Home Loan Experts

Westpac is one of four major banks in Australia. It prides itself on being Australia’s first bank and provides a broad range of home loans and investment loans. With its Australia-wide branch access, broad ATM network, and loyal customer base, it has become one of the most trustable banks inAustralia. If you are an Aussie expat looking for a home loan, you might well be considering borrowing from Westpac. Here are a few things you need to know to determine if this bank is the right lender for you.


How Much Can I Borrow?

You can only borrow up to 70% of the property value.


What Loan Types Does Westpac Offer to Expats?

The loan types are similar to its regular home loans. You can get a fixed-rate home loan and variable-rate loan with a 100% offset account and unlimited extra repayments.


What Additional Policies and Requirements Does Westpac Have In Place For Expats?

Westpac does high income shading for expats. It doesn’t allow expats to borrow with their foreign partner. Self-employed expats are not accepted.


How Do Westpac’s Expat Home Loans Compare?

ProsCons
Provides competitive interest ratesCan only borrow up to 70% of the property value. Other banks offer higher LVR to expats
Expats are offered the same interest rates as onshore borrowersDoesn’t accept people with a bad credit history
No additional costs are chargedOnly base income is accepted
Genuine savings is not requiredVery few currencies are accepted
No Lenders Mortgage Insurance (LMI)No separate serviceability calculator
PAYG income is acceptedSelf-employed expats not acceptable
Private banking is flexible for high-net-worth expatsHigh debt-to-income ratio assessment requirement
Fast loan approvalsHigh income shading
No special product for expats

Tips For Applying For A Westpac Mortgage

Eligibility Requirements

To apply for a Westpac home loan, the following criteria must be met:

  • You must be 18 years old
  • You must be an Australian citizen or permanent resident
  • You must have a regular source of income
  • You can submit your application online or over the phone.

    Documents Needed

    • Proof of income
    • Six-month bank statements
    • An employment letter
    • Last two payslips
    • Copy of your passport and visa that shows you’re allowed to live and work abroad

    • Compare Westpac Expat Mortgages To Other Lenders

      Are you an expat looking to get a home loan in Australia? Not sure which lender is right for you? Home Loan Experts’ specialist mortgage brokers can help you find the perfect lender. With our extensive experience working with lenders, we can help you narrow down options and find the best deals available for you.

      Talk to one of our award-winning mortgage brokers by calling us on 1300 889 743 or enquire online today.

Get in touch with
a specialist mortgage broker today.

With our award-winning mortgage brokers, tough home loan approvals become a breeze.