Westpac Fixed 3 Years

The Westpac 3-Year Fixed Rate Home Loan is a Fixed Option that comes with a three-year fixed interest rate offered at a discount. It is one of several fixed rate loans that are available through Westpac banks; most of these have terms ranging from one year all the way to 10 years.

Once the term ends, the mortgage will change to the Standard Variable Rate. You still have the option once the fixed rate lapses to renew the fixed rate for another period.

The fixed rate home loan offers several benefits that make it a great option when you want to know what you pay each month. This is accomplished in part by the setting the interest rates at one level that will not be subject to the pressures of the interest rate markets.

KEY BENEFITS

The following features are included with this 3-Year Fixed Rate Home Loan:

Interest Only Repayments

You may use this feature to pay the interest owed on the mortgage and you will not need to pay the principal. This interest only pay period can last up to 10 years.

Redraw

If you need extra money you can remove money from the home loan account. This is limited by how much you have paid ahead on the mortgage.

Extra Repayments

You can pay more on your mortgage to a maximum of $25,000 a year without penalties. This is a great option that allows you to pay your mortgage off in a shorter timeframe.

Rate Lock

During the application process, you can choose to set a rate lock on the interest rate.

Repayment Holiday

You can stop paying your home loan installments for a limited time if you have paid more above your regular payments.

Split Your Loan

You can divide the balance between two types of home loans with their own features and benefits.