How to buy a house

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It’s easy to feel overwhelmed by the home-buying process, it’s one of the largest purchases you’ll ever make. And while we can’t make the butterflies go away completely, we can let you know what could be around the corner so you can plan for a more simple and stress-free experience.

1. Preparing to buy

The first step in finding the right property at the right price, is being confident about what you could afford.

Getting your deposit together

Your deposit

When buying, your deposit is the amount you’re able to pay upfront for the home, and the rest is normally borrowed in the form of a home loan. Generally, you need to have at least a 20% deposit to buy a property. This is 20% of the property’s value based on the bank's valuation (also known as a loan-to-value ratio under 80%).

For example, if we value the home at $500,000, you’d need at least $100,000 for your deposit.

Don’t quite have a 20% deposit?

You have a few options:

Check which grants and concessions you're eligible for (see below).
Pay Lenders Mortgage Insurance (LMI) – you could pay this cost on top of your deposit or include it in your home loan amount. Our upfront costs calculator estimates how much LMI and stamp duty you might need to pay.
Consider our Family Security Guarantee¹, where a family member could save you from paying LMI.
Continue to save more deposit: our home saver calculator helps you estimate how long it’ll take.
See which Westpac-supported opportunity you may be eligible for, including LMI waiver for professionals.

Grants & concessions

While some government incentives can be used at the same time, make sure you check for exclusions as incentives can vary based on which state or territory your property’s in.

The First Home Super Saver Scheme (FHSS) allows eligible first home buyers to withdraw some of their voluntary super contributions, and put them towards their home deposit.
The First Home Owner Grant (FHOG) is a one-off amount paid to first homeowners. Check with your local government: ACT, NSW, NT, Qld, SA, Tas, Vic, WA
First home buyers can also access stamp duty exemptions, concessions or reductions. Check with your local government: ACT, NSW, NT, Qld, SA, Tas, Vic, WA
With the Australian Government initiated Home Guarantee Scheme, you could fast-track your home ownership dreams with one of three guarantee options - First Home Guarantee, Regional First Home Buyer Guarantee or Family Home Guarantee. If eligible, you could buy your own home with a low deposit of 2-5% and no Lenders Mortgage Insurance (LMI) on your Westpac home loan. Find out more about the Home Guarantee Scheme.

Adding up your costs

So you have your deposit and a rough price range. Now it’s time to work out the upfront costs you’ll need to budget for.

Stamp duty. At Westpac, stamp duty is an upfront cost and can’t be included as part of your Westpac home loan. Our cost calculator estimates this for you.
Lenders Mortgage Insurance (LMI). We may still be able to lend to you, even if you don’t quite have a deposit that’s 20% of the property’s value, and you could include this cost as part of your loan – our cost calculator estimates LMI for you.
Government fees. These include things like Transfer Duty, the Mortgage Registration Fee and a Land Transfer fee, if applicable. The cost can vary between states and territories, and our cost calculator estimates these for you.
Solicitor/conveyancer. Can include an initial review of a Contract for Sale, and the full process to settlement if you go ahead – our cost calculator estimates this for you.
Building and pest inspections. A good idea to check the property before you buy – our cost calculator estimates this for you.
Bank fees/loan set-up costs. Can include an establishment, valuation and settlement fee. Your lender can help you with this.
Building, home & contents insurance. Home & contents insurance provides cover against loss or damage caused by flood, fire, storm, theft and more. You may need Building (Home) insurance as part of your home loan agreement.
Other costs. Like removalists and the cost of breaking a rental lease early (or selling your current property if you're buying your next home).

There’ll be ongoing property costs too, like insurance and council rates/strata fees. You should factor these in when calculating your mortgage repayments.

Discovering how much you could borrow

Your income and expenses are two of the main considerations for any lender, so having a strong savings history with minimal credit card debt or other loans can help. Ask yourself the deep questions, like “how much will I be happy to repay every month?” and “will I be able to afford these repayments if interest rates rise?” (they reached 7.25%p.a. back in 2008). Here are some helpful tools:

Affordability calculator – based on what you’d feel happy repaying
Maximum loan calculator – the most we may be able to lend you based on your expenses, income, debts and assets
Repayment calculator – as a general rule of thumb, your monthly repayments shouldn’t be more than 1/3 of your gross monthly income.

Knowing the market

Doing plenty of groundwork can help you become a more confident buyer. Here are some things worth considering:

Work out what’s important to you, like in-area schools, nature, public transport and shopping centres
Think about taking a short stay in the area
If it's within 20km of an airport, check maps of the flight paths
Dig deeper to uncover any current or proposed infrastructure or construction projects, power substations or electrical towers that may affect the property’s value
If the area’s prone to bushfires, storms and floods you're likely to pay significantly higher insurance premiums – check with a home insurance provider
Get a feel for the market by watching our property market update.

Know that property inside out

Search an address or suburb for our full online Property Report, complete with sale history, price guide^* and neighbourhood vibe, as well as capital growth and expected rent income.

Choosing the right lender

Your home loan’s going to be with you for a while, so go with a lender that has exceptional value-for-money and an outstanding track record for before and after service.

Here’s how we help:

Track your online application. Follow your progress and get notifications – it should only take around 20 minutes to apply.
One point of contact. When you submit your online application, you’ll be assigned a home finance manager who’ll call to answer your questions, move things forward and run a credit check.
Getting ahead. We genuinely want you to own your property sooner. That’s why our fixed loans give you a $30k prepayment limit², and our variable loans come with unlimited extra repayments. Our Rocket Repay loan also comes with a full offset account to help you save on daily interest.
Financial breathing space. If you’re ahead on your repayments, you’re free to redraw³ the extra amount you’ve paid anytime with no redraw fee. You can also apply for Parental Leave, or to pause or reduce your variable loan’s Principal & Interest repayments for a while⁴.
You’re in control. Our customer hub lets you know how to use the Westpac App and Online Banking to check your rate, change repayments, redraw, download statements and more.
More than a great rate. We’re here for our customers during life’s tough times, including job loss support and disaster relief (depending on your individual circumstances, and subject to change).
Proud pioneers. As Australia’s first bank, our values are centred around helping. We had the country’s first female bank teller, the first female CEO of a major company, and we were the first to introduce paid maternity leave. In the early 2000s we became a founding Platinum member of the Australian Network on Disability. In 2018 we achieved the highest Platinum status for LGBQTI inclusion in the Australian Workplace Equality Index awards. As for the future, we’ve made a commitment to reduce our thermal coal lending exposure to zero by 2030 (PDF 1MB).
Our promise to you. Westpac's vision is to be one of the world's great service companies. Our service promise includes a dedicated Customer Advocacy team to ensure you’re listened to in a fair way, and that help is at the heart of everything we do.

Understanding our home loans

We have three main types of home loan, each available for investors too. Our Rocket Repay Home Loan (standard variable rate) gives you handy features like a 100% offset account and redraw. Our Fixed Options Home Loan gives you certainty over your repayments, lets you lock in our best fixed rate for 1-5 years, and has a generous limit on extra repayments, as well as redraw. Our Flexi First Option Home Loan is our basic loan with our lowest variable rate, unlimited extra repayments so you can get ahead, and redraw.

Both Rocket Repay and Fixed Options can be packaged^# for an interest rate discount, fee waivers and savings on a range of products. You can also split your loan balance into separate fixed rate and variable rate accounts.

“I’m building a new home”

Planning major renovations or building a brand new home? Available for no extra fee on most of our home loans, our construction option lets you draw funds at each construction stage – so you only pay interest on what's drawn.

“I’m just buying land”

Buying land without a building contract? You can apply for a regular Westpac home loan, without the construction option.

“I’m self-employed”

You can apply for any of our home loans online, we’ll just need to see a bit more documentation.

“I already own property”

Hunting for your next home? You may be able to apply for a top up or a new home loan using the equity in your current home as security. Or our Bridging Loan can help fill the finance gap between buying and selling (conditions apply).

Confused with the home loan terminology? Learn the lingo

Applying

You have four ways to apply with Westpac.

1) Apply online and track your application

You can save, submit and track your home loan application online for conditional and full approval (or a refinance), all the way to settlement. We’ll show you what you could afford to spend on a property and the estimated costs involved (stamp duty can’t be included in your Westpac home loan). It should only take around 20 minutes to apply. Then your assigned home finance manager will be in touch to answer all your questions, and progress things to the next stage.

Online applications are available for all loans (unless you’re building a new home, applying for our Bridging Loan or increasing your current Westpac home loan, in which case please request a call back).

2) Have a lender call you back

Request a call back if you’d prefer one of our home lending managers to complete your application. Or if you’re planning to build a new home, you’re after our Bridging Loan or increasing your current Westpac home loan.

3) Apply through your broker

If you’re going with a Westpac-affiliated broker, they’ll guide you through your application and answer any of your questions.

4) Apply in-branch

Call your nearest branch to arrange a meeting. Locate a branch

Application tips

As a first-time home buyer, you’ll need to show us proof that you’ve been consistently saving for a deposit or making timely rent repayments, e.g. savings account statements or evidence of a continuous 6-month rental payment history.

To improve your credit score, it may also be worth paying off any large credit card debts or personal loans before you apply.

There can be up to two borrowers on a Westpac home loan, and if you’re applying online, having the other borrower join the application can speed up the process.

Conditional approval

A Westpac conditional approval (also known as pre-approval, indicative approval or approval-in-principle) means you're approved for a loan of a certain amount – as long as your situation doesn't change and the property meets our lending eligibility criteria. It’s the first step in getting your home loan approved, and:

Confirms the deposit you’ll need and the most you could borrow
Gives you the confidence to bid at auction or make an offer
Means you’ll be treated as a serious buyer by agents
Let’s you make changes to the loan before full approval
Includes a credit report check (after you’ve spoken with a home finance manager)
Is valid for 90 days, but if you need more time and you can confirm your finances haven’t changed, we can renew it.

Before signing contracts, remember to run the address past your Westpac home finance manager, as there are some properties we might not lend against (like very small units, certain suburbs or apartment blocks, tiny houses, hobby farms and places near large power lines).

2. House-hunting

Finding ‘the one’ can take time, expect some disappointment and butterflies along the way.

The search

Now you know your price range and have your pre-approval, you're ready to find the right property for the right price. Review the real estate sites, chat to locals and consider these house-hunting tips:

Try entering your price range and expanding the map view to see if any unexpected suburbs pop up
Set alerts so you know when a matched property comes on the market
The romance of a fixer-upper can fade when your experience, time and budget come into play
Meet local real estate agents, they might call you first about off-market properties
If it’s been on the market a long time, the owners might entertain a low-ball offer
House-hunting can be like finding a partner: be prepared to have your heart broken, then find something better.

Buyer’s agents

Not to be confused with a real estate agent, a buyer’s agent is a property-buying professional who you can choose to hire. They specialise in searching for, scoping out and evaluating properties, as well as negotiating or bidding at auction on your behalf. Their clients can include first home buyers, interstate ‘rentvestors’ and investors, and time-poor house hunters looking for the best price and a competitive edge.

Open home inspections

Take plenty of photos/videos to jog your memory later
Take photos of any problems you notice, like sagging ceilings, wall cracks, water stains, wonky roof lines, an old kitchen, corrosion, mould and sloping land
Tick off your checklist as you go
Ask the agent why the vendor’s selling and if there are any known issues with the property
Bring a measuring tape to make sure your furniture will fit
If you're keen on a closer look, ask for a private second viewing
Tip: it’s not always the highest price that wins, sometimes it’s being the quickest. Be prepared to make a same-day offer or pre-auction offer, subject to finance and a later building and/or pest inspection.

Before signing a contract

First, a quick summary of the sale process.

Private treaty. If your offer’s accepted in a private sale, a vendor’s deposit (normally 10%) must be paid when you exchange signed contracts with the vendor. You may get a ‘cooling off period’ depending on your state, territory or contract. From here, the sale of the property is legally-binding, but you won’t technically be the owner until settlement.
Auction. If you make a winning bid at auction, you’ll sign and exchange the contract and pay your deposit right there on-the-spot. From here, the sale of the property is legally-binding, but you won’t technically be the owner until settlement.
Off the plan. If you sign a contract and pay a deposit on a property that’s yet to be built, the balance is payable at settlement – usually when construction’s completed – which can be several years later.

Checklist

Conditional approval. Having one gives you confidence to negotiate or bid at auction, check yours is still valid.
Have you found a legal agent? A conveyancer or solicitor can review your contract and loan documents – highly recommended for first home buyers.
Address check. Run the property past your lender in case there are any lending exclusions on the property/block, or issues affecting its value (and your LVR).
Contract of Sale. Ask the agent for a copy as soon as you can, then work with your conveyancer/solicitor so you understand the conditions, and iron out any kinks before you begin negotiations. For example, a 30-day settlement period might prove too short.
Off the plan. Research the developer and builder. And talk with your Westpac lender, as future valuation changes will affect your LVR. For more, check with your local government: ACT, NSW, NT, Qld, SA, Tas, Vic, WA
Unit strata report. Check for poor management, major repairs, disputes, and by-laws like no pets or reno restrictions (e.g. any work affecting waterproofing might need approval at the strata’s annual general meeting). Your conveyancer/solicitor can arrange and check the report.
Check with local Council. Look for zoning changes, proposed developments and if the property has an elevated insurance risk of flood or bushfire – generally found on the local Council website.
Pest and building inspection. Hiring an independent professional inspector costs around $500, but it could save you from a costly mistake in the long run. Not only does it ensure the property meets the condition stated in the contract/strata report, it helps you identify hidden damage, like termites and structural problems. You can arrange a time with the real estate agent.
Reassess any extra costs. Did your research reveal anything unexpected, like a roof in need of repair?
Arrange your deposit. The vendor deposit is normally 10% of the purchase price: if your vendor prefers a bank cheque, the fastest way to get one is likely in-branch. With Westpac, allow 2-3 business days for the money to land in their account, or you can pay a small fee to speed up the process, though there’s no guarantee it’ll clear earlier. If the vendor prefers a bank transfer, check your daily transfer limits.
Know your cooling-off period (unavailable with auctions). Most states and territories have a private sale ‘cooling off period’ after you exchange contracts and pay your deposit. During this time, you can pull out of the sale, but you’ll forfeit some of your deposit. In some states it’s around 0.25% of the purchase price, which would be $250 for every $100,000. Check the details with your local government ( ACT, NSW, NT, Qld, SA, Tas, Vic, WA). And talk with your conveyancer/solicitor if you’d like to negotiate a cooling off period waiver, addition, reduction or extension.

Bidding at auction

Before auction day

Remember, as long as the reserve price is met, the winning bidder has no option but to buy the property. So attend a few auctions to get used to the vibe and psychological tactics of the auctioneer, real estate agent and bidders.

Talk to the real estate agent to register as a bidder, and to find out how the vendor’s deposit (normally 10% of the sale price) should be paid. If you want, you can make a pre-auction offer, or authorise someone else to bid and sign on your behalf.

Set an amount no higher than the property’s fair market value, as ‘over-bidding’ could affect your loan-to-value ratio. We may only carry out our bank valuation after the auction, so talk with your home finance manager about its most accurate estimated value. And remember, a winning bid at auction is a binding contract, so ensure you’re pre-armed with a conditionally approved home loan and, ideally, a building and pest inspection report.

On auction day

If you haven’t already, register as a bidder as you arrive. Remember your limit and the property’s fair market value. If you make the winning bid – congratulations! You’ll immediately enter into a binding contract, with no cooling off period. Simply sign the contract and pay the vendor’s 10% deposit there and then.

Making an offer

You can put in an offer on a property through a private sale (treaty), and before an auction. If it’s a private sale, you can get your building/pest inspections done either before exchanging contracts, or during any cooling off period.

Sale price negotiations are generally made through the vendor’s real estate agent. And depending on the vendor’s situation – and mood – the process can take anything from a few minutes to many weeks. Once both parties agree on a price, you’ll need to sign the contract of sale and pay your deposit.

Tips

Multiple inspection reports are costly, consider getting yours during any cooling off period.
You could make a conditional offer based on a satisfactory report and finance.
If you already have an inspection report, you can use it to negotiate the price down or ask the vendor to make repairs before settlement.
If other buyers are interested, getting your signed contract to your legal agent, then back to the vendor fast, might just pip your competition at the post.
Some buyers pay a ‘holding deposit’ along with their offer to show they’re a serious buyer. It's fully refundable until contracts are signed. It’s also optional, and if a cheeky estate agent says otherwise, ask them to put it in writing.

Exchanging contracts, paying your deposit

At auction. If you place a winning bid at auction, you’ll need to sign the contract and pay your deposit on-the-spot, with no cooling-off period.

In a private treaty. If it was a private sale and you’ve entered a cooling-off period, you’ll have several days to change your mind, but you’ll forfeit some of your deposit (see ‘Before signing a contract’). If you decide to go ahead, you need to pay the rest of the deposit at the end of your cooling off period to secure the sale.

From here the property sale is legally-binding, though you won’t technically own it until settlement.

3. Finalising your loan

Almost there. Once you’ve exchanged contracts, we’ll need to value the property to finalise your application.

Applying after exchanging contracts

You can still apply for full approval with us if: your conditional approval’s with another lender but you want a Westpac home loan instead; you’ve signed a contract without conditional approval; or your other lender can’t give you full approval.

That said:

There’s no guarantee we can give you a ‘yes or no’ within any cooling off period you have (uploading your documents ASAP can speed up your application)
Once you enter into the legally-binding contract, if we can’t offer you full approval you may lose your deposit to the vendor, unless you can find finance elsewhere
Starting your application at this stage could delay your settlement.

Valuation

We’ll organise to value the property online based on comparable sales and market trends in surrounding areas and, if needed, arrange an on-site bank valuation.

If it comes in lower than expected, we'll let you know if there’s any shortfall you’ll need to cover. For example, if your loan-to-value ratio is more than 80%, you could still get full approval if you take out Lenders Mortgage Insurance.

Full approval

Signing your loan documents

Your home finance manager will be in touch to walk you through all the documents you need to sign, including the mortgage documents used to secure your loan.

Remember to go through the fine print, particularly with your conveyancer/solicitor.
Once you sign and accept your loan documents, we’ll begin preparing your loan for settlement. As soon as you get your docs, read them, sign and accept them at least two weeks before your settlement is due.

Preparing for settlement

Rental notice. If you’re currently renting there’ll be a minimum notice period, so let your real estate agent know your move date.
Utilities. Speak with your gas, electricity, internet/phone company about your move date and your new home’s address.
Final inspection. Before settlement day, inspect the property thoroughly to make sure nothing’s changed and that all the fixtures and inclusions match up with the contract. Speak to the real estate agent if you have any concerns.
Settlement details. Confirm the details of your settlement, like the correct final amounts.
Settlement funds. Have all your remaining deposit/stamp duty ready in your allocated account a few days before settlement. If it's not there, the property can't settle. This is especially important if your money’s sitting in a savings account which can't transfer externally.
First repayment. Ensure you have enough in your account to cover your first home loan payment.
Cover yourself. Depending on the state or territory, buyers either take on the property’s risk on exchange of contract or at settlement. So we’ll need to know you’re covered with building insurance by settlement. If you packaged ^# your Westpac home loan, you’ll get up to 10% discount ^{^} on our Home & Contents or Landlord Insurance: call 1300 650 255. Your home loan’s one of the largest purchases you’ll ever make, so it's also worth considering income protection insurance too, so you can cover your repayments if you ever lose your job or become too ill to work.

4. Settling

The home stretch. Settlement day’s generally 30-90 days from contract exchange, though it depends on your agreement.

Setting a settlement date

When your loan’s ready for settlement, we’ll let your conveyancer/solicitor know to book a settlement date. They’ll tell you how your payment of funds are to be distributed, like the amount and payee for the cheques. Interest charges won’t apply until settlement day.

Sometimes there are things out of your control that might delay settlement, like problems during your final inspection or incomplete paperwork. Depending on your state or territory, delays could mean a date extension, penalty interest charged to you or the vendor, or the vendor being able to end the contract or even keep your deposit.

Tips to minimise delays:

Coordinate. Work closely with your conveyancer/solicitor, Westpac home lending manager or broker (if you have one) to help move everything along smoothly
Be organised. If you’re sent documents, check, sign and return them quick-sharp
Attention to detail. Before signing your loan documents, check the deposit amount hasn’t changed, your name’s spelled correctly etc. And if you have a mortgage broker, have them double-check everything.

Lodging grants & concessions

Settlement day

What a milestone, the day you become the owner of your new property!

Payment & paperwork

The legal and financial representatives of both you and the seller meet to finalise the payment. It’s organised at a time and place agreed upon by both parties, and will generally be managed by your conveyancer/solicitor and Westpac home finance manager. They’ll settle the balance owing on the property using the home loan you’ve taken out, and the property ownership will be transferred from the seller to you.

Don’t worry, you don’t need to be at the meeting.
Stamp duty’s paid at this stage, your conveyancer/solicitor can do this on your behalf.
Make sure the money needed to complete the purchase (like the balance, conveyancer/solicitor and government fees) are in your nominated account.
Once both parties have signed all the documents, they’re sent to the titles office to register you as the new owner of the property.

Get those keys

Once you’ve settled you can pick up the keys from the real estate office, and your next adventure begins. Congratulations!

Moving in/renting out

Moving in checklist

Inform your energy, water, internet utilities at least 3 weeks before moving
Research removalists, book well in advance
Redirect your mail with Australia Post
Disconnect the energy accounts of previous tenants
Pack a ‘first night’ box (towels, pjs, toothpaste, kettle, tea etc)
Prep an ‘unpacking’ box (allen keys, screwdrivers, tape)
Keep your box of ‘important things’ with you in case it gets lost
Pack a ‘favourite things’ box for the kids to help them settle
Friends could look after young children and pets
Confine pets out of harm’s way in one room
Home & contents insurance, check with your insurance provider to see if your contents are covered during transit
Long-empty homes might need a professional clean
SMS/email friends & family your new address
Update your new address: bank, super, car/health/personal insurance, MyGov, Medicare, ATO, electoral roll, subscriptions, schools etc

Leasing checklist for rentvestors

NOTE: You’ll only qualify for the First Home Owner Grant if you live in the property yourself at least 1 year before renting it.

Disconnect the energy accounts of previous tenants
Landlord insurance
Think about appointing a property manager to arrange all the advertising, interactions and maintenance
Arrange a professional clean and any repairs (appliances, toilet, sink, fridge and oven)
Check it meets the Residential Tenancies Act
Prep it for advertising and inspections
Put everything in writing in your rental agreement

Managing your home loan

Welcome to the next exciting chapter of your life. Your first home loan repayment is normally due within the first month of settlement. Check you’ve got the right amount in the right account, and your direct debit (or scheduled payment) is set up and ready to go.

You’ll find your repayment due date in your home loan contract, as well as in the Westpac App and Online Banking – which are by far the easiest ways to manage your loan, check repayments and redraw etc.

Managing your home loan

A home loan that evolves with you

Your Westpac home loan has been designed to match your changing lifestyle, so you can become mortgage-free sooner. Whether you’re in the fortunate position of being able to make extra repayments, you’d like to redraw some funds, or reduce or pause your repayments for a while, we’re here to help.

Things you should know

Conditions, credit criteria, fees and charges apply. Residential lending is not available for Non-Australian Resident borrowers.

This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information and if necessary, seek appropriate professional advice. This includes any tax consequences arising from any promotions for investors and customers should seek independent, professional tax advice on any taxation matters before making a decision based on this information.

Key Fact Sheet for Home Loans

¹Family Security Guarantee: The guarantor should consider the risks associated with the Family Security Guarantee, mainly that if the borrower defaults on their loan, the guarantor is liable to pay up to the maximum of the portion of security they’ve put forward as a guarantee. You’ll be required to seek independent legal advice before offering to guarantee a loan. Credit criteria apply to the assessment of the adequacy of any proposed guarantee limit.

Family Security Guarantee can be provided by parents or legal guardians, siblings, and children. Equity access, owner builder applications, Line of Credit and Bridging Loan products are not eligible under the Family Security Guarantee. Other Exclusions may apply. Not available for the purposes of debt consolidation, owner builder construction, cash out, or addition of a security guarantee to an existing loan. $150k minimum loan size applies. Credit criteria, fees and charges apply. Offer may be varied or withdrawn at any time. Full eligibility criteria on the Family Security Guarantee is available on request.

²Break costs on fixed loan prepayments and switching: customers can make total prepayments of up to $30,000 (cumulative) for fixed loans, without costs or fees applying. You may incur a break cost and administration fee if your prepayments exceed this threshold, or if at any time before the end of a fixed rate period you switch to another product, interest rate (fixed or variable) or repayment type.

³Redraw facility: if you have ‘available funds’ (you’ve made extra home loan repayments) and you’ve activated your redraw facility, you’re free to redraw them with no redraw fee. Up to $100k will be available to redraw from your variable loan online or over the phone each day (unlimited in-branch). For fixed loans you can redraw up to your prepayment threshold during your fixed term. Read our Home Loan Redraw Authority form (PDF 66KB) for full details.

⁴Repayment holiday: Conditions, eligibility and suitability criteria apply.

Reduced loan repayments: reduction of up to 50% available for up to 6 months on variable home loans held with us for over 12 months. It is important to understand that at the end of the reduced repayment period, the repayment amount will increase to adjust for the reduced repayments. This ensures that the loan is still repaid within its original term. Read the disclosure documents for your selected product or service before deciding if this option is right for you.
Mortgage repayment pause: available for up to 6 months on variable home loans held with us for over 12 months.
Parental leave: if you’ve held your variable home loan with us for over 12 months, you could be eligible to reduce your home loan repayments up to 50% for up to 12 months while on maternity or paternity leave, subject to approval.

* An automated valuation model estimate (AVM Estimate) is a statistically derived estimate of the value of the subject property. An AVM Estimate is generated (i)by a computer driven mathematical model in reliance on available data; (ii) without the physical inspection of the subject property; (iii) without taking into account any market conditions (including building, planning, or economic), and/or (iv) without identifying observable features or risks (including adverse environmental issues, state of repair, improvements, renovations, aesthetics, views or aspect) which may, together or separately, affect the value. An AVM Estimate is current only at the date of publication or supply. An AVM Estimate must not be relied upon as a professional valuation or an accurate representation of the market value of the subject property as determined by a valuer. CoreLogic expressly excludes any warranties and representations that an AVM Estimate is an accurate representation as to the market value of the subject property. To the full extent permitted by law, CoreLogic excludes all liability for any loss or damage howsoever arising or suffered by the recipient, whether as a result of the recipient's reliance on the accuracy of an AVM Estimate or otherwise arising in connection with an AVM Estimate.

^#Premier Advantage Package: Conditions of Use and $395 annual package fee applies. You must either hold or be approved for a Westpac Choice transaction account in order to qualify and continue to receive the benefits of the Premier Advantage Package. Applicants must have a Westpac Choice transaction account linked to the home loan at the time of settlement and must keep this account open for 60 days after settlement. Before deciding to acquire a Westpac Choice account, read the terms and conditions, and consider whether the product is right for you. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters.
Premier Advantage Package Conditions of Use (PDF 200KB)

^{^}Home and Contents Insurance: Premier Advantage Package customers may be eligible for an ongoing premium discount of up to 10% on their Westpac Home and Landlord Insurance policies. If you are also eligible for a combined or other policy discount, Allianz will apply the Package discount to the already discounted premium. This means the effect will be reduced. If you purchase your policy online, the Package discount will be applied after purchase and Allianz will inform you of your revised premium (this may take up to 3 months). Allianz will then provide a refund for premium paid annually or provide a pro rata refund and reduce your remaining monthly instalments. If you take out a Premier Advantage Package after your policy has been issued, then the Package discount will apply from your next renewal. Discounts do not apply to optional covers for Domestic/Landlord workers’ compensation (if available and selected). Any discounts may be subject to rounding and do not apply to taxes or government charges.

Home and Contents and Landlord Insurance are issued by Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708 (Allianz). Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714 arranges the initial issue of the insurance under a distribution arrangement with Allianz, but does not guarantee the insurance. This information does not take into account your personal circumstances. Before making a decision, please consider the relevant Product Disclosure Statement. For more information call Westpac on 1300 650 255.

If you take out Home and Contents or Landlord Insurance with Allianz the Bank will receive a commission of up to 12% of the premium (exclusive of GST).

A target market determination has been made for this product. Please visit www.westpac.com.au/tmd for the target market determination.