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Westpac Greater Choices Home Loan.

With a Westpac Greater Choices home loan, you could get up to $50,000 interest free for five years to help you create a warmer, drier and more energy efficient home life.

Benefits.

  • 0% interest on up to $50,000 for five years with a Westpac Greater Choices home loan.
  • Flexibility to make lump sum payments or pay the loan off earlier without prepayment costs.1 
  • Westpac Greater Choices home loan is available for new or current Westpac Choices home loan customers.
  • No establishment fee applies.

How you can create a drier, healthier, more resilient home life.

  • Heat pumps, including hot water heat pumps
  • Insulation
  • Double glazing
  • Ventilation
  • Solar power systems and batteries
  • Rain water tanks
  • Replacement of household gas appliances
  • Electric car
  • Electric vehicle charger.

You can take out more than one Westpac Greater Choices home loan provided you do not exceed the $50,000 limit overall.

How to apply.

Apply in Westpac One® online banking

If you’re registered for Westpac One® online banking, you can apply for a Greater Choices Home Loan online – just follow this step-by-step guide to start a new application, and we’ll give you a call if we need any more information.

Don’t have Westpac One digital banking?

You can also book an appointment at your nearest branch, or give us a call on 0800 177 277.

Heads up – as part of your application, you’ll need to get a quote from a professional.

Qualifying for Westpac Greater Choices.

  • You'll need a minimum of 20% equity if you’re an owner-occupier or 30% as an investment property owner
  • You must have or be approved for standard Choices Home Lending with a minimum loan balance of $150,000, excluding your Greater Choices lending
  • Any funds approved under Greater Choices can only be paid out when your standard Choices Home Lending is in place
  • The property securing your Westpac home loan must be the property being upgraded for energy-efficiency or climate-resilience
  • You’ll need your regular main income credited into a Westpac account
  • You’ll need to be able to repay the loan in full within five years.

Getting a quote/invoice.

During the application process, a quote can make sure that your intended works/purchase are eligible, however it is not required. In order for the funds to be released to you, you will need supply an invoice from a professional installer. Please note that the works cannot have started prior to your application, this product is not intended for reimbursement.

If you are buying a new or used electric, it must be bought from a registered motor vehicle trader. We will require a purchase agreement from a registered motor vehicle trader. Vehicles bought from private sellers are not eligible.

An installer is a company that as part of their usual business installs insulation, eligible heat pumps, double glazing, ventilation, power systems and batteries for storing power from solar and other sources, rainwater tanks, as well as electric vehicle chargers.

Need some help figuring out where to start, or need to see a list of local installers? Check out the HomeFit Online Checklist. 

Replacement of household gas appliances.

If you’re wanting to replace an existing gas appliance like a gas stove, you could buy the replacement appliance or household gas-asset (such as an induction cooktop) including removal of gas connections and appliances.

What this means is that you’ll need to supply us with an invoice with the cost to remove the existing gas appliance/asset, the disconnecting of gas (if applicable), and the cost to install the replacement appliance.

This can be in one invoice or multiple as you may use different installers however, you’ll need to supply all invoices for the funds to be released.

Repaying the loan.

A Westpac Greater Choices home loan is interest free for five years. If you’re unable to meet your repayments, a default interest rate of 5% will apply to your outstanding home loan balance.

As a Westpac Greater Choices home loan is secured against a home or investment property, that property may be subject to a mortgagee sale if you default on your home loan and if it’s not possible to work through a solution with our hardship or collections teams.

Not eligible for a Greater Choices Home Loan?

If you’re buying an electric vehicle, you may wish to consider Westpac’s EV personal loan which is not secured to your home. Find out more about our EV Loan. 

Get in touch.

Already registered for Westpac One?

Log in, apply for a Greater Choices home loan, and we’ll give you a call if we need any further information.

Apply

Talk to us

Call us from 8am to 6pm Monday to Friday, 9am to 3pm Saturday.

Call us on 0800 177 277

Visit us

Make an appointment to talk to a Home Loan Expert in branch.

Find your nearest branch

Things you should know.

1 Lump sum payments can only be made in branch or over the phone on 0800 177 277. They cannot be made online through Westpac One® online banking. 

Westpac's eligibility criteria and home loan lending criteria, terms and conditions apply. Product is subject to change or withdrawal anytime at Westpac's sole discretion.

Westpac is not responsible for the quality of the eligible products purchased or the supplier selected by the customer under a Westpac Choices home loan.

Documents and fees

See the detailed terms and conditions and fees for our Choices Home Loan:

View terms and conditions for all our home lending products here.