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0% Means you can... Get from A to B in a new EV.
With a Westpac Greater Choices home loan, you could get up to $50,000 interest free for five years.
Benefits.
- 0% interest on up to $50,000 for five years with a Westpac Greater Choices home loan.
- Flexibility to make lump sum payments or pay the loan off earlier.1
- Available for new or current Westpac Choices home loan customers.
- No establishment fee.
How you can create a drier, healthier, more resilient home life sooner.
- Electric cars (EVs)
- Electric vehicle (EV) chargers
- Heat pumps, including hot water heat pumps
- Insulation
- Double glazing
- Ventilation
- Solar power systems and batteries
- Rainwater tanks
- Replacement of household gas appliances and removal of gas connections
- Dampproof exterior foundation walls
- Install underfloor ground moisture barriers
- Site drainage and storm water diversion improvements, such as installing drains or channels to redirect rainwater away from buildings, adding soak pits, sumps, or soakage trenches to manage surface water
- Raise the level of your home above identified flood risk thresholds, in accordance with local authority requirements and certified engineering plans
- Reposition outdoor appliances above likely flood levels
- Remove or strengthen chimney structures - undertake work to assess hazardous chimneys and demolish or reinforce chimney structures in accordance with local authority requirements.
You can take out more than one Westpac Greater Choices home loan provided you do not exceed the $50,000 limit overall.
Get in touch.
Before you apply
Heads up – to apply for a Westpac Greater Choices home loan, you’ll need to get a quote from a professional. If you’re buying an EV, we’ll need a purchase agreement from a registered motor vehicle trader.
Apply in Westpac One® digital banking
If you’re registered for Westpac One digital banking, you can apply for a Greater Choices Home Loan online – just follow this step-by-step guide to start a new application, and we’ll give you a call if we need any more information.
Already have a home loan with Westpac?
Have a home loan elsewhere?
Qualifying for Westpac Greater Choices.
- You’ll need at least 20% equity after taking out a Greater Choices home loan if you’re an owner-occupier or 30% as an investment property owner.
- You must have or be approved for standard Choices Home Lending with a minimum loan balance of $150,000, excluding your Greater Choices lending.
- You’ll need to provide a quote for the products and services you intend to fund when you apply for your Greater Choices Loan. If you’re buying an EV, you’ll need a sale and purchase agreement from a licenced motor vehicle dealer.
- The property securing your Westpac home loan must be the property being upgraded for energy-efficiency or climate-resilience.
- You’ll need your regular main income credited into a Westpac account.
- You’ll need to be able to repay the loan in full within five years.
How it works.
- Before your funds are released, you’ll need to provide an invoice for the products or services being funded, or a signed sale and purchase agreement from a licensed motor vehicle dealer if you’re purchasing an EV. If you’re using several suppliers for the work, you will need to supply all the invoices for the funds to be released.
- You may apply for more than one Greater Choices loan provided that the total balance of the loans you have doesn’t exceed $50,000. If you pay off part of your Greater Choices loan, you can reapply for more funding up to the maximum balance of $50,000.
- Greater Choices Homes Loan is not available for goods and services that you have already purchased, unless we have agreed this with you prior to advancing the funds to you.
- You must use a qualified supplier and/or installer to provide the goods and services you’re purchasing. A good way to check that you’re working with a reputable company is to check that they are a member of the relevant industry association.
- Need some help figuring out where to start to make your home more warm, dry and energy efficient or need to see a list of local installers? Check out the HomeFit Online Checklist.
- Before commencing any work, you’ll need to obtain and comply with any required consents and applicable regulations. You should consult with suitable qualified experts like builders and engineers to ensure any changes are right for your home and local climate. You should also check with your insurer before commencing.
Repaying the loan.
A Westpac Greater Choices home loan is interest free for five years. If you’re unable to meet your repayments, a default interest rate of 5% will apply to your outstanding home loan balance.
As a Westpac Greater Choices home loan is secured against a home or investment property, that property may be subject to a mortgagee sale if you default on your home loan and if it’s not possible to work through a solution with our hardship or collections teams.
Not eligible for a Greater Choices Home Loan?
If you’re buying an electric vehicle, you may wish to consider Westpac’s EV personal loan which is not secured to your home. Find out more about our EV Loan.
Real stories.
Things you should know.
1 Lump sum payments can only be made in branch or over the phone on 0800 177 277. They cannot be made online through Westpac One® digital banking.
Westpac's eligibility criteria and home loan lending criteria, terms and conditions apply. Product is subject to change or withdrawal anytime at Westpac's sole discretion.
Westpac is not responsible for the quality of the eligible products purchased or the supplier selected by the customer under a Westpac Choices home loan.
Documents and fees
See the detailed terms and conditions and fees for our Choices Home Loan:
- Choices Home Loan Summary - Sample
- Choices Home Loan Terms and Conditions
- Transaction and Service Fees
- Westpac General Terms and Conditions
View terms and conditions for all our home lending products here.