based on 22884 Westpac banking product reviews as rated by Mozo community

Westpac home loans

With a history spanning almost two hundred years, Westpac is Australia’s first and oldest bank. As one of Australia's big four banks, Westpac provides services to approximately 14 million customers across both consumer, commercial and business banking divisions. 

If you value a lender with heaps of experience and an extensive branch network, a home loan with Westpac could be one to consider – especially as the big bank has just taken out an award in the First Home Buyer category of the 2021 Mozo Experts Choice Home Loan Awards

On this page you’ll find tonnes of useful information on the home loans Westpac offers, including fixed, variable and package home loans.

What home loans do Westpac offer?

Rates and fees verified as correct at 28 October, 2021. Other information correct at the time of writing. Advertiser disclosure.

Fixed Rate Home Loans

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. 

Home loan repayments calculator

years

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

2.38% p.a.

4.15% p.a.

$8.00 monthly

$600

3.79% p.a.

4.86% p.a.

$8.00 monthly

$600

2.28% p.a.

4.05% 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

Variable Rate Home Loans

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.

Home loan repayments calculator

years

Product Rate Comparison Rate Service fee Upfront fee Monthly repayments

2.09% p.a.variable for 24 months and then 2.59% p.a.

2.52% p.a.

$0.00

$0

1.99% p.a.variable for 24 months and then 2.49% p.a.

2.42% 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

2.59% p.a.

2.60% p.a.

$0.00

$0

2.49% p.a.

2.50% 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

2.39% p.a.variable for 24 months and then 2.99% p.a.

2.90% p.a.

$0.00

$0

2.29% p.a.variable for 24 months and then 2.89% p.a.

2.80% 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

3.09% p.a.

3.10% p.a.

$0.00

$0

2.99% p.a.

3.00% p.a.

$0.00

$0

2.89% p.a.

2.90% p.a.

$0.00

$0

2.99% p.a.

3.00% 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

Fixed Package Home Loan

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.

Home loan repayments calculator

years

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.

4.13% p.a.

$395.00 yearly

$0

2.18% p.a.

3.42% p.a.

$395.00 yearly

$0

2.08% p.a.

3.33% 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

Variable Package Home Loan

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. 

Home loan repayments calculator

years

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

Line of Credit

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

Westpac home loan features in a glance

Image of coins

Offset account

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.

Repayment Icon

Extra repayment facility

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.

Image of coins

Package options

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.    

How are Westpac home loans rated?

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.

Icon of home-loans
Westpac home loans
Overall
Price
Features
Customer service
Convenience
Trust

3307 Reviews

Recent Westpac home loan reviews

Westpac Home Loan
Overall 9/10
Westpac Bank, for a great home loan!

I like that they are reachable via phone and email. I like that they follow up with you, on your enquiry into a home loan. I like the fact that they are efficient, double checking they have all the boxes ticked.

Read full review

I like that they are reachable via phone and email. I like that they follow up with you, on your enquiry into a home loan. I like the fact that they are efficient, double checking they have all the boxes ticked.

Price
9/10
Features
8/10
Customer service
9/10
Convenience
8/10
Trust
10/10
Less
Cheryl, Queensland, reviewed 3 days ago
Westpac Equity Access (Premier Advantage Package)
Overall 1/10
very slow application service. poor customer care

After losing a house i was about to purchase after the cooling off period being extended 3-4 times, purely because westpac weren't on the ball and didn't finish the application for 3 months, i have nothing but bad things to say about them. I would call them everyday asking to talk to someone but constantly being told "this application cannot be escalated any higher" or "i'm not authorised to give you that sort of information" or after being asked to get put through to a manager i would be told " im sorry im not allowed to do that". Each time i called i would be on the phone for at least half an hr before i could actually speak to someone. I lost my 0.25% deposit and i was lucky to get my 10% deposit back just because the vendor and real estate agent were so understanding. This one really made me have my doubts about westpac. But after the first application with them, I thought the 2nd application (for another house I eventually found) would be a lot quicker and easier as they already had all of my information. But that wasn't the case. I am currently in the process of the purchase of new house, and i was supposed to get the keys early this week, until westpac have told us they are not ready to proceed with the purchase (2 months after the offer was first accepted), luckily the vendor is happy to accept a extended settlement date by a week . But I still have my doubts that Westpac will have their shit sorted in time. they still dont give out information and still let you stay on hold for hours per week. I am not confident we will get our 10% deposit back this time and I am absolutely filthy with Westpac and their terrible service. I cannot explain the stress this has put me and my family under and I would not wish this on anyone. Strongly advise looking at any other bank other than westpac

Read full review

After losing a house i was about to purchase after the cooling off period being extended 3-4 times, purely because westpac weren't on the ball and didn't finish the application for 3 months, i have nothing but bad things to say about them. I would call them everyday asking to talk to someone but constantly being told "this application cannot be escalated any higher" or "i'm not authorised to give you that sort of information" or after being asked to get put through to a manager i would be told " im sorry im not allowed to do that". Each time i called i would be on the phone for at least half an hr before i could actually speak to someone. I lost my 0.25% deposit and i was lucky to get my 10% deposit back just because the vendor and real estate agent were so understanding. This one really made me have my doubts about westpac. But after the first application with them, I thought the 2nd application (for another house I eventually found) would be a lot quicker and easier as they already had all of my information. But that wasn't the case. I am currently in the process of the purchase of new house, and i was supposed to get the keys early this week, until westpac have told us they are not ready to proceed with the purchase (2 months after the offer was first accepted), luckily the vendor is happy to accept a extended settlement date by a week . But I still have my doubts that Westpac will have their shit sorted in time. they still dont give out information and still let you stay on hold for hours per week. I am not confident we will get our 10% deposit back this time and I am absolutely filthy with Westpac and their terrible service. I cannot explain the stress this has put me and my family under and I would not wish this on anyone. Strongly advise looking at any other bank other than westpac

Features
5/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Luke, Victoria, reviewed 6 days ago
Westpac Home Loan
Overall 1/10
2021 worth bank of the years

Winner of the worst bank of 2021. The bank produces 4 home loans documents incorrectly about 4 times and each time I have to be put back in the queue. When it’s comes to settlement, they keeps asking me for additional documents on numerous occasions. I have to rescheduled settlement twice. On top of that I have to resigned all loans documents twice due to the errors with loans documents. To this date, our purchase is still not settled. The bank put me through so much stressed and anxiety in the last couple of months. I have gone through so much stressed today, I ran to the toilet and vomited.

Read full review

Winner of the worst bank of 2021. The bank produces 4 home loans documents incorrectly about 4 times and each time I have to be put back in the queue. When it’s comes to settlement, they keeps asking me for additional documents on numerous occasions. I have to rescheduled settlement twice. On top of that I have to resigned all loans documents twice due to the errors with loans documents. To this date, our purchase is still not settled. The bank put me through so much stressed and anxiety in the last couple of months. I have gone through so much stressed today, I ran to the toilet and vomited.

Price
3/10
Features
3/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Nikki, Queensland, reviewed 16 days ago
Westpac Home Loan
Overall 10/10
Great service and rates

They have given us wonderful service and rates for over 20 years. They keep you informed and if they can help in any way they do. I would highly recommend them.

Read full review

They have given us wonderful service and rates for over 20 years. They keep you informed and if they can help in any way they do. I would highly recommend them.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Dianne, Victoria, reviewed 30 days ago
Westpac Home Loan
Overall 7/10
Great for offset accounts

Always helpful.

Read full review

Always helpful.

Price
5/10
Features
10/10
Customer service
9/10
Convenience
10/10
Trust
10/10
Less
Scott, New South Wales, reviewed about 2 months ago

What do you need to apply for a Westpac home loan?

To apply for a Westpac home loan, you’ll need to supply the following documentation: 

  • Proof of identity such as driver’s licence or Medicare card
  • Income documents including latest payslips, payment summary or tax return and assessments if you are a PAYG employee. Applicants who are self-employed will need to provide business as well as personal tax returns for the last two years and balance sheet and profit and loss statements.
  • Confirmation of other income (i.e. rent, trust)
  • Account statements showing proof of savings
  • Record of assets and liabilities
  • Latest superannuation statement
  • Full copy of Contract of Sale for the property you plan to purchase
  • Monthly expenses including existing loan repayments, credit card limits and ATO assessment notices and records of other expenses (i.e. child support payments).

If you are refinancing from another lender, Westpac requires you to provide loan statements for the last 6 months.

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