1. To be eligible for a first home booster of $1,000: You must have been a member of the HomeSaver programme for at least 6 months, have a minimum balance of $10,000 in your HomeSaver Westpac Bonus Saver or Westpac Bonus Saver PIE account and draw down a Westpac home loan. There is a maximum of one first home booster per property. The first home booster will be paid into your Westpac transaction account after drawdown. To receive a first home booster you must not have owned property in New Zealand previously.
2. An establishment charge of $400 and Low Equity Margin may apply to Westpac home loans. Westpac's home loan lending criteria and terms and conditions apply.
3. Requirements introduced by the Reserve Bank limit the amount of low equity home loan funding banks can provide. Conditional approvals for low equity HomeSaver members cannot be guaranteed, however Westpac will give priority to customers who participate in HomeSaver and demonstrate regular savings behaviour for 6 months or more, have a good credit history and have a minimum balance of $10,000. If you are saving for an investment property you will need a deposit or equity of at least 35%. Investment properties are not eligible for low equity home loan funding.
4. Monthly bonus returns are available for the Westpac Bonus Saver or Westpac Bonus Saver PIE as long as on the last business day of the month the balance is $20 greater than on the last business day of the month prior. The $20 excludes interest earned on the account and/or Westpac fees charged to the account.
The HomeSaver package includes the Westpac Bonus Saver or Westpac Bonus Saver PIE account. Payments can be made directly out of your Westpac Bonus Saver or Westpac Bonus Saver PIE account. No minimum balance is required.
Westpac Bonus Saver PIE is offered under the Westpac Cash PIE Fund. Investments made in the Westpac Cash PIE Fund and/or the Westpac Notice Saver PIE Fund (each a "Fund” and together the "Funds") do not represent bank deposits or liabilities of Westpac New Zealand Limited (“Westpac NZ”) or any other member of the Westpac group of companies, and are subject to investment and other risks. None of BT Funds Management (NZ) Limited (as manager), any member of the Westpac group of companies nor any other person guarantees the performance or returns of, or repayment of capital by a Fund. Any rates of return are subject to change. Westpac NZ’s General Terms and Conditions (including online banking terms) apply to investments in the Funds and Westpac NZ transaction accounts. You can get more information and free copies of the Disclosure Statement for Westpac NZ, the term sheet for each Fund and Westpac NZ’s General Terms and Conditions from any Westpac branch. A copy of the Trust Deed for each Fund can be accessed here.
Details of fees are available at westpac.co.nz. You can get a copy of the current disclosure statement for Westpac New Zealand Limited from any Westpac branch in New Zealand, free of charge.
The HomeSaver package cannot be used in conjunction with any other offers. Westpac will review the HomeSaver package on an annual basis. Terms and conditions are subject to change at any time at Westpac's discretion. Westpac New Zealand Limited.
Terms, conditions, fees and charges apply to Westpac products and services. For more details, refer to westpac.co.nz. Some products, services and offers may only be available to New Zealand residents.