Variable rate subject to change (and margins may apply). Credit criteria, fees and charges, terms & conditions apply.
1. Comparison Rate
This comparison rate is based on a Flexi First Option Home Loan of $150,000 over the term of 25 years. WARNING: The comparison rate applies only to the examples given. Different amounts and terms will result in different Comparison Rates. Costs such as redraw or early repayment fees, and cost savings such as fee waivers, aren’t included in the calculation of the comparison rate but may influence the cost of the loan.
2. Ongoing discount offer
For new loans applied for from 1 September 2015. Offer is only available for a limited time and may be withdrawn at any time. This special offer is only available on new Flexi First Option Home Loan and Flexi First Option Investment Loans. They are independent of each other and can’t be taken in conjunction with, or in addition to other special offers, negotiated rates or discounts. Not available to company and trust account holders. Discounts do not apply to internal refinances and are not transferable between loans.
3. When is the rebate payment made to customers?
There are 3 common scenarios where the FHOG is applicable, and the rebate payment timing will vary by scenario. The rebate will be paid up to 2 months after settlement, and cannot be used as funds to complete.
Scenario 1 – Purchasing a brand new home. Payment will be made within 2 months of settlement as long as the loan is unconditionally approved by 31 December 2015 and settled by 29 February 2016
Scenario 2 – Constructing a new home or a new house and land package. If the customer is financing the purchase of land and construction with a single loan, payment will be made within 2 months of the settlement date (drawdown) for the land purchase. The same unconditional approval and settlement eligibility dates above apply.
Note: Customers must have FHOG assessed and approved prior to settlement of land.
If only the construction is being financed, the loan must be settled prior to 29 February 2016, Payment will be made within 2 months of the first eligible payment to the builder being made. If the land purchase and construction are being financed in two separate loans, FHOG can only be issued on the construction loan and the construction loan cannot settle until the land loan has settled. Both loans must settle prior to 29 February 2016. Payment will be made within 2 months of the first eligible payment to the builder being made
Scenario 3 – Owner Builders. Owner builders are not eligible for this rebate as Westpac cannot process FHOG on behalf of these customers.
Where can I find more information on the grants in my State or Territory?
For further information on state-level FHOG eligibility and process requirements please visit; http://www.firsthome.gov.au/