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Finalising your home loan.
Home loans can be designed for you, just like the house you are buying. Here's what you need to consider when finalising your home loan.
Deposit & home loan options.
1. Consider all your Westpac home loan options
You can fix your home loan interest rate and it will stay the same for the agreed fixed rate term, even if interest rates in the market change.
Or you can have a floating rate that will go up or down with the market but provides flexibility to repay lump sums or increase your repayments whenever you like without prepayment costs.
You can even choose a combination of the two. It's important to consider how each loan option works so you can choose a structure that will work best for your situation.
2. Check whether you can use KiwiSaver
You might be able to withdraw most of your KiwiSaver1 to put towards buying your first home.
3. Low deposit home loans
If you don't have a 20% deposit2, there are still ways you can get into your new home including a:
- First Home Loan3, this is a partnership between Westpac and Kāinga Ora - Homes and Communities for first home buyers
- Family Springboard loan, your family can help you get into your own home sooner
- Construction home loan, if you're considering building, this option only requires a 10% deposit. A low equity margin may apply if you borrow more than 80% of the property's value.
4. First Home Grant
You might also be eligible for a First Home Grant through Kāinga Ora of up to $10,000. Learn more and see if you're eligible.
Featured rates.
* Minimum 20% equity, plus salary credit to a Westpac transaction account. Not available with any other Westpac home loan offers, or promotions or package discounts. Loans for business or Investment purposes excluded.
Lending criteria, terms and conditions, apply to home loans.
For home loans with less than 20% equity, a low equity margin may apply, see low equity margins explained for more details on how this is applied.
Interest rates are subject to change without notice.
If you don’t pay amounts when they’re due, your home loan account may exceed its limit and the interest rate applied to the over limit amount will be your annual interest rate plus an additional 5% p.a.
Calculators.
Speak to a Home Loan Expert.
Meet with an expert
Our Home Loan Experts can come to you, at a time and place that suits you best.
Apply online.
Existing customers can apply for a home loan via Westpac One® online banking.
Things you should know.
1 The information above is subject to changes in government policy and law, and changes to the Westpac KiwiSaver Scheme, from time to time.
2 Eligibility criteria, lending criteria, terms and conditions apply. If you are applying for a mortgage with low equity (i.e. your deposit is less than 20% of the value of the property), an additional interest margin may apply of between 0.25% to 1.5% per annum depending on your level of equity.
3 First Home Loan can only be used for the purchase of owner occupied properties. Income caps and regional loan caps apply. A one-off Lenders Mortgage Insurance Premium applies. Current First Home Loan lending criteria, terms and conditions apply.
Interest rates and fees are subject to change without notice.