
|---|---|---|
| Interest Rate | 6.19% | |
| Comparison Rate | 6.96% | |
| 1 Year Fixed Rate | 6.39% | |
| 2 Year Fixed Rate | 6.39% | |
| 3 Year Fixed Rate | 6.39% | |
| 4 Year Fixed Rate | 6.89% | |
| 5 Year Fixed Rate | 6.89% | |
| Repayment Type | Interest Only | |
| Repayment Frequency | Weekly | |
| Extra Repayments | No |
| Application Fee | $600 | |
|---|---|---|
| Legal Fee | $0 | |
| Valuation Fee | $0 | |
| Service Fee | $8.00 | |
| Settlement Fee | $0 | |
| Exit Fee | $250 |
Top Home Loans
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|---|---|---|---|---|---|---|---|
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 State Custodians Mortgage Company Standard Variable Offset Loan | Awarded Mortgage of the Year 2012 – this multi-award winner features 100% offset and a loyalty 0.25% rate drop after 5 years. | 6.02% | 6.23% | $0 / $345 | 95% | $150,000 / $1,000,000 |
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 Illawarra Home Loans Bank Beater Home Loan | A low variable rate, beaten down even further by 0.05% p.a. after 5 years. | 6.07% | 6.35% | $0 / $345 | 90% | $250,000 / $1,000,000 |
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