It may be time to refinance, if the market, the economy or your own finances have changed substantially since you took out your home loan. Refinancing with Westpac might be a good option since the big four lender provides a range of loan features, competitive interest rates and costs, and refinance rebates.
Refinance Offers From Westpac
Westpac is currently offering a $2,000 cashback to homeowners refinancing with the bank.
- Apply by 31 October 2022, settle by 31 January 2023
- LVR up to 80% and minimum $250,000 loan
- Only one cashback offer is available per primary applicant within 12 months. Excludes refinances within Westpac Group.
We can help you get a higher amount of cash back from Westpac and other lenders. Contact us at 1300 889 743 or fill in our free online assessment form.
Why Refinance With Westpac?
- Reduce your repayments
- Consolidate several debts
- Lower interest rates and costs
- Unlock equity to fund renovation, investments or a new car
- Features include multiple free offsets, redraws and flexible repayments
Is Westpac Refinance For Everyone?
Refinancing with Westpac is a good idea if you:
- Have a good credit history
- Want to explore LMI waivers that Westpac has for certain professionals
- Want to check the bank’s fixed-rate construction products, which not many lenders have
- Want to access flexible loan options for aged applicants
Westpac Refinancing Process
If you choose to refinance with Westpac, we have a step-by-step guide.
Step 1: Do your research before refinancing
What is the goal of your refinancing? Do you want to access more benefits and discounts, or do you need equity to fund your renovation? Knowing your reason for refinancing is the first stage in the refinancing process.
Step 2: Selecting Your New Home Loan
Your goals and needs for refinancing will guide you in choosing a new home loan.
Westpac offers an array of options to choose from:
Basic variable home loan: Westpac’s lowest variable-rate home loan, with unlimited extra repayments and no ongoing fees.
Fixed-rate home loan: Option to lock in your rate and repayments for 1-5 years, for all or part of your loan. Plus, the option to package your loan.
Variable loan with offset: 100% offset account, unlimited extra repayments, plus the option to package your loan.
Step 3: Analyse The Costs Of Your New Home Loan
One of the essential steps when switching to a new home loan is figuring out the costs. It makes sense to refinance only when the costs don’t outweigh what you can save by refinancing.
Here Are The Possible Refinancing Charges:
- Break costs – If you leave a fixed home loan early, your current lender may charge you break costs.
- Discharge settlement fee – You might also have to pay a discharge settlement fee for closing your home loan.
- Application fee/Establishment fee – When you refinance, you might have to pay an application fee to cover the expense of setting up a new loan. You can get this fee waived if you’re refinancing to a Westpac Flexi First Option home loan or choosing the Premier Advantage Package.
- Property valuation fee – You might need to pay for a property valuation, to get an accurate picture of your equity.
- Settlement fee – You’ll pay a settlement fee if there are legal costs in settling a new home loan with the lender.
- Mortgage registration fee – You’ll need to register your new mortgage with the state or territory government and there is a fee associated with that.
Step 4: Apply For A Home Loan
The next step is to choose a home loan and submit an application once you have researched your options and are certain of your costs.
You can apply online or call any Westpac branch.
The bank will assess your income, repayment history and financial commitments. A property evaluation might also be conducted.
If you receive an offer letter, it means that your home loan application has been approved.
Step 5: Settlement
You’ll receive a loan contract through email once your application is approved. After you sign the contract, the process moves towards settlement. You must sign a discharge agreement with your current lender at the beginning of the settlement process to inform them that you are moving to Westpac.
How Long Does It Take To Refinance With Westpac?
Large banks like Westpac process more loan applications, so the turnaround time can be substantially longer. On average, Westpac takes 7-12 working days to get back to you once you submit a loan application.
The whole refinancing process can take anywhere from 30 to 60 days or more, depending on the complexity of your application and the broker’s priority status.
Why Should I Use Home Loan Experts Instead Of Going To Westpac Directly?
Going directly to a bank may seem like a good idea, but it usually requires too much of your time and effort. With a mortgage broker’s assistance, not only will you save time, you’ll also have access to better rates than the advertised ones.
Our Home Loan Experts mortgage brokers have years of experience working with Westpac. They know how to negotiate the best refinancing rates and strengthen your application.
To speak to a mortgage broker, call us on 1300 889 743 or fill in our free online assessment form.