Residential Loan

Deposit

• Personal savings.
• Gifting.
• Family member equity loans​​.
• ​Retirement and investment options.

Typically, you need at least 20% for an owner occupied property, or 40% for an investment property. You do not need to worry if your deposit is lower than the preferred percentage because we still have a solution for you depending on your situations. Please contact us for further information. 

How much I can borrow?

1. For an owner occupied property, bank and non-bank lenders will generally  lend 80%, and for an investment property lenders will lend 60% of the value of the asset being offered as security.
2.  The factors of your borrowing capacity into consideration:

• Income and spending.
• Have outstanding credit history.
• Have outstanding account conduct. 
• Steady employment history and income.​

Property investment

• Build your future income by receiving rental income from investing in a property. 
• Make profit from growth in property value and get better returns than stocks in long run. 
• 100% loan to purchase investment property. 
• Equity gain or cash deposit. 

Can I get my loan approved before I start looking for properties?

Yes, Pre-approval is a good idea. We can arrange pre-approval for up to 3 months. This will give you confidence when looking for a home with a maximum price that will fit your situation. ​​​

How much credit limit should I have on my credit cards?

Ensure credit card limits are at the minimum limit required. Even though you may not use your credit card, the limit is likely to be used by lenders for debt servicing assessment purposes.

Why should I have a House Insurance?

You will need to arrange house insurance prior to your settlement day. ​Having house insurance is a condition of your home loan. It covers you in case something happens to your house such as a fire. It's also a good idea to have contents insurance, to protect your belongings. 

Should I have a solicitor?

There are a number of legal matters associated with purchasing a home, so it's important to involve your solicitor before you make an offer or bid at an auction.

Should I refinance my mortgage?

• Secure a lower interest rate. 
• Receive cash back . 
• Avoid ongoing bank fees. 
• Current Bank not giving good service.
• Restructure your home loan. 
• Access new home loan features.

• Debt consolidation.
• Home improvement. 
• Purchase of additional property.

What are the costs involved in refinancing my mortgage?

• Early repayment cost. 
• Discharge fee.
• Legal cost.
• Valuation cost.

First home buyers guide
​Click here to download:

Westpac First home buyers guide (PDF)
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File Type:	pdf

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ANZ First home buyers guide (PDF)
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