With your family's help, a Family Springboard home loan could help you make the jump into your first home sooner than you expect.
- 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)|
|Primary loan (your loan)||Guarantor loan|
The Pros and Cons.
First home buyers' guides.
Get in touch.
Meet with an expert
Our Mobile Mortgage Managers can come to you, when it suits you best.
Talk to us
Call us any time from 8am - 6pm weekdays, 9am - 3pm Saturday.
Make an appointment to talk to a home loan expert in 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.