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.
| Product | Fixed 3 year rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
|
7.19% p.a. |
8.85% p.a. |
$8.00 monthly |
$600 |
||
|
6.89% p.a. |
8.36% p.a. |
$8.00 monthly |
$600 |
||
|
6.89% p.a. |
8.57% p.a. |
$8.00 monthly |
$600 |
||
|
7.19% p.a. |
8.78% p.a. |
$8.00 monthly |
$600 |
||
|
6.89% p.a. |
8.30% p.a. |
$8.00 monthly |
$600 |
||
|
7.09% p.a. |
8.97% p.a. |
$8.00 monthly |
$600 |
||
|
7.09% p.a. |
9.17% p.a. |
$8.00 monthly |
$600 |
||
|
6.99% p.a. |
8.76% p.a. |
$8.00 monthly |
$600 |
||
|
6.99% p.a. |
8.96% p.a. |
$8.00 monthly |
$600 |
||
|
7.09% p.a. |
8.90% p.a. |
$8.00 monthly |
$600 |
||
|
6.99% p.a. |
8.70% p.a. |
$8.00 monthly |
$600 |
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.
| 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 |
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.
| Product | Fixed 3 year rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
|
6.99% p.a. |
8.12% p.a. |
$395.00 yearly |
$0 |
||
|
6.89% p.a. |
8.02% p.a. |
$395.00 yearly |
$0 |
||
|
6.69% p.a. |
7.63% p.a. |
$395.00 yearly |
$0 |
||
|
6.99% p.a. |
7.92% p.a. |
$395.00 yearly |
$0 |
||
|
6.59% p.a. |
7.53% p.a. |
$395.00 yearly |
$0 |
||
|
6.89% p.a. |
8.24% p.a. |
$395.00 yearly |
$0 |
||
|
6.79% p.a. |
8.14% p.a. |
$395.00 yearly |
$0 |
||
|
6.79% p.a. |
8.03% p.a. |
$395.00 yearly |
$0 |
||
|
6.69% p.a. |
7.93% p.a. |
$395.00 yearly |
$0 |
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.
| 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 |
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.
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.
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.
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.
3369 Reviews
I have banked with all the major banks and a few smaller and by far Westpac is the best
Read full reviewI have banked with all the major banks and a few smaller and by far Westpac is the best
I like Westpac Bank because it offered me cashback of $2000 when I switched my home loan from ANZ Bank to it. Home loan borrowers should be aware of Westpac’s promotions from time to time to take advantage accordingly. However one should be aware of there is no ATM in Northbridge NSW 2063. If you want to withdraw small amount of cash, you have to go to Woolly to cash out or local post office.
Read full reviewI like Westpac Bank because it offered me cashback of $2000 when I switched my home loan from ANZ Bank to it. Home loan borrowers should be aware of Westpac’s promotions from time to time to take advantage accordingly. However one should be aware of there is no ATM in Northbridge NSW 2063. If you want to withdraw small amount of cash, you have to go to Woolly to cash out or local post office.
They were super helpful setting up our mortgage when buying a first home, they also offer to take maternity leave on your loan. Although it’s not advertised, it is an option. So when my partner was on maternity leave we only had to make half of our monthly repayments for the full term she was on maternity leave. This was extremely helpful and I would recommend this to anyone who plans on having children in the future.
Read full reviewThey were super helpful setting up our mortgage when buying a first home, they also offer to take maternity leave on your loan. Although it’s not advertised, it is an option. So when my partner was on maternity leave we only had to make half of our monthly repayments for the full term she was on maternity leave. This was extremely helpful and I would recommend this to anyone who plans on having children in the future.
Great service
Read full reviewExcellent customer service and well explained details on telephone, unfortunately in branch assistance is rushed & not very helpful . End.
Read full reviewExcellent customer service and well explained details on telephone, unfortunately in branch assistance is rushed & not very helpful . End.
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.