With a history spanning almost two hundred years, Westpac is Australia’s first and oldest bank. Westpac provides services to approximately 13 million customers across both consumer, commercial and business banking divisions. As one of Australia’s big four banks, Westpac has the largest branch network with over 1200 branches and 2900 ATMs.
If you value a financial lender with heaps of experience and an extensive branch network, a home loan with Westpac is definitely something to consider. On this page you’ll find tonnes of useful information on the home loans offered by Westpac including fixed, variable and package home loans.
Rates and fees verified as correct at 17 January, 2020. Other information correct at the time of writing.
Whether you’re an owner occupier or an investor, you can choose one of Westpac’s fixed home loan options to suit your borrowing needs. Westpac’s fixed rate loans are available from a starting amount of $15,000 and allow you to borrow up to 95% of the property’s value if you're making principal and interest repayments (90% for interest only or investor loans). There are an extensive range of fixed terms available starting from a period of 1 year up to 10 years. As well as having repayment certainty, you’ll receive a bundle of flexible features including an extra repayments facility (up to a maximum of $30,000 during the fixed rate period), free redraws and repayment holidays when you’re ahead of your payments. You can pick between principal and interest and interest only payments (up to 10 years for owner occupiers) or if you’re a property investor you can opt for Westpac’s interest only in advance option which offers an additional interest rate discount for paying 12 months interest in advance. There is a monthly maintenance fee to consider.
| Product | Fixed 3 year rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 4.09% p.a. | 5.20% p.a. | $8.00 monthly | $600 | ||
| 3.18% p.a. | 4.53% p.a. | $8.00 monthly | $600 | ||
| 3.99% p.a. | 5.10% p.a. | $8.00 monthly | $600 | ||
| 3.08% p.a. | 4.43% p.a. | $8.00 monthly | $600 | ||
| 3.69% p.a. | 5.25% p.a. | $8.00 monthly | $600 | ||
| 3.48% p.a. | 5.01% p.a. | $8.00 monthly | $600 | ||
| 3.59% p.a. | 5.15% p.a. | $8.00 monthly | $600 | ||
| 3.38% p.a. | 4.91% p.a. | $8.00 monthly | $600 |
From a basic, no frills home loan to a full featured home loan, Westpac has a selection of variable home loans tailored to both owner occupiers and investors. The variable rate is available for loans of $25,000 or more and if you're making principal and interest repayments you can borrow up to 95% of the property’s value (90% for interest only or investor loans). There are a range of flexible repayment options from which you can choose to lighten your mortgage load including extra repayment flexibility, repayment holidays and interest only payments. Westpac’s variable loans also have a reduced payment feature where you can reduce your mortgage repayments by 50% for up to 6 months if you need to free up funds for other commitments (conditions and fees may apply). You will need to pay a monthly maintenance fee with Westpac’s full featured variable option but you’ll be able to save in interest over the term of your loan via a 100% linked offset account.
| Product | Rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 4.77% p.a. | 4.82% p.a. | $0.00 | $600 | ||
| 4.18% p.a. | 4.23% p.a. | $0.00 | $600 | ||
| 4.67% p.a. | 4.72% p.a. | $0.00 | $600 | ||
| 3.28% p.a. | 3.29% p.a. | $0.00 | $0 | ||
| 3.18% p.a. | 3.19% p.a. | $0.00 | $0 | ||
| 4.99% p.a. | 5.04% p.a. | $0.00 | $600 | ||
| 4.73% p.a. | 4.74% p.a. | $0.00 | $0 | ||
| 4.89% p.a. | 4.94% p.a. | $0.00 | $600 | ||
| 4.63% p.a. | 4.64% p.a. | $0.00 | $0 | ||
| 3.59% p.a. | 3.60% p.a. | $0.00 | $0 | ||
| 3.49% p.a. | 3.50% p.a. | $0.00 | $0 | ||
| 5.64% p.a. | 5.78% p.a. | $8.00 monthly | $600 | ||
| 5.38% p.a. | 5.52% p.a. | $8.00 monthly | $600 | ||
| 5.54% p.a. | 5.68% p.a. | $8.00 monthly | $600 | ||
| 5.28% p.a. | 5.42% p.a. | $8.00 monthly | $600 | ||
| 5.42% p.a. | 5.56% p.a. | $8.00 monthly | $600 | ||
| 4.83% p.a. | 4.97% p.a. | $8.00 monthly | $600 | ||
| 5.32% p.a. | 5.46% p.a. | $8.00 monthly | $600 | ||
| 4.73% p.a. | 4.87% p.a. | $8.00 monthly | $600 |
If you’re taking out a home loan of $150,000 or more, you might want to consider the Premier Advantage Package from Westpac. You’ll be charged an annual fee but this cost should be offset by the package’s competitive features including interest rate discounts and waived fees on your home loan (maintenance, top up, portability and switching fees). As well as saving on your home loan, you won’t have to pay a service fee on your bundled Westpac transaction account or annual fee on your credit card and you may even be eligible for discounts on your insurance products and term deposits. Don’t forget you’ll also be able to take advantage of Westpac’s flexible loan features including fee free additional repayments up to $30,000, repayment holidays and an offset account when you choose the Rocket Repay or Investment Home Loan.
| Product | Fixed 3 year rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 3.89% p.a. | 4.47% p.a. | $395.00 yearly | $0 | ||
| 2.98% p.a. | 3.81% p.a. | $395.00 yearly | $0 | ||
| 3.79% p.a. | 4.37% p.a. | $395.00 yearly | $0 | ||
| 2.88% p.a. | 3.71% p.a. | $395.00 yearly | $0 | ||
| 3.49% p.a. | 4.52% p.a. | $395.00 yearly | $0 | ||
| 3.28% p.a. | 4.28% p.a. | $395.00 yearly | $0 | ||
| 3.39% p.a. | 4.42% p.a. | $395.00 yearly | $0 | ||
| 3.18% p.a. | 4.18% p.a. | $395.00 yearly | $0 |
The variable rate Premier Advantage Package for Westpac is also available on home loans starting from $150,000. You’ll get all the same features and bonuses as with the fixed rate alternative, but with some added flexibility in the form of unlimited free repayments. If you’re funding a holiday or much-needed renovation, Westpac’s variable home loans offer repayment holidays, where you can reduce your repayments by up to 50% for up to 6 months (conditions apply). And good news for the new mums and dads - you can also reduce payments by up to half while you’re on parental leave. You have a number of options for payment frequency - weekly, fortnightly or monthly - and the option to split your account between a variable and fixed term.
| Product | Rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 4.35% p.a. | 4.74% p.a. | $395.00 yearly | $0 | ||
| 4.09% p.a. | 4.49% p.a. | $395.00 yearly | $0 | ||
| 4.25% p.a. | 4.65% p.a. | $395.00 yearly | $0 | ||
| 3.99% p.a. | 4.39% p.a. | $395.00 yearly | $0 | ||
| 4.13% p.a. | 4.53% p.a. | $395.00 yearly | $0 | ||
| 3.54% p.a. | 3.95% p.a. | $395.00 yearly | $0 | ||
| 4.03% p.a. | 4.43% p.a. | $395.00 yearly | $0 | ||
| 3.44% p.a. | 3.85% 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 90% of your property’s value and like other line of credit loans there are no set repayments and you’ll only pay interest on what you’ve used of your available credit. There is a monthly fee to consider but you’ll get 24/7 access to your funds via ATM, BPay, direct debit, online, over the phone, EFTPOS, cheque and in branch.
| Product | Rate | Comparison Rate* | Service fee | Upfront fee |
|---|---|---|---|---|
| 6.21% p.a. | n/a | $10.00 monthly | $600 |
‡ Results from this calculation are estimates only as individual lenders apply different formulas. Actual repayments will depend on your individual circumstances and interest rate changes.
| Offset accountOffset account | Westpac’s Rocket Repay Home Loan and Rocket Investment Home Loan comes with a 100% linked offset account which is an easy way to reduce your interest payments over the life of your loan. |
| Extra repayment facilityExtra repayment facility | You can make fee free additional repayments whenever you like with a Westpac variable loan and up to a maximum of $30,000 in additional repayments when you choose a fixed home loan from Westpac. |
| SmartPaySmartPay | When you activate SmartPay, you can deposit your income directly into your home loan account and conveniently set up automatic transfers to pay your bills or transfer money to other accounts. By paying more than the minimum repayment you’ll be lowering the amount of interest you'll pay over the life of the loan. |
| Reduced paymentsReduced payments | With Westpac’s variable home loans you can reduce your mortgage repayments by up to 50% for up to 6 months to fund that long awaited holiday or home renovation (conditions and fees may apply). There is also a parental leave feature available where you can reduce your repayments by up to half when you’re on maternity or paternity leave. |
| Top-upTop-up | Westpac’s variable and line of credit loans have a top up/loan increase facility which allows you to extend the credit limit on your existing loan (fees apply). |
Are competitive rates or flexible features non-negotiables for your home loan? Or do you prefer awesome customer service and convenience? Mozo has asked real customers to rate their Westpac home loans on the essentials. You can see the results here.
Elyse, Western Australia, reviewed about 1 month ago
Sandie, Queensland, reviewed about 1 month ago
We have good relations with Westpac and have been with them for a long time. They contact us 6 monthly to review our interest rates and insurance policies. Only downside as now we are retired and relying on our investments we do not have the...
We have good relations with Westpac and have been with them for a long time. They contact us 6 monthly to review our interest rates and insurance policies. Only downside as now we are retired and relying on our investments we do not have the option to go anywhere else if we are not satisfied as we don't have enough income to support new loans.
Fiona, Queensland, reviewed about 1 month ago
Annette, Queensland, reviewed about 1 month ago
As part of our premier plus package we have an included credit card. Approximately 2 years ago we were carrying a large balance and wanted to reduce our card limit or transfer the balance to a lower rate card. The interest rate on the card is...
As part of our premier plus package we have an included credit card. Approximately 2 years ago we were carrying a large balance and wanted to reduce our card limit or transfer the balance to a lower rate card. The interest rate on the card is 21.99%. When contacted via the help line Westpac refused to lower our credit card limit and then when we asked about transferring to a lower rate card we were told we couldn't. In the end we took our credit card business to ANZ who gave us an excellent 0% interest deal for 24 months. When attempting to make extra repayments on our mortgage we were told that we had a redraw facility as part of our package but when we made extra repayments the full amount in excess of our standard payment was allocated to the loan balance and when we needed to redraw later we were told we couldn't and had to fight with the bank for 2 months to get the payments allocated properly and the redraw approved. Our interest rate is absolutely terrible, still sitting at 4.45% even after a 0.75% package discount. We went into a branch and sat with a manager asking them to price match lower products in the market, some as low as 3.25% but because of the LVR of our property they refused to assist us because they knew we wouldn't be approved for a loan with another lender because of the LVR. Our repayment record is flawless and we've banked with Westpac for over 20 years but until we have some capital growth on our property we're stuck and Westpac know it.
Jennie, Victoria, reviewed about 1 month ago
Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.
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.
Hide