Westpac home loans

Westpac
Westpac's overall rating for home loans

(as rated by the Mozo community)

7.3 / 10

based on 893 reviews

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 10 December, 2016. Other information correct at the time of writing.

What home loans do Westpac offer?

Fixed Rate Home Loans Fixed Rate Home Loans

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. 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.

Home loan repayments calculator
years
Product Fixed 3 year rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

4.29% p.a.

5.18% p.a.

$8.00 monthly

$600

4.29% p.a.

5.16% p.a.

$8.00 monthly

$600

4.49% p.a.

5.43% p.a.

$8.00 monthly

$600

4.49% p.a.

5.40% p.a.

$8.00 monthly

$600


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Variable Rate Home Loans Variable Rate Home Loans

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 you can borrow up to 95% of the property’s value. 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.

Home loan repayments calculator
years
Product Rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

4.03% p.a. variable for 36 months and then 4.53%

4.41% p.a.

$0.00

$0

3.99% p.a. variable for 36 months and then 4.49%

4.37% p.a.

$0.00

$0

4.68% p.a.

4.73% p.a.

$0.00

$600

4.64% p.a.

4.69% p.a.

$0.00

$600

4.23% p.a. variable for 36 months and then 4.73%

4.64% p.a.

$0.00

$600

4.19% p.a. variable for 36 months and then 4.69%

4.56% p.a.

$0.00

$0

4.95% p.a.

5.00% p.a.

$0.00

$600

4.91% p.a.

4.92% p.a.

$0.00

$0

5.60% p.a.

5.74% p.a.

$8.00 monthly

$600

5.56% p.a.

5.70% p.a.

$8.00 monthly

$600

5.33% p.a.

5.47% p.a.

$8.00 monthly

$600

5.29% p.a.

5.43% p.a.

$8.00 monthly

$600


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Fixed Package Home Loan Fixed Package Home Loan

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.

Home loan repayments calculator
years
Product Fixed 3 year rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

4.09% p.a.

4.77% p.a.

$395.00 yearly

$0

4.09% p.a.

4.94% p.a.

$395.00 yearly

$0

4.09% p.a.

4.80% p.a.

$395.00 yearly

$0

4.09% p.a.

4.73% p.a.

$395.00 yearly

$0

4.09% p.a.

4.70% p.a.

$395.00 yearly

$0

4.09% p.a.

4.74% p.a.

$395.00 yearly

$0

4.09% p.a.

4.92% p.a.

$395.00 yearly

$0

4.09% p.a.

4.77% p.a.

$395.00 yearly

$0

4.29% p.a.

5.01% p.a.

$395.00 yearly

$0

4.29% p.a.

5.19% p.a.

$395.00 yearly

$0

4.29% p.a.

5.05% p.a.

$395.00 yearly

$0

4.29% p.a.

4.98% p.a.

$395.00 yearly

$0

4.29% p.a.

4.98% p.a.

$395.00 yearly

$0

4.29% p.a.

5.16% p.a.

$395.00 yearly

$0

4.29% p.a.

5.02% p.a.

$395.00 yearly

$0

4.29% p.a.

4.95% p.a.

$395.00 yearly

$0


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Variable Package Home Loan Variable Package Home Loan

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.

Home loan repayments calculator
years
Product Rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

4.75% p.a.

5.13% p.a.

$395.00 yearly

$0

5.00% p.a.

5.38% p.a.

$395.00 yearly

$0

4.80% p.a.

5.18% p.a.

$395.00 yearly

$0

4.70% p.a.

5.09% p.a.

$395.00 yearly

$0

4.71% p.a.

5.10% p.a.

$395.00 yearly

$0

4.96% p.a.

5.34% p.a.

$395.00 yearly

$0

4.76% p.a.

5.14% p.a.

$395.00 yearly

$0

4.66% p.a.

5.05% p.a.

$395.00 yearly

$0

4.48% p.a.

4.87% p.a.

$395.00 yearly

$0

4.73% p.a.

5.11% p.a.

$395.00 yearly

$0

4.53% p.a.

4.92% p.a.

$395.00 yearly

$0

4.43% p.a.

4.82% p.a.

$395.00 yearly

$0

4.44% p.a.

4.83% p.a.

$395.00 yearly

$0

4.69% p.a.

5.08% p.a.

$395.00 yearly

$0

4.49% p.a.

4.88% p.a.

$395.00 yearly

$0

4.39% p.a.

4.78% p.a.

$395.00 yearly

$0


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Line of Credit Line of Credit

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 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

5.65% p.a.

n/a

$10.00 monthly

$600

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Westpac home loan features in a glance

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).

How are Westpac home loans rated?

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.

Westpac home loans

Overall 7.3*

Price

Features

Customer service

Convenience

Trust

893 Reviews

* Overall rating based on reviews in the past 12 months.

Recent Westpac home loan reviews Recent Westpac home loan reviews

Westpac

Westpac home loan review

Overall rating   7 / 10

They are a great community asset

They are convenient. I have been a long time user and have purchased many properties with Westpac assistance.

Full review

They are convenient. I have been a long time user and have purchased many properties with Westpac assistance.

    Price   6 / 10

    Features   6 / 10

    Customer service   7 / 10

    Convenience   7 / 10

    Trust   7 / 10

Less

Barry (QLD), reviewed about 1 month ago

Westpac

Westpac Fixed Options Home Loan (Principal & Interest) home loan review

Overall rating   8 / 10

The best bank out of the big four

I have been with Westpac for a long time and have a mortgage redraw as well as other accounts connected to my mortgage account which provides me with a hassle free banking experience.

Full review

I have been with Westpac for a long time and have a mortgage redraw as well as other accounts connected to my mortgage account which provides me with a hassle free banking experience.

    Price   5 / 10

    Features   8 / 10

    Customer service   8 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Geoffrey (VIC), reviewed 4 months ago

Westpac

Westpac Fixed Options Home Loan (Principal & Interest) home loan review

Overall rating   7 / 10

Friendly and helpful with great customer service

While we have not really had a lot to do with the bank on a day to day basis, when we do need to speak to them they are very friendly and helpful.

Full review

While we have not really had a lot to do with the bank on a day to day basis, when we do need to speak to them they are very friendly and helpful.

    Price   7 / 10

    Features   7 / 10

    Customer service   7 / 10

    Convenience   7 / 10

    Trust   6 / 10

Less

Rebecca (QLD), reviewed 4 months ago

Westpac

Westpac Rocket Investment Loan (Principal & Interest) (Premier Advantage Package) home loan review

Overall rating   9 / 10

Great customer service very reliable

Easy to deal with and arrange mortgage from pre-approval to the draw down during building. Always able to contact to discuss any issues.

Full review

Easy to deal with and arrange mortgage from pre-approval to the draw down during building. Always able to contact to discuss any issues.

    Price   8 / 10

    Features   8 / 10

    Customer service   9 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Lindsay (WA), reviewed 5 months ago

Westpac

Westpac Equity Access (Premier Advantage Package) home loan review

Overall rating   8 / 10

Great customer service, competitive rates

Westpac were extremely helpful in promptly answering our questions and the personal service made you think that you were their only customer. You were their main priority and from a customer service point of view is excellent. The staff were...

Full review

Westpac were extremely helpful in promptly answering our questions and the personal service made you think that you were their only customer. You were their main priority and from a customer service point of view is excellent. The staff were pleasant, helpful and understanding.

    Price   6 / 10

    Features   6 / 10

    Customer service   8 / 10

    Convenience   8 / 10

    Trust   8 / 10

Less

Sharon (QLD), reviewed 5 months ago

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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.

* The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a home loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years, and applies only to this example. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

‡ 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.

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.

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