Benefits.

  • Your family can help you into your first home.
  • Springboard splits the loan between you and your family.
  • Your family is only responsible for the Springboard part of the loan. Once the Springboard home loan is repaid, your family's liability ends and the security over their property is released.
  • You will not have to pay an additional low equity margin (LEM) on top of your interest rate.
  • Choose from floating, fixed and other home loan options.

How it works.

You can choose to structure the loan in two ways: co-borrower or guarantor.

  Primary loan (your loan) Equity loan (your shared loan)
Co-borrower structure
  • In your name
  • Equal to 80% LVR
  • You must be able to fully service the primary loan and equity loan
  • Security is a first and exclusive mortgage over the property being purchased. This means the property you buy is used as security for your loan in case you're unable to pay.
  • Jointly in the name of you and your family
  • Less than 20% LVR
  • You service the loan
  • Your family has the ability to fully service the equity loan, if required
  • Security is a first and exclusive mortgage over the families property or cash security. This means your family has equity in their own property or cash available to use as security for your loan in case you're unable to pay.
  Primary loan (your loan) Guarantor loan
Guarantor structure
  • In your name
  • Up to 100% LVR
  • You must be able to fully service the primary loan
  • Security is a first and exclusive mortgage over the property being purchased. This means the property you buy is used as security for your loan in case you're unable to pay.
  • In the name of your family
  • Limited to an amount equal to the primary loan LVR minus 80%
  • Family has the ability to fully service the guaranteed amount, if required. This means your family has equity in their own property or cash available to use as security for your loan in case you're unable to pay.

The Pros and Cons.

Calculators.

Find the best option for you with our home loan calculators.

Get in touch.

Meet with an expert

Our Mobile Mortgage Managers can come to you, when it suits you best.

Find a Mobile Mortgage Manager

Talk to us

Call us any time from 8am - 6pm weekdays, 9am - 3pm Saturday.

Call 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 Conditional approval requires a credit check and confirmation of the details provided in your application. Other conditions may also apply depending on the nature of your application.

Family Springboard terms & conditions

Both you and your family member(s) must provide information about your income and any current debts, and meet the standard home loan lending criteria, as you both are responsible for repaying the Springboard home loan.

Your deposit (if any) plus the Springboard home loan must add up to at least 20% of the value of your new home.

You must be able to repay both your own home loan as well as the Springboard home loan.

Your property must be owner-occupied (you must live in your new home).

All lending against your own property and any property used for the Springboard home loan must solely be with Westpac.

You and your family member(s) will be jointly responsible for all decisions affecting the equity (shared) home loan portion of the co-borrowing structure, such as choosing interest rates.

We recommend you and your family member(s) each seek independent legal advice when considering this option. 

General Home Loans terms & conditions

Westpac's home loan lending criteria and terms and conditions apply. An establishment charge may apply. A low equity margin may apply. An additional fee or higher interest rate may apply to home loans if the application is accepted but does not meet the standard lending criteria.

Documents and fees

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