More than just a low rate, low fees…
The New-Loan Advantage Rate Loan is a fully featured variable rate loan that let’s you access one of the lowest fully featured variable interest rates available.
Unlike other lenders offering low rates, the Advantage Rate Loan is fully featured and includes unlimited free redraws, no monthly or administration fees, salary crediting and flexible repayment options.
Rates, fees and charges on new applications
| Amount | Notes | |
| Interest Rate | 6.69% | |
| Comparison Rate | 6.69% | |
| Application fee | $0 | |
| Valuation fee | $0 | for first property |
| Legal fees | $0 | for individual borrowers |
| Settlement fee | $150 | $395 if your loan is less than $500,000 |
| Additional valuation fee | $275 | for each additional security property |
| Excess valuation fee | TBA | where the cost to value your property is greater than $220 including GST, the difference is payable by you |
| Guarantor fee | $220 | for each guarantor (if applicable) |
| Company applicant fee | $220 | for each company borrower (if applicable) |
| Trust applicant fee | $220 | for each trust borrower (if applicable) |
| Re Documentation fee | $110 | where loan agreements are changed by you prior to settlement (if applicable) |
| Special Attendance Fee | $150 | For example, consent to second mortgage. Please note additional valuation fees and legal fees may be required. |
Variations to existing loans and transaction fees
| Fee | Amount | Notes |
| Small increase fee | $250 | plus valuation if required for increases under $100,000 |
| Increase in principal sum | $250 | plus valuation fee (if required) for increases over $100,000. |
| Loan switching fee | $250 | for any change in product, limit adjustments or loan repayment type (no fee is payable for fixed loans reverting to variable loans at the end of fixed rate term) |
| Redraw fee | Nil | |
| Withdrawals (All-in-one and Equity only) |
10 free per month then $1.50 for personal cheque (currently not charged) $2.00 for telephone transfers per transaction (currently not charged) $3.70 for ATM withdrawal outside Australia per transaction. | |
| Over the counter deposits at any Westpac branch | $1.50 | currently not charged |
| NIVA facility fees | Nil transaction fee | $20 for replacement card within Australia or $50 outside Australia |
| Additional copy of statement | $7 | per statement page |
| Default fee | $100 | for each month account remains in arrears above $200. |
| Dishonoured payment fee | $9.00 | Up to $35 for dishonoured electronic payments, direct debits or cheques. |
| Discharge payment fee | $500.00 | Up to $250 in addition to any break costs or deferred establishment fee. |
| Deferred establishment fee | 1.20% of original loan amount if discharged in year 1 1.20% of original loan amount if discharged in year 2 1.20% of original loan amount if discharged in year 3 1.00% of original loan amount if discharged in year 4 0.80% of original loan amount if discharged in year 5 Nil Year 6 onwards |
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| Break costs | Applicable to fixed rate loans where principal reductions are made during fixed term. |
This Comparison Rate is for a loan of $250,000 over 25 years.
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
