Westpac Fixed 2 Years

The Westpac 2-Year Fixed Rate Home Loan is another of the Fixed Options Home Loans available at a lower fixed interest rate. While these loans can range from 1 year all the way to 10 years, this product has a two-ear duration before it revert to the Westpac Standard Variable Rate.

Even if you get to the end of the fixed rate term, you can choose to set a new fixed rate rather than letting it change over to a variable one.

These types of loans are attractive products when you want to more control over the amount you pay on the mortgage. Interest rates rise and fall all the time due to market pressures; a fixed rate loan holds the interest rate in place.

KEY BENEFITS

Below are some key benefits that are available with the 2-Year Fixed Rate Loan:

Interest Only Payments

You can use this option to pay the total interest you owe rather than the principal on your home loan.

Redraw Facility

This lets you withdraw the funds paid into the home loan so they can be used for personal purposes. It is available only if you are paid ahead on your regularly scheduled payments.

Additional Payments

Extra repayments can be made on the loan to reduce the total amount owed. A fixed rate loan restricts the amount you can pay to $25,000 annually.

Rate Lock

You can choose to set your fixed rate at the time you are applying for a mortgage.

Payment Holiday

This option lets you cease your mortgage payments for a predetermined period if you have made extra payments.

Split Loan Feature

You can divide what you own on your loan between two different types of Westpac home loans.