WestPac has a whole range of financial services as well as products to offer in the field of business banking as well as retail banking.
WestPac was set up in New Zealand in the year 1861. It is regarded as the biggest “full service bank” in the country. WestPac has as many as 1.3 million-customer base in the country. WestPac has two banks operating in New Zealand.
WestPac Banking Corporation
WestPac New Zealand Limited.
WestPac New Zealand Limited is responsible for home lending and business lending.
Salient features of WestPac reverse mortgage:
Qualifying individuals:
The owners of residential property and who are 60 years old are entitled to avail of the WestPac reverse mortgage loan program. The retired individual should be living in the house.
WestPac reverse mortgage security:
Reverse mortgage loan gets secured against the borrower's investment property or the home occupied the borrower. In other, a part of the equity in the home may be sold off. How much equity can be sold off depends on the age of the borrower, property value. Older a person is more loan amount he may avail of. In general, the loan amount may vary from15% to 45% of the property value.
Rate of interest:
One is not required to pay back the loan in monthly installments. Interest is levied on the balance of reverse mortgage. At intervals of 6 months, details of loan balance, interest rate charged and other associated fees is made known in the statement.
Method of disbursing loan amount:
A borrower is given the following options by, which the WestPac reverse mortgage loan amount may be availed.
Several yearly installments
Lump sum
Combining both means.
WestPac reverse mortgage outsourced to Bluestone Mortgages:
As of 2006, WestPac reverse mortgage was outsourced to Bluestone Mortgages. WestPac decided not to offer any more reverse mortgage products and instead “outsourced” the same. It has been estimated that by the year 2010, the reverse mortgage market is anticipated to be worth $A15 billion.