Congratulations on having your Westpac home loan approved.
For many people, they will believe that that is the biggest achievement or the most important part of the process, however establishing the correct loan structure is critical too.
Remember that your home loan will be one of your largest ever financial commitments, and therefore, you need to understand how it works, what options you have, and understand how you can benefit from paying it off earlier.
The good thing is the Westpac home loan you have got an approval with is New Zealand’s most flexible options available to you, along with very competitive interest rates.
Westpac Home Loan Options
Let’s look at what the different options are:
- Floating Home Loan
- Fixed Home Loan
- Revolving Credit Facility
- Offset Home Loan
We want to make sure you have the best opportunity to pay the loan off as fast as possible, and therefore we want to establish what the best loans are for you.
Let’s look at the options in some more detail:
Floating Home Loan
Fixed Home Loan
Westpac has the best fixed home loans. With the Choices Home Loan, you can increase your payments by 20%, and importantly, that doesn’t automatically reduce the loan term. You can then decrease your payments back to the original amount, and if you have paid extra and you have an emergency, you can redraw that money. No other home loan in New Zealand offers the same level of flexibility, so you’ve got the best options available to you.
Revolving Credit Facility
Offset Home Loan
Calculate What You Pay & Can Save
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The Pro’s & Con’s with a Westpac Home Loan
We’re Here To Help You Manage Your Home Loan
We know there’s a lot going on at the moment for you, but please remember that we’re here to help all of the time – not just now.
We encourage you to make contact with us anytime you want to make a change or when your loan comes up for refixing. Too often, people will refix directly with the bank or even just doing on the App, and they miss out on the opportunities to save more money.
Don’t do this. We offer ongoing advice for free to you as we get paid by the bank, and often it’s those little differences that can save you thousands of dollars.
