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 change with the market but you can repay lump sums or increase your repayments whenever you like. 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 20% deposit2, there are still ways you can get into your new home including a:
- Choices home loan, they are often available for customers with less than 20% deposit
- First Home Loan3, this is a partnership between Westpac and Kāinga Ora - Homes and Communities for first home buyers
- Family Springboard loan, your family or trusted party you have a personal relationship with, can help you get into your own home sooner
- Construction home loan, if you’re considering building. This options only requires 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.
* Min 20% equity, plus salary credit to a Westpac transaction account. Not available with any other Westpac home loan offers, promotions or package discounts, or the Westpac Choices Home Loan with Airpoints™. Loans for business or investment purposes excluded.
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