You may use this application to apply for a loan for the following reasons:
To buy a property - select this option if you are purchasing a property for residential or investment purposes
To refinance an existing loan from another lender - select this option if you currently have a mortgage with another bank that you would like to transfer to Westpac
To access equity in your existing property already financed by Westpac - select this option to make the most of the equity in your current property. You may choose to top up your existing mortgage or increase your borrowings with a new loan, such as Equity Access. This type of lending can be used for any worthwhile purpose (with the exception of business purposes) eg investment, holiday, car, boat or renovations. You must specify the intended purpose of the loan
How will you be contributing your deposit?
You can contribute your deposit in several ways:
Cash deposit - this should be selected if you have savings in cash or other investments which can be converted into cash eg shares
Equity in an existing property (which I own) - this should be selected if you already own a property and wish to use the equity you have built to borrow more funds or purchase a new property
Use someone else's property as security - this should be selected if someone else has agreed to offer their property as additional security for this loan. This is often referred to as a 'Third Party Guarantee'