Westpac home loan package shrinks to 3.69%, now lowest rate among big four

By Tom Watson · · 2 min read
Fact Checked
Advertiser disclosure

Major bank Westpac has today slashed interest rates on one of its popular packaged home loan deals, applying a larger 1.29% discount across all new Premier Advantage Package home loans.

The move means that the Rocket Repay Home Loan (Premier Advantage Package) variable interest rate for owner occupiers making principal and interest repayments now sits at 3.69% (4.09% comparison rate*). 

However, this offer isn’t available to existing customers. Instead, the new 3.69% (4.09% comparison rate*) rate is only available to new customers borrowing at least $150,000. 

RELATED: Home loan debt is biggest contributor to Aussie spending cuts, RBA research finds

The decision by Westpac effectively scraps the old tier-based system which calculated interest rates on Premier Advantage Package home loans based on the amount borrowed. 

For example, borrowers taking out a loan between $150,000 and $250,000 would have previously been offered a rate of 4.38%, while those wanting to borrow between $250,000 and $500,000 would have received a 4.18% rate and so on.       

How does it compare to the rest of the Big Four? 

Today’s move means Westpac is now offering the lowest variable rate package offer among Australia’s big four banks - and by some distance! 

In fact, the rate is a full 0.38% lower than the next best equivalent rate offered by a big bank for borrowers taking out a $400,000 loan - the 4.07% rate NAB is currently offering on its Tailored Home Loan (Choice Package). 

To put that into perspective, according to Mozo’s Home Loan Repayments Calculator a new borrower taking out a $400,000 loan with the Westpac Rocket Repay Home Loan (Premier Advantage Package) offer would pay monthly repayments of $2,043 over a 25 year loan. 

In comparison that’s: 

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Ready to compare the full range of features and fees on offer with the Westpac Rocket Repay Home Loan (Premier Advantage Package)? Read our full review, or check out some of the other hot home loan offers below.

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Last updated 5 December 2025 Important disclosures and comparison rate warning*
What are your home loan needs?
Loan purpose
Buying or Refinancing
  • Promoted

    Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.10 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • The first home loan with an automatic loyalty discount (conditions apply)
    • No application or banking fees
    • Built by CommBank

  • First Home Buyer Loan

    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • For first home buyers
    • Offset available
    • Redraw available
    Interest rate
    4.99 % p.a.
    Variable
    Comparison rate
    5.04 % p.a.
    Initial monthly repayment
    $2,681
    Go to site
    • Competitive interest rate – 4.99% p.a. (comparison rate* 5.04% p.a.)
    • Offset account to reduce interest and save on repayments
    • No establishment or monthly fees, plus valuation fees waived up to $1,000 (limited time)

  • Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.10 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • The first home loan with an automatic loyalty discount (conditions apply)
    • No application or banking fees
    • Built by CommBank

  • Discount Great Rate Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.20 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • Get up to $3,000 cashback when you apply online (T&Cs apply)
    • No paperwork or payslips required (see site for details)
    • Low variable rate

  • Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.29 % p.a.
    Variable
    Comparison rate
    5.33 % p.a.
    Initial monthly repayment
    $2,773
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.

  • Offset Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.39 % p.a.
    Variable
    Comparison rate
    5.42 % p.a.
    Initial monthly repayment
    $2,805
    Go to site
    • No ongoing monthly loan maintenance fees to pay.
    • Pre-approval valid for 3 months
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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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