Westpac is an Australian-owned bank and is one of the country’s most trusted financial institutions. Being one of the big four banks, it has a variety of excellent loan and mortgage offers.
Like other banks, Westpac also offers the standard fixed and variable rate loans. Aside from these, they also have special offers that may fit your mortgage needs. Some of their most notable loans include:
• Fixed-Rate Loans: Westpac has many variants of fixed-rate loans which basically locks in an interest rate. This type of loan allows you to precisely compute how much you need to shell out to pay off your mortgage.
• Variable-Rate Loans: Westpac also offers different variable loans. The interest rates you pay for this type depend on current market values.
• Packages: Many people opt for special loan packages that this bank offers. These packages often offer excellent discounts to help clients save.
Mortgages with Westpac may be easier to pay off since they offer many flexible options that benefit you. Just be sure to consider your situation carefully before you commit.
Here are some of the advantages that you get out of a Westpac mortgage:
• Flexible options available: Westpac’s loan and mortgage offers are extremely flexible, much more so than many other banks. These are highly customisable based on your budget and needs.
• Rate mixing: A significant advantage that Westpac has is that you can combine fixed and variable rates with your mortgage. This allows you to get the most out of the two rate types and can help you save.
• Client-friendly processes: Westpac has among the most client-friendly processes when it comes to loans and mortgages. Aside from the standard mortgage calculators, they also have deposit saver calculators, property reports, and stamp duty calculators.
Some of the disadvantages that come with a Westpac mortgage are the following:
• Extra fees: Westpac charges ongoing fees for many types of loans until the mortgage is paid off. These include monthly and annual fees, as well as top-up fees. Note that some of these fees can be waived.
• Discharge costs: Once your mortgage is fully paid, the bank will charge you an additional fee to close the loan. Discharge costs are found in most banks, and not just in Westpac.
• Limited repayments: Some banks allow unlimited repayments while others cap the number of repayments that can be done. Westpac is one of the latter, and this limits the time by which you can shorten your mortgage.
• Strict requirements: Westpac’s requirements are stricter than most banks. They ask for documents that are not usually a part of the application process in other banks.
Each loan or mortgage offer has different pros and cons, and so choosing the right one means having to consider your needs and ability to pay. Make sure also to consider what your situation is before you lock in on an offer. Comparison sites like Makes Cents can help you in deciding which plan is best for you.