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Last Updated: 25th October, 2022

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: