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Westpac Flexi First Option Investment 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
If you are thinking of investing in residential property but don’t want a home loan that’s full of features that you’re not going to use then maybe you should look at the Westpac flexi first option investment home loan.
Features of the Westpac Investment Loan
This is a no frills basic variable interest home loan that lets the customer pay as they go. This means that you only have to pay for the options that you want when you want to use them, this means that you don’t have to pay for options that you’re using until you need them.
- Interest only. If would like to maximize the rental return that you get from your rental property then you should consider the interest only option that’s offered by Westpac on their flexi first option investment loan. This works by letting you pay the interest portion of the home loan only, so you get to free up extra funds that can be used for other investments. The interest only option can be used for up to ten years.
- Repayment holiday. The repayment holiday option means that you are able to take a break from having to pay your home loan repayments. You can take a break from having to pay part or all of your home loan repayments but you will have to apply to the bank for this option and you need to be ahead on your loan repayments before you apply.
- Making extra repayments. If you would like to reduce the amount of money that you owe on your Westpac flexi first option investment loan then you can simply make some extra repayments or increase the amount you pay without having to worry about being charged fees for doing so.
- Redraw. If you have been working hard to reduce the balance of your home loan by making extra repayment when you have had the money then you are able to redraw the funds with the Westpac redraw facility. This means that you are able to access the funds if you would like to start a new investment or if something unforeseen comes up and you need to get to some of the extra funds.
- Who can use the Westpac flexi first option investment loan? The Westpac flexi first option investment home loan can be used by anybody who wants to invest in a residential property that has a value between $25,000 to $10,000,000 up to a term of thirty years. The investor is able to borrow up to 92% of the property’s value without having to take out mortgage insurance but they can borrow up to 92% with mortgage insurance.
- Fees and charges. The Westpac flexi first option investment loan is free of any monthly account keeping fees and has an upfront establishment fee of $600. There are fees and charges on some of the other options as you use them for example you will be charged each time you use the redraw facility.
- Use to build. You are able to use the Westpac flexi first option investment home loan if you want to build your new investment property, you just have to use the draw down feature. This works by letting you draw down on your available funds each time you make a progress payment to your builder or contractor.
- Making your repayments. With the options of being able to make your investment loan repayments on a monthly weekly or fortnightly basis you’re going to easily find a repayment frequency that suits the financial structure of your investment
If you would like to compare the Westpac flexi first option investment loan to other investment loans offered by Westpac or other financial institution then you are able to do so by contacting a Home Loan Finder consultant today. Home Loan Finder can help you find the loan that’s right for you, and secure you an interest rate lower than the banks, and guaranteed to be lower than the brokers too.
Read the Westpac Flexi First Option Investment Loan terms and conditions.
| Minimum Loan Amount | $25,000 | |
|---|---|---|
| Maximum Loan Amount | $10,000,000 | |
| Maximum LVR | 92% | |
| Maximum Insured LVR | 92% | |
| Mortgage Offset Account | No | |
| Loan Redraw Facility | No | |
| Split Loan Facility | No | |
| Fixed Interest Option | No |
| Interest Rate Type | Fixed | |
|---|---|---|
| Interest Rate | 6.44% | |
| Comparison Rate | 6.49% | |
| Repayment Type | Interest Only | |
| Repayment Frequency | Weekly | |
| Extra Repayments | No |
| Application Fee | $600 | |
|---|---|---|
| Service Fee | $0 | |
| Exit Fee | $250 |
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