7.3/10

Based on 23573 Westpac product reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.

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 12 September 2024. 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

6.49% p.a.

8.64% p.a.

$8.00 monthly

$600

6.19% p.a.

8.16% p.a.

$8.00 monthly

$600

6.19% p.a.

8.36% p.a.

$8.00 monthly

$600

6.49% p.a.

8.57% p.a.

$8.00 monthly

$600

6.19% p.a.

8.09% p.a.

$8.00 monthly

$600

6.49% p.a.

8.79% p.a.

$8.00 monthly

$600

6.49% p.a.

8.98% p.a.

$8.00 monthly

$600

6.39% p.a.

8.58% p.a.

$8.00 monthly

$600

6.39% p.a.

8.78% p.a.

$8.00 monthly

$600

6.49% p.a.

8.72% p.a.

$8.00 monthly

$600

6.39% p.a.

8.52% 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

8.77% p.a.

8.77% p.a.

$0.00

$0

8.67% p.a.

8.67% p.a.

$0.00

$0

8.48% p.a.

8.48% p.a.

$0.00

$0

8.18% p.a.

8.18% p.a.

$0.00

$0

8.08% p.a.

8.13% p.a.

$0.00

$600

6.54% p.a.variable for 24 months and then 6.94% p.a.

6.86% p.a.

$0.00

$0

6.84% p.a.variable for 24 months and then 7.24% p.a.

7.16% p.a.

$0.00

$0

6.44% p.a.variable for 24 months and then 6.84% p.a.

6.76% p.a.

$0.00

$0

9.42% p.a.

9.55% p.a.

$8.00 monthly

$600

8.83% p.a.

8.96% p.a.

$8.00 monthly

$600

9.13% p.a.

9.26% p.a.

$8.00 monthly

$600

9.32% p.a.

9.45% p.a.

$8.00 monthly

$600

8.73% p.a.

8.86% p.a.

$8.00 monthly

$600

7.34% p.a.variable for 24 months and then 7.74% p.a.

7.66% p.a.

$0.00

$0

7.64% p.a.variable for 24 months and then 8.04% p.a.

7.96% p.a.

$0.00

$0

6.84% p.a.variable for 24 months and then 7.14% p.a.

7.08% p.a.

$0.00

$0

6.84% p.a.variable for 24 months and then 7.44% p.a.

7.32% p.a.

$0.00

$0

6.74% p.a.variable for 24 months and then 7.04% p.a.

6.98% p.a.

$0.00

$0

7.24% p.a.variable for 24 months and then 7.64% p.a.

7.56% p.a.

$0.00

$0

9.64% p.a.

9.77% p.a.

$8.00 monthly

$600

9.94% p.a.

10.07% p.a.

$8.00 monthly

$600

9.38% p.a.

9.46% p.a.

$8.00 monthly

$0

9.68% p.a.

9.76% p.a.

$8.00 monthly

$0

9.54% p.a.

9.67% p.a.

$8.00 monthly

$600

9.28% p.a.

9.36% 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

6.29% p.a.

7.91% p.a.

$395.00 yearly

$0

6.19% p.a.

7.81% p.a.

$395.00 yearly

$0

5.99% p.a.

7.42% p.a.

$395.00 yearly

$0

6.29% p.a.

7.71% p.a.

$395.00 yearly

$0

5.89% p.a.

7.33% p.a.

$395.00 yearly

$0

6.29% p.a.

8.06% p.a.

$395.00 yearly

$0

6.19% p.a.

7.96% p.a.

$395.00 yearly

$0

6.19% p.a.

7.85% p.a.

$395.00 yearly

$0

6.09% p.a.

7.76% 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

8.13% p.a.

8.46% p.a.

$395.00 yearly

$0

7.54% p.a.

7.88% p.a.

$395.00 yearly

$0

7.84% p.a.

8.17% p.a.

$395.00 yearly

$0

7.44% p.a.

7.78% p.a.

$395.00 yearly

$0

8.03% p.a.

8.36% p.a.

$395.00 yearly

$0

8.35% p.a.

8.68% p.a.

$395.00 yearly

$0

8.65% p.a.

8.98% p.a.

$395.00 yearly

$0

8.25% p.a.

8.58% p.a.

$395.00 yearly

$0

8.09% p.a.

8.42% p.a.

$395.00 yearly

$0

8.39% p.a.

8.72% p.a.

$395.00 yearly

$0

7.99% p.a.

8.32% 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 customer reviews
Overall
6.7/10
Price
6.2/10
Features
6.4/10
Customer service
6.8/10
Convenience
7.5/10
Trust
6.6/10
Based on 3378 Westpac product reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.

Recent Westpac home loan reviews

Westpac Home Loan
Overall 3/10
Westpac is not interested in Pensioners.

Slow reaction to illegal payments from your account. In one instance disregarded an illegal payment from my account after being notified.

Read full review

Slow reaction to illegal payments from your account. In one instance disregarded an illegal payment from my account after being notified.

Price
3/10
Features
4/10
Customer service
3/10
Convenience
5/10
Trust
3/10
Less
David, Queensland, reviewed about 15 hours ago
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Overall 10/10
Makes loan applications easier

Fair but no fuss home loan provider

Read full review

Fair but no fuss home loan provider

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10/10
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10/10
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10/10
Convenience
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Damien, New South Wales, reviewed about 15 hours ago
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Overall 10/10
Reliable, great safety features

Reliable bank with competitive rates. Great awareness on scam protection and secure online activity.

Read full review

Reliable bank with competitive rates. Great awareness on scam protection and secure online activity.

Price
10/10
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10/10
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10/10
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Bl, Victoria, reviewed about 1 month ago
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Overall 10/10
rocket investment loan

I have had one the customer service/lending people contact me asking me to come in to the branch to see if the variable rate could be reviewed in order to be decreased! Wow!

Read full review

I have had one the customer service/lending people contact me asking me to come in to the branch to see if the variable rate could be reviewed in order to be decreased! Wow!

Price
10/10
Customer service
10/10
Convenience
10/10
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10/10
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Michelle, Victoria, reviewed about 1 month ago
Westpac Home Loan
Overall 8/10
Very modern and nice bank to deal with.

The amount of times we had to verify another signature even though my partner and I signed infront of a bank clerk was quite alot of times. Also the set up on the app is nice and very easy to access, that being said there is still a bit of work to be done to improve of features to keep it modern and current.

Read full review

The amount of times we had to verify another signature even though my partner and I signed infront of a bank clerk was quite alot of times. Also the set up on the app is nice and very easy to access, that being said there is still a bit of work to be done to improve of features to keep it modern and current.

Price
8/10
Features
8/10
Customer service
9/10
Convenience
9/10
Trust
7/10
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Samuel, Victoria, reviewed about 1 month 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: 

If you are refinancing from another lender, Westpac requires you to provide loan statements for the last 6 months.

Home loan quick links