based on 22912 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 given that it took out a 2022 Mozo Experts Choice Home Loan Award in the First Home Buyer Loan category. For more information on the home loans Westpac offers, including fixed, variable and package home loans, read on below. 

What home loans do Westpac offer?

Rates and fees verified as correct at 25 May 2022. 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

5.09% p.a.

5.47% p.a.

$8.00 monthly

$600

4.49% p.a.

4.88% p.a.

$8.00 monthly

$600

4.99% p.a.

5.37% p.a.

$8.00 monthly

$600

4.39% p.a.

4.78% p.a.

$8.00 monthly

$600

4.99% p.a.

5.60% p.a.

$8.00 monthly

$600

4.69% p.a.

5.33% p.a.

$8.00 monthly

$600

4.89% p.a.

5.50% p.a.

$8.00 monthly

$600

4.59% p.a.

5.23% 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

4.24% p.a.

4.25% p.a.

$0.00

$0

4.14% p.a.

4.15% p.a.

$0.00

$0

4.18% p.a.

4.19% p.a.

$0.00

$0

2.19% p.a.variable for 24 months and then 2.59% p.a.

2.53% p.a.

$0.00

$0

2.09% p.a.variable for 24 months and then 2.49% p.a.

2.43% p.a.

$0.00

$0

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

4.99% p.a.

5.00% p.a.

$0.00

$0

4.89% p.a.

4.90% p.a.

$0.00

$0

4.63% p.a.

4.64% p.a.

$0.00

$0

4.53% p.a.

4.54% p.a.

$0.00

$0

2.89% p.a. for 24 months and then 3.29% p.a.

3.23% p.a.

$0.00

$0

2.59% p.a.variable for 24 months and then 2.99% p.a.

2.93% p.a.

$0.00

$0

2.49% p.a.variable for 24 months and then 2.89% p.a.

2.83% p.a.

$0.00

$0

2.79% p.a.variable for 24 months and then 3.19% p.a.

3.13% p.a.

$0.00

$0

5.64% p.a.

5.78% p.a.

$8.00 monthly

$600

5.38% p.a.

5.48% p.a.

$8.00 monthly

$0

5.54% p.a.

5.68% p.a.

$8.00 monthly

$600

5.28% p.a.

5.38% 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

4.89% p.a.

4.73% p.a.

$395.00 yearly

$0

4.79% p.a.

4.63% p.a.

$395.00 yearly

$0

4.29% p.a.

4.15% p.a.

$395.00 yearly

$0

4.19% p.a.

4.05% p.a.

$395.00 yearly

$0

4.59% p.a.

4.81% p.a.

$395.00 yearly

$0

4.69% p.a.

4.76% p.a.

$395.00 yearly

$0

4.49% p.a.

4.59% p.a.

$395.00 yearly

$0

4.39% p.a.

4.50% 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

4.13% p.a.

4.53% p.a.

$395.00 yearly

$0

3.54% p.a.

3.94% p.a.

$395.00 yearly

$0

3.44% p.a.

3.85% p.a.

$395.00 yearly

$0

4.03% p.a.

4.43% p.a.

$395.00 yearly

$0

4.35% p.a.

4.74% p.a.

$395.00 yearly

$0

4.25% p.a.

4.65% p.a.

$395.00 yearly

$0

4.09% p.a.

4.49% p.a.

$395.00 yearly

$0

3.99% p.a.

4.39% p.a.

$395.00 yearly

$0

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

3314 Reviews

Recent Westpac home loan reviews

Westpac Fixed Options Home Loan
Overall 1/10
Poor customer service and worst bank in Australia

Never trust the banking app and the repayments requirements for a loan through the app. Never contact the customer for missed or shortfall in repayment. The bank will let it go until it damages your credit rating. Worst customer service.

Read full review

Never trust the banking app and the repayments requirements for a loan through the app. Never contact the customer for missed or shortfall in repayment. The bank will let it go until it damages your credit rating. Worst customer service.

Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Jijin, New South Wales, reviewed 23 days ago
Westpac Rocket Repay Home Loan
Overall 9/10
Friendly helpful service, compapratable rate

Very helpful especially when in hardship looking for solutions and allowing time to get back on my feet. Easy to apply for a lower rate though would have been great if this was automatic. Friendly non-judgemental staff.

Read full review

Very helpful especially when in hardship looking for solutions and allowing time to get back on my feet. Easy to apply for a lower rate though would have been great if this was automatic. Friendly non-judgemental staff.

Price
10/10
Features
7/10
Customer service
10/10
Convenience
9/10
Trust
8/10
Less
Selena, Western Australia, reviewed about 2 months ago
Westpac Flexi First Option Home Loan
Overall 9/10
Friendly Staff. Competitive Options

Westpac offer very competitive rates. Staff at local branch’s are always friendly and helpful. If they can’t help you right then and there, they will provide you with a phone number to call or get someone to reach out to you. In my experience the branch staff always go above and beyond. I have had issues with my direct debit recently, but after a quick phone call they were able to set everything back to normal.

Read full review

Westpac offer very competitive rates. Staff at local branch’s are always friendly and helpful. If they can’t help you right then and there, they will provide you with a phone number to call or get someone to reach out to you. In my experience the branch staff always go above and beyond. I have had issues with my direct debit recently, but after a quick phone call they were able to set everything back to normal.

Price
8/10
Features
8/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Michael, Queensland, reviewed 3 months ago
Westpac Home Loan
Overall 1/10
OMG could not recommend Westpac for a home loan

Nothing against our bank manager whose hands seem to be tied by Westpac's wholly useless, incompetent loan processing system. What should be a simple refinance/loan increase to purchase a second property has turned into a complete joke. Loan processing is apparently done in India ???? and with lockdowns over there no one can be contacted. Weeks have gone past and although credit checks can be done in an instant, property valuations can be done armchair, and by using google earth, and capacity to repay can be easily proven through pay slips etc. loan is still not approved (and no end in sight) - even for loan customers of over 30 years' standing. The bank said to put subject to finance 21 days on the contract and they are not going to make it. Utterly bizarre.

Read full review

Nothing against our bank manager whose hands seem to be tied by Westpac's wholly useless, incompetent loan processing system. What should be a simple refinance/loan increase to purchase a second property has turned into a complete joke. Loan processing is apparently done in India ???? and with lockdowns over there no one can be contacted. Weeks have gone past and although credit checks can be done in an instant, property valuations can be done armchair, and by using google earth, and capacity to repay can be easily proven through pay slips etc. loan is still not approved (and no end in sight) - even for loan customers of over 30 years' standing. The bank said to put subject to finance 21 days on the contract and they are not going to make it. Utterly bizarre.

Customer service
2/10
Convenience
2/10
Trust
4/10
Less
Peta, Queensland, reviewed 5 months ago
Westpac Home Loan
Overall 10/10
Great relationship manager

Our relationship banker is exceptional - professional, efficient and wonderful to deal with.

Read full review

Our relationship banker is exceptional - professional, efficient and wonderful to deal with.

Price
8/10
Features
8/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Michelle, Victoria, reviewed 4 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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