If you have a low deposit, a Family Springboard loan might help you get in the front door faster.
- 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.
First home buyers' guides.
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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. An establishment fee may apply. A low equity margin may apply.
Documents and fees
- Choices Home Loan Summary - Sample
- Choices Home Loan Terms and Conditions
- Transaction and Service Fees
- Westpac General Terms and Conditions