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Westpac home loans

Westpac
Westpac's overall rating for home loans

(as rated by the Mozo community)

6.7 / 10

based on 3202 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 17 January, 2020. 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 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.

Home loan repayments calculator
years
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


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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 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.

Home loan repayments calculator
years
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


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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 ‡

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


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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 ‡

4.35% 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


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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

6.21% p.a.

n/a

$10.00 monthly

$600

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*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

‡ 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.

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 6.7

Price

Features

Customer service

Convenience

Trust

3202 Reviews

Recent Westpac home loan reviews Recent Westpac home loan reviews

Westpac

Westpac Fixed Options Home Loan (Premier Advantage Package) review

Overall rating   6 / 10

Good value.

Overall, very happy.

Full review

Overall, very happy.

    Price   6 / 10

    Features   7 / 10

    Customer service   5 / 10

    Convenience   7 / 10

    Trust   5 / 10

Less

Elyse, Western Australia, reviewed about 1 month ago

Westpac

Westpac Rocket Repay Home Loan review

Overall rating   2 / 10

Don’t use Westpac.

High interest rate for loyalty.

Full review

High interest rate for loyalty.

    Price   0 / 10

    Features   0 / 10

    Customer service   8 / 10

    Convenience   8 / 10

    Trust   2 / 10

Less

Sandie, Queensland, reviewed about 1 month ago

Westpac

Westpac Rocket Investment Loan (Premier Advantage Package) review

Overall rating   9 / 10

Regular reviews of interest rate and insurance.

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...

Full review

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.

    Price   5 / 10

    Features   10 / 10

    Customer service   7 / 10

    Convenience   8 / 10

    Trust   8 / 10

Less

Fiona, Queensland, reviewed about 1 month ago

Westpac

Westpac Rocket Repay Home Loan review

Overall rating   0 / 10

Not fussed.

They haven't put our rate down.

Full review

They haven't put our rate down.

    Price   0 / 10

    Features   3 / 10

    Customer service   3 / 10

    Convenience   8 / 10

    Trust   0 / 10

Less

Annette, Queensland, reviewed about 1 month ago

Westpac

Westpac Rocket Investment Loan (Premier Advantage Package) review

Overall rating   3 / 10

Taking advantage of hardworking Australians

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...

Full review

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.

    Price   2 / 10

    Features   5 / 10

    Customer service   2 / 10

    Convenience   6 / 10

    Trust   0 / 10

Less

Jennie, Victoria, reviewed about 1 month 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.

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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