Westpac is one of four major banks in Australia. It prides itself on being Australia’s first bank and provides a broad range of home loans and investment loans. With its Australia-wide branch access, broad ATM network, and loyal customer base, it has become one of the most trustable banks inAustralia. If you are an Aussie expat looking for a home loan, you might well be considering borrowing from Westpac. Here are a few things you need to know to determine if this bank is the right lender for you.
How Much Can I Borrow?
You can only borrow up to 70% of the property value.
What Loan Types Does Westpac Offer to Expats?
The loan types are similar to its regular home loans. You can get a fixed-rate home loan and variable-rate loan with a 100% offset account and unlimited extra repayments.
What Additional Policies and Requirements Does Westpac Have In Place For Expats?
Westpac does high income shading for expats. It doesn’t allow expats to borrow with their foreign partner. Self-employed expats are not accepted.
How Do Westpac’s Expat Home Loans Compare?
| Pros | Cons |
|---|---|
| Provides competitive interest rates | Can only borrow up to 70% of the property value. Other banks offer higher LVR to expats |
| Expats are offered the same interest rates as onshore borrowers | Doesn’t accept people with a bad credit history |
| No additional costs are charged | Only base income is accepted |
| Genuine savings is not required | Very few currencies are accepted |
| No Lenders Mortgage Insurance (LMI) | No separate serviceability calculator |
| PAYG income is accepted | Self-employed expats not acceptable |
| Private banking is flexible for high-net-worth expats | High debt-to-income ratio assessment requirement |
| Fast loan approvals | High income shading |
| No special product for expats |
Tips For Applying For A Westpac Mortgage
Eligibility Requirements
To apply for a Westpac home loan, the following criteria must be met:
- You must be 18 years old
- You must be an Australian citizen or permanent resident
- You must have a regular source of income
- Proof of income
- Six-month bank statements
- An employment letter
- Last two payslips
- Copy of your passport and visa that shows you’re allowed to live and work abroad
You can submit your application online or over the phone.
Documents Needed
Compare Westpac Expat Mortgages To Other Lenders
Are you an expat looking to get a home loan in Australia? Not sure which lender is right for you? Home Loan Experts’ specialist mortgage brokers can help you find the perfect lender. With our extensive experience working with lenders, we can help you narrow down options and find the best deals available for you.
Talk to one of our award-winning mortgage brokers by calling us on 1300 889 743 or enquire online today.
