Westpac Fixed 1 Year

The Westpac 1-Year Fixed Rate Home Loan is the introductory term for Westpac’s Fixed Options Home Loan. There are other fixed rate lengths available through Westpac, offering borrowers up to 10 years at a discounted fixed rate. After these terms end, the rate will revert back to the Standard Variable Rate.

With the 1-Year term, you get 12 months before the switch. The loan can be re-fixed at the end of the first fixed rate term or choose to let it change to the Standard Variable Rate.

Fixed Rate Loans are preferred by those borrowers who want a larger measure of control over their payments and protections from rising interest rates. That certainty is hard to put a value on.

KEY BENEFITS

Here are a few key benefits that are included with the Westpac 1-Year Fixed Rate Home Loan:

Redraw Facility

This feature allows you to access money that was already paid into the loan. You can then them to pay for other things. You must be paid ahead on your mortgage payments.

Additional Payments

You can make additional payments on your mortgage up to $25,000 a year without paying penalties. This option is a great way to pay down the balance on the loan more quickly.

Rate Lock Options

For a fee, you can lock in your fixed rate at the time of your loan application.

Use A Repayment Holiday

You can stop your payments on your home loan for a certain amount of time if you have made your payments in advance.

Pay Interest Only

An interest only period lets you pay on the total interest owed on the mortgage while suspending payments on principal.

Split Loans

You can use the Fixed Rate Loan for a portion of the total amount you borrowed while you choose another Westpac loan to finish the pay off.