Westpac Fixed 5 Years

The Westpac 5-Year Fixed Rate Home Loan like the other fixed rate loans offered by Westpac allows you to maintain your payments by locking the interest rates at one level while the markets continue to fluctuate up and down. In this case, the term is four years long, but it can vary from 1 all the way to 10 year lengths.

These fixed rate loans are designed to provide the borrower with more flexibility and security since they cut out the uncertainty of variable interest rates. All fixed rate loans revert to the Standard Variable Rate unless the fixed term is reset.

Westpac’s loan products are come with features that help to round out their facility but if you like to know what your payments will be, a Fixed Options loan is your best choice.

KEY BENEFITS

Look below to see brief descriptions of the benefits that come with a Fixed Rate Loan:

Loan Redraw

If you happen to need money for something a redraw option lets you take the funds from what you’ve already paid into a mortgage account. This comes from the extra you’ve paid above the standard amount.

Extra Repayments

The fixed rate loan allows you to pay more on the mortgage without penalty or fee as long as you do not go above $25,000 annually.

Interest Only Available

You can use an “interest only” term to pay just the interest you owe on a fixed rate home loan while putting off repayment of the loan principal till later. You can use this for up to 10 years.

A Rate Lock

When applying for the loan, you can opt to lock in your interest rates at that point.

Repayment Holidays

Payments on the mortgage can be stopped as long as you have paid more on your mortgage than you owe at that point.

Use The Split Loan Option

If you decide to split your total borrowed amount between two Westpac loans you may benefit from the features of each kind.