Rates and fees verified as correct at 30 October, 2020. Other information correct at the time of writing. Advertiser disclosure.
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 ‡ |
|---|---|---|---|---|---|
| 3.89% p.a. | 4.96% p.a. | $8.00 monthly | $600 | ||
| 2.49% p.a. | 4.18% p.a. | $8.00 monthly | $600 | ||
| 3.79% p.a. | 4.86% p.a. | $8.00 monthly | $600 | ||
| 2.39% p.a. | 4.08% p.a. | $8.00 monthly | $600 | ||
| 2.99% p.a. | 4.88% p.a. | $8.00 monthly | $600 | ||
| 2.79% p.a. | 4.65% p.a. | $8.00 monthly | $600 | ||
| 2.89% p.a. | 4.79% p.a. | $8.00 monthly | $600 | ||
| 2.69% p.a. | 4.55% 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 ‡ |
|---|---|---|---|---|---|
| 2.29% p.a.variable for 24 months and then 2.79% p.a. | 2.72% p.a. | $0.00 | $0 | ||
| 3.99% p.a. | 4.04% p.a. | $0.00 | $600 | ||
| 3.93% p.a. | 3.98% p.a. | $0.00 | $600 | ||
| 2.19% p.a.variable for 24 months and then 2.69% p.a. | 2.62% p.a. | $0.00 | $0 | ||
| 3.89% p.a. | 3.94% p.a. | $0.00 | $600 | ||
| 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 | ||
| 4.74% p.a. | 4.79% p.a. | $0.00 | $600 | ||
| 4.48% p.a. | 4.49% 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 | ||
| 4.64% p.a. | 4.69% p.a. | $0.00 | $600 | ||
| 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 | ||
| 3.29% p.a. | 3.30% p.a. | $0.00 | $0 | ||
| 3.09% p.a. | 3.10% 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 |
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 ‡ |
|---|---|---|---|---|---|
| 3.69% p.a. | 4.23% p.a. | $395.00 yearly | $0 | ||
| 2.29% p.a. | 3.45% p.a. | $395.00 yearly | $0 | ||
| 3.59% p.a. | 4.14% p.a. | $395.00 yearly | $0 | ||
| 2.19% p.a. | 3.36% p.a. | $395.00 yearly | $0 | ||
| 2.79% p.a. | 4.16% p.a. | $395.00 yearly | $0 | ||
| 2.59% p.a. | 3.93% p.a. | $395.00 yearly | $0 | ||
| 2.69% p.a. | 4.07% p.a. | $395.00 yearly | $0 | ||
| 2.49% p.a. | 3.83% 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 ‡ |
|---|---|---|---|---|---|
| 3.88% p.a. | 4.28% p.a. | $395.00 yearly | $0 | ||
| 3.29% p.a. | 3.71% p.a. | $395.00 yearly | $0 | ||
| 3.78% p.a. | 4.19% p.a. | $395.00 yearly | $0 | ||
| 3.19% p.a. | 3.61% p.a. | $395.00 yearly | $0 | ||
| 4.10% p.a. | 4.50% p.a. | $395.00 yearly | $0 | ||
| 3.84% p.a. | 4.24% p.a. | $395.00 yearly | $0 | ||
| 4.00% p.a. | 4.40% p.a. | $395.00 yearly | $0 | ||
| 3.74% p.a. | 4.15% 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 |
|---|---|---|---|---|
| 5.96% p.a. | n/a | $10.00 monthly | $600 |
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’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.
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.
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.
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.
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).
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.
3271 Reviews
Very helpful in refinancing my home loan. Accessible any time and reply in a matter of minutes to under an hour. By the same token no unnecessary annoying phone call or emails. Explain things step by step and very clearly. Was with my previous provider for 10 years and never had this level of service ever.
Read full reviewVery helpful in refinancing my home loan. Accessible any time and reply in a matter of minutes to under an hour. By the same token no unnecessary annoying phone call or emails. Explain things step by step and very clearly. Was with my previous provider for 10 years and never had this level of service ever.
We have been with Westpac for over 10 years. They have been a good bank and when I call them they are helpful, however it would be nice if they looked after their long term customers without having to call up all the time, better loan rates etc.
Read full reviewWe have been with Westpac for over 10 years. They have been a good bank and when I call them they are helpful, however it would be nice if they looked after their long term customers without having to call up all the time, better loan rates etc.
I found the staff I dealt with in relation to my home loan quite helpful- they also follow up to make sure all things are well. I was selling my home and buying another last year, they were able to swap the security (the property) from my old home to my new home without me having to apply for a new home loan. Settlement occurred on the same day and it all worked out well. Recently, after a follow-up call from Westpac to see how I was doing, I entered into a fixed rate for 12 months on my home loan with no fuss. As I don't plan on moving banks anytime soon, I figured I'd save a little by fixing the interest rate for a bit. Cons- they don't have the cheapest interest rates out there.
Read full reviewI found the staff I dealt with in relation to my home loan quite helpful- they also follow up to make sure all things are well. I was selling my home and buying another last year, they were able to swap the security (the property) from my old home to my new home without me having to apply for a new home loan. Settlement occurred on the same day and it all worked out well. Recently, after a follow-up call from Westpac to see how I was doing, I entered into a fixed rate for 12 months on my home loan with no fuss. As I don't plan on moving banks anytime soon, I figured I'd save a little by fixing the interest rate for a bit. Cons- they don't have the cheapest interest rates out there.
It's a constant battle to remind the bank that its interest rates are no longer competitive and would you 'please' review. The attitude is that we will apply for a 'discount' for you. We are not asking for a discount. It's the banks attempt at trying to convince you that they are doing you a favour. This kind of leaves a bad taste in the mouth. What we are asking is that you (the bank) look after us by reducing rates in-line with what is reasonable and competitive in the market. Another way to look at it is that we are asking (feels like begging) the bank to reward our loyalty. Whilst it may seem clever and more profitable in the short term to just leave rates where they are until the customer complains, it's not a good long term strategy. It assumes the customer is unaware that he or she is paying too much. If you look at the number, and frequency of advertised rates in the market this somewhat commercially naïve. Although we haven't changed banks we want to. Why should a customer provide loyalty when the the only time the vendor (attempts to) value(s) your custom is when you complain or threaten to leave. Certainly we would not recommend this bank to anyone else.
Read full reviewIt's a constant battle to remind the bank that its interest rates are no longer competitive and would you 'please' review. The attitude is that we will apply for a 'discount' for you. We are not asking for a discount. It's the banks attempt at trying to convince you that they are doing you a favour. This kind of leaves a bad taste in the mouth. What we are asking is that you (the bank) look after us by reducing rates in-line with what is reasonable and competitive in the market. Another way to look at it is that we are asking (feels like begging) the bank to reward our loyalty. Whilst it may seem clever and more profitable in the short term to just leave rates where they are until the customer complains, it's not a good long term strategy. It assumes the customer is unaware that he or she is paying too much. If you look at the number, and frequency of advertised rates in the market this somewhat commercially naïve. Although we haven't changed banks we want to. Why should a customer provide loyalty when the the only time the vendor (attempts to) value(s) your custom is when you complain or threaten to leave. Certainly we would not recommend this bank to anyone else.
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.
