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Family Springboard.

If you have a low deposit, a Family Springboard loan might help you get in the front door faster.

Calculators

Benefits.

  • Buy your first home with the support from a member of your family, normally a parent.
  • The family support makes the loan more affordable as you avoid paying a low equity margin (higher interest rate).
  • Choose from floating or fixed home loan options.

How it works.

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

Co-Borrower structure

  • There are two loans.
  • You take a Choices Home Loan in your own name for up to 80% of the value of your home
  • You co-borrow with your family member in a second shared loan for up to 20% of the value of your home.
  • The combined loans can add up to 100% of the value of the property.
  • You will be required to service both loans. If you’re unable to service the loans at any stage, we may ask your family member to service the shared loan for you.

Pros & cons for the child

Pros
  • A clear process exists to remove the family support (i.e. repay the shared loan)
Cons
  • Parent will have ongoing involvement in the shared loan detail (e.g. interest rate decisions).

Pros & cons for the family member

Pros
  • Liability is limited to the shared loan only and reduces as the shared loan is repaid.
  • Shared loan information and performance is fully disclosed.
Cons
  • More involvement in the shared loan detail required (e.g. interest rate decisions).


Guarantor structure

  • There is one loan and a guarantee
  • You combine your deposit with a Choices Home Loan in your own name for up to 100% of the value of your home
  • Your family member provides a guarantee for up to 20% of the value of your home
  • You will be required to service the loan. If you’re unable to service the loan at any stage, we may ask your family member to service the guaranteed portion of the loan for you.

Pros & cons for the child

Pros
  • Loan details and repayment performance protected by privacy.

Pros & cons for the family member

Pros
  • Parent is not involved in the management or administration of the loan.
Cons
  • Liability may be for all of the applicant’s current and future debts (not just the guaranteed loan) unless the guarantee is limited to an agreed amount.
  • Liability continues until released by us.

Additional info.

  • Your family member is promising to support your loan obligations to us. If you fail to meet your obligations, then we may ask your family member to meet the obligations for you.
  • All lending against your own property and any property used for the shared or guaranteed home loan must solely be with Westpac.
  • Any property you or your family member pledge as security for the loan is at risk.
  • You and your family member should each seek independent legal advice when considering which option suits your circumstances best.

Calculators.

Find the best option for you with our home loan calculators.
See all calculators and resources

First home buyers' guides.

To get in touch.

Meet with an expert

Our Mobile Mortgage Managers can come to you, at a time and place that suits you best.

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Visit us

Make an appointment to talk to a home loan expert in branch. 

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Apply online.

Existing customers can apply for a home loan via Westpac One® online banking.

Log in to Westpac One

Things you should know.

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 eligibility criteria and home loan lending criteria, as you both are responsible for repaying the shared home loan.

Your deposit (if any) plus the shared or guaranteed 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 shared 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 shared or guaranteed home loan must solely be with Westpac.

You and your family member(s) will be jointly responsible for all decisions affecting the shared home loan , 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 eligibility criteria, home loan lending criteria, terms and conditions apply. A low equity margin may apply.

Documents and fees

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