7.3 / 10

based on 22829 Westpac 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. 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 21 April, 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

2.18% 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

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

2.29% 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

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.

4.14% 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

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
6.7/10
Price
Features
Customer service
Convenience
Trust

3292 Reviews

Recent Westpac home loan reviews

Westpac Home Loan review
Overall 1/10
Buyer beware!

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 review

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!

Price
6/10
Features
6/10
Customer service
1/10
Convenience
7/10
Trust
1/10
Less
Tony, Queensland, reviewed 15 days ago
Westpac Home Loan review
Overall 6/10
Can do better by their customers but don't.

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 review

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.

Price
7/10
Features
7/10
Customer service
7/10
Convenience
7/10
Trust
7/10
Less
Medgee, Western Australia, reviewed about 1 month ago
Westpac Home Loan review
Overall 4/10
Not really happy

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 review

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.

Price
4/10
Features
4/10
Customer service
4/10
Convenience
2/10
Trust
3/10
Less
David, Victoria, reviewed about 1 month ago
Westpac Home Loan review
Overall 10/10
Helpful.

They are very helpful.

Read full review

They are very helpful.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Leanne, Queensland, reviewed 3 months ago
Westpac Rocket Repay Home Loan review
Overall 2/10
I have been a member of this bank since I was 14.

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 review

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.

Price
3/10
Features
3/10
Customer service
2/10
Convenience
1/10
Trust
3/10
Less
Sandra lee, Western Australia, reviewed 3 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.

Home loan quick links