Rates and fees verified as correct at 21 April, 2021. Other information correct at the time of writing. Advertiser disclosure.
Whether you’re an owner occupier or an investor, Westpac has a fixed home loan option that may suit your borrowing needs. The Fixed Options Home Loan is available to owner occupiers on loans starting from $15,000, with the option of borrowing up to 95% of the property’s value for those willing to make principal and interest repayments on 1-5 year fixed terms. Investors, on the other hand, can choose the dedicated Fixed Rate Investment Loan which comes with a minimum loan amount of $10,000 and allows borrowing up to 90% of the property's value. Both loans offer flexible features including an extra repayments facility (up to a maximum of $30,000 during the fixed rate period), free redraws, repayment holidays when you’re ahead of your payments and the option of making either principal and interest or interest-only repayments. There are some costs to consider though, including a monthly service fee.
| Product | Fixed 3 year rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
| 3.89% p.a. | 4.96% p.a. | $8.00 monthly | $600 | ||
| 2.18% p.a. | 4.10% p.a. | $8.00 monthly | $600 | ||
| 3.79% p.a. | 4.86% p.a. | $8.00 monthly | $600 | ||
| 2.08% p.a. | 4.00% p.a. | $8.00 monthly | $600 | ||
| 2.79% p.a. | 4.83% p.a. | $8.00 monthly | $600 | ||
| 2.69% p.a. | 4.62% p.a. | $8.00 monthly | $600 | ||
| 2.69% p.a. | 4.74% p.a. | $8.00 monthly | $600 | ||
| 2.59% p.a. | 4.52% p.a. | $8.00 monthly | $600 |
Westpac has an even greater selection of variable home loans tailored to various types of borrowers. Owner occupiers will be able to choose between the relatively low cost Flexi First Option Home Loan and the full-feature Rocket Repay Home Loan, both of which offer borrowers the opportunity to borrow up to 95% of the property’s value. Investors looking for a loan of $25,000 or more up to 90% of the property's value have two similar options available to them: the Flexi First Option Investment Loan or the Rocket Investment Loan. Depending on the variable rate loan you choose, there may be a number of useful features available to you, including extra repayments, redraws, repayment holidays and an offset account. There are also some fees to watch out for, but for more details on those check out the linked reviews in the table below.
| Product | Rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
| 2.29% p.a.variable for 24 months and then 2.79% p.a. | 2.72% p.a. | $0.00 | $0 | ||
| 2.19% p.a.variable for 24 months and then 2.69% p.a. | 2.62% p.a. | $0.00 | $0 | ||
| 3.99% p.a. | 4.00% p.a. | $0.00 | $0 | ||
| 3.89% p.a. | 3.90% p.a. | $0.00 | $0 | ||
| 3.93% p.a. | 3.94% p.a. | $0.00 | $0 | ||
| 2.79% p.a. | 2.80% p.a. | $0.00 | $0 | ||
| 2.69% p.a. | 2.70% p.a. | $0.00 | $0 | ||
| 5.17% p.a. | 5.31% p.a. | $8.00 monthly | $600 | ||
| 4.58% p.a. | 4.72% p.a. | $8.00 monthly | $600 | ||
| 5.07% p.a. | 5.21% p.a. | $8.00 monthly | $600 | ||
| 4.48% p.a. | 4.62% p.a. | $8.00 monthly | $600 | ||
| 2.59% p.a.variable for 24 months and then 3.19% p.a. | 3.10% p.a. | $0.00 | $0 | ||
| 2.49% p.a.variable for 24 months and then 3.09% p.a. | 3.00% p.a. | $0.00 | $0 | ||
| 4.74% p.a. | 4.75% p.a. | $0.00 | $0 | ||
| 4.64% p.a. | 4.65% p.a. | $0.00 | $0 | ||
| 4.48% p.a. | 4.49% p.a. | $0.00 | $0 | ||
| 4.38% p.a. | 4.39% p.a. | $0.00 | $0 | ||
| 3.39% p.a. | 3.40% p.a. | $0.00 | $0 | ||
| 3.19% p.a. | 3.20% p.a. | $0.00 | $0 | ||
| 3.09% p.a. | 3.10% p.a. | $0.00 | $0 | ||
| 3.29% p.a. | 3.30% p.a. | $0.00 | $0 | ||
| 5.39% p.a. | 5.53% p.a. | $8.00 monthly | $600 | ||
| 5.13% p.a. | 5.23% p.a. | $8.00 monthly | $0 | ||
| 5.29% p.a. | 5.43% p.a. | $8.00 monthly | $600 | ||
| 5.03% p.a. | 5.13% p.a. | $8.00 monthly | $0 |
If you’re want to lock in a rate on a loan of $150,000 or more on a 1-5 year term and you're interested in some additional perks with your mortgage, one of Westpac's fixed package deals may be the option for you. The Fixed Options Home Loan (Premier Advantage Package) is available to owner occupiers while the Fixed Rate Investment Loan (Premier Advantage Package) is available to investors, but both offer features such as extra repayments (capped at $30,000), redraws and repayment holidays. You’ll be charged an annual fee for either package deal, but this cost could be offset by the package’s perks which include interest rate discounts and waived fees on your home loan, fee waivers on select bank accounts and credit cards, and even discounts on your insurance products.
| Product | Fixed 3 year rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
| 3.69% p.a. | 4.23% p.a. | $395.00 yearly | $0 | ||
| 3.59% p.a. | 4.14% p.a. | $395.00 yearly | $0 | ||
| 1.98% p.a. | 3.38% p.a. | $395.00 yearly | $0 | ||
| 1.88% p.a. | 3.29% p.a. | $395.00 yearly | $0 | ||
| 2.59% p.a. | 4.11% p.a. | $395.00 yearly | $0 | ||
| 2.49% p.a. | 4.02% p.a. | $395.00 yearly | $0 | ||
| 2.49% p.a. | 3.90% p.a. | $395.00 yearly | $0 | ||
| 2.39% p.a. | 3.80% p.a. | $395.00 yearly | $0 |
Like Westpac's fixed packages above, the bank also offers a number of variable package options: the Rocket Repay Home Loan (Premier Advantage Package) for owner occupiers and the Rocket Investment Loan (Premier Advantage Package) for investors. Both are available on home loans starting from $150,000 and you’ll get all the same features and perks as with the fixed rate alternative, but with some added flexibility in the form of unlimited free repayments. Borrowers also have a choice of repayment frequency - weekly, fortnightly or monthly - and the option to split the loan between a variable and fixed term. This is a package deal though, so you'll need to balance the loan features and additional perks against the $395 annual fee.
| Product | Rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
| 3.88% p.a. | 4.28% p.a. | $395.00 yearly | $0 | ||
| 3.29% p.a. | 3.70% p.a. | $395.00 yearly | $0 | ||
| 3.19% p.a. | 3.61% p.a. | $395.00 yearly | $0 | ||
| 3.78% p.a. | 4.19% p.a. | $395.00 yearly | $0 | ||
| 4.10% p.a. | 4.50% p.a. | $395.00 yearly | $0 | ||
| 4.00% p.a. | 4.40% p.a. | $395.00 yearly | $0 | ||
| 3.84% p.a. | 4.24% p.a. | $395.00 yearly | $0 | ||
| 3.74% p.a. | 4.15% p.a. | $395.00 yearly | $0 |
Need an injection of funds to complete your home renovation, invest in a new property or buy some shares? Westpac’s Equity Access is a flexible line of credit which is secured against your property and available on loans starting from $25,000. You can borrow up to 80% of your property’s value and, like other line of credit loans, you’ll only pay interest on the amount of available credit you've actually drawn down on.
| Product | Rate | Comparison Rate | Service fee | Upfront fee |
|---|---|---|---|---|
| 5.96% p.a. | n/a | $10.00 monthly | $600 |
A number of Westpac’s variable and package home loans come with a 100% offset account which could be a useful feature to help you reduce your interest payments over the life of your loan.
You can make additional repayments towards you loan balance whenever you like with most of Westpac's home loans, though these are capped at a maximum of $30,000 in when you choose a fixed home loan.
Westpac gives owner occupiers and investors the opportunity to sign up to a package home loan deal which includes additional perks such as insurance discounts, home loan rate and fees discounts and fee waivers on credit card and bank account products.
Mozo users have rated Westpac home loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
3292 Reviews
My daughter is buying a home and I agreed to be guarantor for 20% of the loan, my daughter ticks all the boxes for eligibility. After initial contact with Westpac home loans officer (which was positive) the loans person seemed to disappear, they would not take calls or return messages. My daughter then went to a mortgage broker, I thought the bank loans person’s attitude was a “one off” and as a customer of Westpac for 40 years suggested she still use Westpac. Fast forward 2 months after the loan application by her mortgage broker to Westpac and the bank tells me it will still be 2 to 3 weeks till the loan is finalised and $2,500 for a valuation on my house as collateral. A processing period of 3 months! Mortgage broker now admits they use Westpac as a last resort for home loans because of their inefficiencies. I have made 2 complaints and with a 3rd in the pipeline nothing has changed, they don’t seem to care. The original intention was for “preapproval” for a home loan now with a deposit on a house it has become post approval!
Read full reviewMy daughter is buying a home and I agreed to be guarantor for 20% of the loan, my daughter ticks all the boxes for eligibility. After initial contact with Westpac home loans officer (which was positive) the loans person seemed to disappear, they would not take calls or return messages. My daughter then went to a mortgage broker, I thought the bank loans person’s attitude was a “one off” and as a customer of Westpac for 40 years suggested she still use Westpac. Fast forward 2 months after the loan application by her mortgage broker to Westpac and the bank tells me it will still be 2 to 3 weeks till the loan is finalised and $2,500 for a valuation on my house as collateral. A processing period of 3 months! Mortgage broker now admits they use Westpac as a last resort for home loans because of their inefficiencies. I have made 2 complaints and with a 3rd in the pipeline nothing has changed, they don’t seem to care. The original intention was for “preapproval” for a home loan now with a deposit on a house it has become post approval!
They are OK but I think they should do more for their loyal customers. They make promises they don't intend to deliver. They give you the impression that they are doing something about it but they really aren't as it's back to 'can't do any better' than what you have now when they know they can and hide behind bureaucracy.
Read full reviewThey are OK but I think they should do more for their loyal customers. They make promises they don't intend to deliver. They give you the impression that they are doing something about it but they really aren't as it's back to 'can't do any better' than what you have now when they know they can and hide behind bureaucracy.
Loan manager could not offer a better home loan rate when requested. Either do not or are extremely slow to pass on loan percentage rates. Hard to contact via telephone, caller has to wait for a series of confusing recorded messages.
Read full reviewLoan manager could not offer a better home loan rate when requested. Either do not or are extremely slow to pass on loan percentage rates. Hard to contact via telephone, caller has to wait for a series of confusing recorded messages.
They are very helpful.
Read full reviewThey are very helpful.
My local branch was removed recently. This is a bank that randomly puts up interest rates on home loans, and if requested like the national group for Covid-19 did - told it would go down - no indication of proposed drop but surprise, it was introduced 5 months later and when did arrive it was $20 per month so 200 dollars in total. There was no discussion with the local community re closing the branch. I'm 71 and do not like using technology for my own needs (use hugely at work) - yes still working full time as I have mortgage. In fact, I now have it on the market - without selling I cannot reduce my work hours. My interest rate has not changed by a % over the last 4 years. I love my home, and the place it is in. I will be very elderly before I know it and I would like to visit my own branch.
Read full reviewMy local branch was removed recently. This is a bank that randomly puts up interest rates on home loans, and if requested like the national group for Covid-19 did - told it would go down - no indication of proposed drop but surprise, it was introduced 5 months later and when did arrive it was $20 per month so 200 dollars in total. There was no discussion with the local community re closing the branch. I'm 71 and do not like using technology for my own needs (use hugely at work) - yes still working full time as I have mortgage. In fact, I now have it on the market - without selling I cannot reduce my work hours. My interest rate has not changed by a % over the last 4 years. I love my home, and the place it is in. I will be very elderly before I know it and I would like to visit my own branch.
To apply for a Westpac home loan, you’ll need to supply the following documentation:
If you are refinancing from another lender, Westpac requires you to provide loan statements for the last 6 months.
