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Fees And Charges

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Introduction

This is not intended to be an exhaustive list of Westpac's fees and charges. It is a guide to some of the most common fees related to home lending, and charges relating to common attendances to home loan contracts and mortgage security arrangements. 

Fees and charges change without notice so, while we try to keep this up to date, you should check the links to Westpac's web site for the latest figures. 

 

Some common fees

Some fees are negotiable and depend upon the overall value of the relationship with Westpac. 

  1. Loan approval fee: can be up to $400.
  2. Loan top up fee: can be up to $250.
  3. Choices Everyday account fee: $9.95 per month (regardless of loan size) for all new Choices Everyday accounts.  This fee will cover all electronic and manual transactions as well as the monthly account maintenance fee. The current fee waivers available through Relationship Rewarding no longer apply to New Choices Everyday customers. These changes do not apply to existing Choices Everyday customers.

 

Other charges that could apply from time to time

These fees mainly relate to alterations to the loan contracts or the mortgage security held for a loan.

  1. Fixed rate break costs:  Westpac's economic cost recovery may apply. 
  2. Early repayment fee:  $300 per loan.
  3. Low Equity Margin:  Applies to lending above 85% LVR.  0.15% is added to the interest rate, until such time as the LVR has reduced to below 85%.
  4. Changes to loan contracts or mortgage securities:  There are many different things that may cause you to want or need to make changes to the loan contracts or the mortgage securities. Some common examples include; transfers of loans from personal name to a family trust, transfers from joint to single loan ownership or vice versa, single loan owner adding a second person to the loan, changes to mortgagors, discharge of the mortgage. Fees for any of these changes generally range between $100 per item to a maximum of $350 per transaction.