Westpac raises fixed home loan rates by up to 80 bp

Collage of a young woman adding another bar on top of an existing blue one, indicating fixed rate hikes.

Today, Westpac announced a series of hikes to its fixed rate Premier Advantage home loans, making it the first Big Four bank to lift fixed interests this month. The changes will affect both owner-occupier and investment products and vary between 80 basis points on 1-year terms and 30 for 5-year terms.

This is in addition to the variable rate hikes Westpac made in response to the RBA decision earlier this May. With headline inflation on the rise, we’re likely to see another cash rate bump soon, which will only increase the cost of housing finance. 

RELATED: How to manage higher mortgage repayments

The table below shows the new fixed rates on the Westpac Premier Advantage home loan for owner-occupiers making P&I repayments (LVR < 95%):

Westpac Fixed Options Home Loan (P&I) - 26 May 2022

Term Increase New Rate
1-year
+80 bp
3.69% p.a. (3.97% p.a. comparison rate*)
2-year +60 bp 4.39% p.a. (4.10% p.a. comparison rate*)
3-year +50 bp 4.79% p.a. (4.28% p.a. comparison rate*)
4-year +40 bp 4.89% p.a. (4.41% p.a. comparison rate*)
5-year +30 bp 4.99% p.a. (4.54% p.a. comparison rate*)

These new rates are 20 basis points cheaper than Westpac’s basic fixed rate home loan option. 

Comparing Westpac’s lowest rates with the other Big Four, we can see how the banks stack up against one another.

Big Four fixed rate home loans comparison (OO, P&I) - 26 May 2022

Bank Product 2-year rate 5-year rate
CBA
Fixed Wealth Package 3.79% p.a. (4.46% p.a. comparison rate*)
4.49% p.a. (4.67% p.a. comparison rate*)
ANZ Fixed home loan 3.99% p.a. (3.38% p.a. comparison rate*) 4.89% p.a. (3.92% p.a. comparison rate*)
Westpac Premier Advantage 4.39% p.a. (4.10% p.a. comparison rate*) 4.99% p.a. (4.54% p.a. comparison rate*)
NAB Tailored Choice 4.49% p.a. (4.62% p.a. comparison rate*) 4.99% p.a. (4.91% p.a. comparison rate*)

Fixed rates have been rising for a while now, but this latest round pushes percentages in excess of pre-pandemic levels.

The housing market continues to cool significantly since last year’s boom, driven partially by cost constraints on the part of buyers. The new Labor government has proposed an affordability solution, but real reform is a long way off.

As we watch interest rates going into June, research will be key for buyers making decisions between fixing their loan now, or gambling for variable dips later.

Loan details

Rate change

Repayment change if rates change

If you’re in the market for a home loan, have a go using our fixed rate comparison tool to help find competitive rates.

Last updated 3 May 2025 Important disclosures and comparison rate warning*
What are your home loan needs?
Loan purpose
Buying or Refinancing
  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • Interest only
    • 20% min deposit
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    5.96 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • Free extra repayments of up to $25,000 during the fixed rate period.
    • Split loan available
    • Weekly, fortnightly, or monthly repayment options
  • Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.00 % p.a.
    Initial monthly repayment
    $2,899
    Go to site
    • Get up to $4,000 cashback (T&Cs apply)
    • Up to 12 months repayments in advance without penalties
    • Split loan available
  • Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.74 % p.a.
    Fixed 2 years
    Comparison rate
    5.81 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • $0 application fee to pay
    • Additional repayments up to $20,000/year
    • Apply in as little as 15 minutes
  • Flex Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.79 % p.a.
    Fixed 2 years
    Comparison rate
    6.07 % p.a.
    Initial monthly repayment
    $2,931
    Go to site
    • Multiple offset accounts available
    • Free extra repayments
    • Easy redraw facility
Showing 4 results from 415 home loans. Use the filters to see more

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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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