Westpac Equity Access Loan

The Westpac Equity Access Loan allows you to access your home or investment property’s equity and use it for other purposes such as buying additional investments, make improvements to the property, or for other general purposes. This loan is a great option if you are close to retirement age and you want to draw on your equity to improve your lifestyle so you can enjoy your later years. This does not mean you cannot tap into that equity at other times.

Obviously, the size of any line of credit is based on the total amount of equity that is available. The Westpac Equity Access Loan is a revolving line of credit that a lets the borrower keep an open credit limit as long as they wish.

As with similarly loans, you get to choose when and how large your repayments have to be with this line of credit loan.

KEY BENEFITS

Here are some key benefits that are available with the Equity Access Loan:

Additional Repayments

You may choose to make extra repayments towards the total balance. This enables you to pay the loan off much faster with worrying about penalties.

Redraw Facility

This lets you access funds in your mortgage up to specified limit. This is money that has already been paid into the loan.

Repayment Holidays

You have the option of putting a hold on your loan payments when you have paid them ahead.

Interest Only Repayments

The interest only repayment term allows you to pay only the interest on your loan for up to ten years. You do not have to pay principal during this period.

Low Doc Option

This Westpac loan is available in a Low Doc option that can be used by self-employed borrowers to get home financing with a minimum of income documentation.