Australia's First Bank
Home Loan Centre
STEP 1 Borrowing powerSTEP 2 Your depositSTEP 3 RepaymentsSTEP 4 Upfront costsSTEP 5 SummaryShrink Your Home loanHelp
Five easy steps to online pre-approval

There are many factors which determine your eligibility for a home loan approval, most importantly your income and deposit.

As a general rule, you’ll need to put down at least 5% of the purchase price for both owner occupied properties or investment properties. Then you’ll need 5% for upfront costs, although this figure varies from state to state.

Take a look at the quick reference table to get an idea of your price range, based on your deposit. Then complete steps 1 to 5 to check your eligibility for a home loan with us. If you’re eligible, we’ll issue you with a pre-approval certificate which you can use as a guide when looking for a property.

Step 1: Gives you an estimate of how much you can borrow based on your income only.
Step 2: Works out your minimum deposit for the amount shown in Step 1.
Step 3: Calculates your ongoing loan repayments.
Step 4: Provides details of upfront costs you can expect to pay.
Step 5: Provides a printable, easy to read summary of all your calculations.

Quick reference
Mortgage Insurance lets you borrow more against a property than you could otherwise borrow. Generally, you'll need to demonstrate ability to establish genuine equity of at least 5% of the purchase price and contribute a minimum of 3% as your deposit with mortgage insurance.
Maximum loan amount with
Mortgage insurance
Purchase price Your Contribution Home / Investment Loan
$100,000 $3,000 $97,000
$150,000 $4,500 $145,500
$200,000 $6,000 $194,000
$250,000 $7,500 $242,500
$300,000 $9,000 $291,000
$400,000 $12,000 $388,000
$500,000 $15,000 $485,000
When you’re ready to get started, choose continue. Continue
return to Home Loan Centre
Let us help you get the right home loan
Apply online for a home loan
Contact us for any home loan enquiries
Call for more information on 131 900
All interest rates are current as indicated on the Products and interest rates page.

WARNING: The interest rates represented on this page are Westpac's standard interest rates. For details on Westpac's comparison rates, please see the Comparison Rate Pages

Whilst we have tried to be as accurate as possible in providing you with a range of tools to give you useful home loan information, all of the results are from simulations and are subject to terms and conditions. Read the terms and conditions

Disclaimer and use of Home Loan Centre

Copyright © 2018 - Westpac Banking Corporation, ABN 33 007 457 141 AFSL 233714 Australian credit licence 233714