Westpac Mortgage Company

One of the leading financial institutions in Australia and New Zealand is Westpac Mortgage Company. In terms of market capitalisation, Westpac Mortgage Company is the third largest bank in Australia. Westpac Mortgage Company is also listed as one of the top 10 companies on the Australian Securities Exchange Limited (ASX).

Dow Jones Sustainability Index recognises Westpac Mortgage Company as the most sustainable bank in the world. The official corporate name of Westpac Mortgage Company is Westpac Banking Corporation.

Westpac Mortgage Company History

The history of Westpac Mortgage Company started with its establishment in 1817 as the Bank of New South Wales. It is considered as the first financial institution in Australia. The official opening of Westpac Mortgage Company on the 8th of April of the same year was in Macquarie Place in Sydney.

As a part of its expansion plans, Westpac Mortgage Company acquired several financial institutions during the early 1900s. Examples of banks acquired by Westpac Mortgage Company are Western Australia Bank (1927) and Australian Bank of Commerce (1931).

In 1982, the Bank of New South Wales formed a merger with the Commercial Bank of Australia Ltd and changed its name to Westpac Banking Corporation. The term "Westpac" is an abbreviated form of Western Pacific. Upon changing its name, Westpac Mortgage Company strengthened its position as one of the leading banks in Australia.

Westpac Mortgage Company Home Loans

The six different types of home loans offered by Westpac Mortgage Company can be categorized into variable rate loans, line of credit, or fixed rate loans. Study carefully the loan structure provided by Westpac Mortgage Company to find a better option.

Variable Rate Loans

  • Rocket Repay - contains an offset account that is free from monthly service fees
  • First Option - involves a low interest rate and a variety of options
  • Premium Option - features a flexible home loan that includes a low doc version

Line of Credit

  • Equity Access Loan - involves an access of up to 80% of the home equity

Fixed Rate Loans

  • Fixed Options - involves a stable interest rate for the duration of the home loan
  • 1 Year Guaranteed - features a low interest rate during the first year of the loan term