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Product Name |
Premier Advantage Fixed Options Home Loan 3Yr $500K + |
Lender |
Westpac |
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Initial Rate % |
6.99 |
Intro Rate |
 |
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Initial Period |
36 months
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Ongoing Rate % |
6.81 |
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Interest Type (Initial) |
Fixed |
Repayment (initial) |
P&I or I/O |
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Interest type (ongoing) |
Standard Variable |
Repayment (after initial) |
Principal and Interest |
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Max Term Fixed Rate % |
3 |
Max Term Interest Only % |
1 |
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Repayment Frequency |
Fortnightly, Monthly, Weekly |
Maximum No of Loan Splits |
9999 |
Extended Information
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States Available |
ACT, New South Wales, Northern Territory, Queensland, South Australia, Tasmania, Victoria |
Financials Required |
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Product Type(s) |
Construction,Construction,Construction,Construction,Owner Occupied,Owner Occupied,Owner Occupied,Owner Occupied,Vacant Land,Vacant Land,Vacant Land,Vacant Land, |
Non-conforming |
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Notes
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LMI required above 80% LVR, LMI capitalisation** available up to 97% for Owner Occupied purchases and for Owner Occupied Construction with Licensed Builders only. Max loan amount for 97% LVR is $500K - NSW, $450K - VIC, ACT & QLD, $425K - WA, $350K - SA, NT & TAS. Vacant Land & Investment Max LVR is 97% including LMI capitalisation for Category 1& 2 postcodes and 92% for all others. Refer Lender Guidelines for acceptable postcodes.
Fixed rate lock-in available for 90 days at fee of 0.15% of loan amount, collected at acceptance.
Effective 23 March 2009, for all Fixed Rate loans that settle from that date, the maximum prepayment threshold has increased to $25,000 per fixed term.
$300 once-off progressive draw fee applies for construction. Redraw not available during fixed rate term.
ALL APPLICATIONS INVOLVING A PROPERTY PURCHASE: BROKER ACTION REQUIRED:
When submitting applications for a Property Purchase brokers MUST advise the bank of the following details (for Mortgage Insured as well as Non-mortgage Insured loans):
? Product and purpose of loan
? Costs as itemised values eg legal costs $2k, mortgage insurance premium $8k, stamp duty $800
? Amounts and sources of contributions (includes FHOG + State Government Assistance)
? Source of genuine savings
**Westpac do not automatically capitalise LMI ? They just allow the applicant to borrow an extra 2% to assist with LMI/other fees & charges. (For example, if a borrower has a 97% LVR deal, then the MI is calculated using the rate for this LVR). Please refer to LVR Notes section for further LVR restrictions. |
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Loan Size/LVR |
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Minimum Loan Amount $
|
500,000.00 |
Maximum Loan Amount $
|
99,999,999.00 |
Capitalise LMI
|
 |
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Maximum LVR %
|
97 |
Minimum Loan Term
|
1 |
Max Loan Term
|
30 |
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Loan Fees |
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Establishment $ |
0.00 |
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Cost to switch to fixed $ |
0.00 |
|
Application Fee $ |
0.00 |
Exit Fee $ |
0.00 |
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Valuation Fee $ |
0.00 |
Ongoing Fees $ |
32.92 |
|
Legal/Solicitor Fee $ |
0.00 |
Ongoing Fee Notes |
$395 Annual Package Fee |
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Settlement Fee $ |
0.00 |
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Upfront Fees $ |
0.00 |
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Break cost conditions |
$300 plus economic costs |
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Early Repayment Fee Notes |
DEF applied if loan paid out within first 4 years. Effective 1 September 2010, DEF amount will be reduced to $700 |
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Other borrowing costs $
|
0.00 |
Other Fee Notes |
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Services |
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Internet Banking |
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Telephone Banking |
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Credit Card Option |
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Bpay Option |
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Portability of loan |
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Professional Pack |
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Cheque account access |
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Reverse Mortgage |
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Free Transactions per month
|
0 |
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Redraw Available |
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Minimum Redraw $
|
0.00 |
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Offset Account |
No |
Direct Salary Credit |
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Access Fees |
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Loan Redraw fee $
|
0.00 |
ATM own wdfee $
|
0.00 |
Fee per Cheque $
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0.00 |
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EFTPOS fee $
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0.00 |
Internet banking fee $
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0.00 |
Internet access fee $
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0.00 |
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Bpay charges $
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0.00 |
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