The details shown below are for an owner occupier taking out a principal & interest loan of at least $15,000 with an LVR below 70%
The details shown below are for an owner occupier taking out a principal & interest loan of at least $15,000 with an LVR below 95%
The details shown below are for an owner occupier taking out a interest only loan of at least $15,000 with an LVR below 70%
The details shown below are for an owner occupier taking out a interest only loan of at least $15,000 with an LVR below 80%
Choose the version of this loan that suits you best
| Availability | Loan type | LVR | Min loan amount | Max loan amount | |
|---|---|---|---|---|---|
|
|
Owner Occupier | Principal & Interest | < 70% | $15,000 | |
|
|
Owner Occupier | Principal & Interest | 70%-95% | $15,000 | |
|
|
Owner Occupier | Interest Only | < 70% | $15,000 | |
|
|
Owner Occupier | Interest Only | 70%-80% | $15,000 |
Owner Occupier (Principal & Interest)
LVR < 70%
Loan: $15,000
Owner Occupier (Principal & Interest)
LVR 70%-95%
Loan: $15,000
Owner Occupier (Interest Only)
LVR < 70%
Loan: $15,000
Owner Occupier (Interest Only)
LVR 70%-80%
Loan: $15,000
Westpac’s Fixed Options Home Loan could be a flexible fit for a variety of owner occupier borrowers - from existing owners with built up equity to first home buyers with lower deposits. The loan comes with competitive rates across a number of terms, as well as a few handy features, but borrowers will need to weigh those up against some costs.
Let’s start with the basics of the Fixed Options Home Loan. It’s open to owner occupiers looking to borrow at least $15,000, and there are both principal and interest as well as interest-only repayment options available.
Buyers will be able to lock in a fixed rate for either 1, 2, 3, 4 or 5 years, but rates vary depending on several factors including the loan-to-value ratio (LVR). The lowest fixed rates currently on offer are for borrowers with LVR’s below 70% making principal and interest repayments.
There are also higher rates available for buyers with greater LVRs/a lower deposit (all the way up to <95% LVR), as well as for anyone wanting to make interest-only payments.
For a fixed rate home loan, the Fixed Options Home Loan actually has quite a few features available. Borrowers can pay off their loan balance faster by making up to $30,000 in extra repayments during the fixed loan period, and there’s also a redraw facility which can be used to tap into those additional repayments (if needs be). Westpac even allows repayment holidays!
Now there are a few costs to consider. The first is the $8 monthly loan account fee (which may not sound huge, but could add up over time), plus there’s also one-off application ($600) and loan discharge ($350) fees.
With relatively competitive rates and a generous amount of features, the Fixed Options Home Loan could be a choice worth considering for a range of owner occupier borrowers looking to lock in their rate for a few years. For investors, Westpac’s Fixed Rate Investment Loan will be better suited.
Aside from weighing up the ongoing and one-off fees attached to the loan, borrowers should also watch out for the revert rate which is quite high. The revert rate kicks in once the fixed rate period is over, so once you’re getting towards the end of your fixed term, it’s always worth comparing other home loan options to make sure that you’ll still be getting a competitive rate.
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
4.79% (6.22%*) |
|
|
5.59% (6.24%*) |
|
|
5.89% (6.27%*) |
|
|
5.09% (5.95%*) |
|
|
6.19% (6.35%*) |
|
|
n/a |
|
|
n/a |
|
|
6.23% p.a. |
|
$600.00 |
|
|
$0.00 |
|
|
$0.00 |
|
|
$0.00 |
|
|
n/a |
|
|
$8.00 monthly |
|
|
$350.00 |
|
$15,000 |
|
|
none |
|
|
none |
|
|
70.00% |
|
Weekly, Fortnightly, Monthly |
|
|
yes - free |
|
|
yes |
|
|
yes - free |
|
|
none |
|
|
yes |
|
|
no |
|
|
none |
|
|
Lock-in the fixed rate at time of loan approval, irrespective of if it changes at time of loan drawdown for a fee of 0.10% of the loan amount. |
|
|
none |
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.
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
4.89% (6.32%*) |
|
|
5.69% (6.34%*) |
|
|
5.99% (6.37%*) |
|
|
5.19% (6.05%*) |
|
|
6.29% (6.45%*) |
|
|
n/a |
|
|
n/a |
|
|
6.33% p.a. |
|
$600.00 |
|
|
$0.00 |
|
|
$0.00 |
|
|
$0.00 |
|
|
n/a |
|
|
$8.00 monthly |
|
|
$350.00 |
|
$15,000 |
|
|
none |
|
|
70.00% |
|
|
95.00% |
|
Weekly, Fortnightly, Monthly |
|
|
yes - free |
|
|
yes |
|
|
yes - free |
|
|
none |
|
|
yes |
|
|
no |
|
|
none |
|
|
Lock-in the fixed rate at time of loan approval, irrespective of if it changes at time of loan drawdown for a fee of 0.10% of the loan amount. |
|
|
none |
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.
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
5.29% (6.79%*) |
|
|
5.89% (6.77%*) |
|
|
6.19% (6.77%*) |
|
|
6.59% (6.87%*) |
|
|
6.69% (6.89%*) |
|
|
n/a |
|
|
n/a |
|
|
6.82% p.a. |
|
$600.00 |
|
|
$0.00 |
|
|
$0.00 |
|
|
$0.00 |
|
|
n/a |
|
|
$8.00 monthly |
|
|
$350.00 |
|
$15,000 |
|
|
none |
|
|
none |
|
|
70.00% |
|
Monthly |
|
|
yes - free |
|
|
yes |
|
|
yes - free |
|
|
none |
|
|
yes |
|
|
no |
|
|
none |
|
|
Lock-in the fixed rate at time of loan approval, irrespective of if it changes at time of loan drawdown for a fee of 0.10% of the loan amount. |
|
|
none |
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.
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
5.39% (6.89%*) |
|
|
5.99% (6.87%*) |
|
|
6.29% (6.87%*) |
|
|
6.69% (6.97%*) |
|
|
6.79% (6.99%*) |
|
|
n/a |
|
|
n/a |
|
|
6.92% p.a. |
|
$600.00 |
|
|
$0.00 |
|
|
$0.00 |
|
|
$0.00 |
|
|
n/a |
|
|
$8.00 monthly |
|
|
$350.00 |
|
$15,000 |
|
|
none |
|
|
70.00% |
|
|
80.00% |
|
Monthly |
|
|
yes - free |
|
|
yes |
|
|
yes - free |
|
|
none |
|
|
yes |
|
|
no |
|
|
none |
|
|
Lock-in the fixed rate at time of loan approval, irrespective of if it changes at time of loan drawdown for a fee of 0.10% of the loan amount. |
|
|
none |
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.
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 reviewNever 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.
I am beyond disappointed with Westpac and their customer service. Me and my husband are first home buyers and the experience couldn't be anymore stressful. We have been working with Westpacs assessor for 6-7 weeks now. After many back and forth conversations we were told he was happy and our loan was ready to be given the final approval from the credit team. After 6 business days of the credit team having our documents they soon got sent back to the assessor because he forgot to put in information that we had given to him. Our docs were then sent back to the credit team for again, final approval. The credit team have sent back our docs to the assessor because they are unhappy with a piece of evidence. This particular document the assessor has had in his possession for 6-7 weeks and never said it wasn't enough evidence. We are left with less than four weeks until our land settles and we know that once we provide the assessor the updated document it'll be another 5-6 business days before it even gets looked at. The whole experience has been extremely stressful. Whilst Westpac offer the best rates they don't offer the best customer service or turn around times and for that reason we are now looking at switching banks at the final hour.
Read full reviewI am beyond disappointed with Westpac and their customer service. Me and my husband are first home buyers and the experience couldn't be anymore stressful. We have been working with Westpacs assessor for 6-7 weeks now. After many back and forth conversations we were told he was happy and our loan was ready to be given the final approval from the credit team. After 6 business days of the credit team having our documents they soon got sent back to the assessor because he forgot to put in information that we had given to him. Our docs were then sent back to the credit team for again, final approval. The credit team have sent back our docs to the assessor because they are unhappy with a piece of evidence. This particular document the assessor has had in his possession for 6-7 weeks and never said it wasn't enough evidence. We are left with less than four weeks until our land settles and we know that once we provide the assessor the updated document it'll be another 5-6 business days before it even gets looked at. The whole experience has been extremely stressful. Whilst Westpac offer the best rates they don't offer the best customer service or turn around times and for that reason we are now looking at switching banks at the final hour.
Westpac's service with our home loan is very good. With the fix rate we got, helps a lot with repayments. They call monthly to check on us and see if we need any other products. They customer service is excellent and would recommend to others. Our extended family members are also with Westpac after them asking about their service.
Read full reviewWestpac's service with our home loan is very good. With the fix rate we got, helps a lot with repayments. They call monthly to check on us and see if we need any other products. They customer service is excellent and would recommend to others. Our extended family members are also with Westpac after them asking about their service.
Was after a 5 year set rate loan, just topping up an existing housing loan. When using the Westpac Loan Calculator it offered an interest rate of 2.47%. It took 2 weeks to get a callback and yes, even though the calculator still said 2.47%, of course that was no longer available. It was now going to be 2.79% and then the rest is disclosed. You have to pay a 1% lock in fee for the 2.79% as it takes 6 weeks to process the loan and if the rate changes up, the new rate will apply. Originally the agent said 10% and I offered you have to be kidding, that would be x amount of dollars and he confirmed that calculation. No apology for the mistake, even when challenged on the validity of 10% lock in fee. Then there is the $600 establishment fee and the $8.00 month service fee. So my advice after banking with Westpac most of my life is to give them a last thought, put them down the list.
Read full reviewWas after a 5 year set rate loan, just topping up an existing housing loan. When using the Westpac Loan Calculator it offered an interest rate of 2.47%. It took 2 weeks to get a callback and yes, even though the calculator still said 2.47%, of course that was no longer available. It was now going to be 2.79% and then the rest is disclosed. You have to pay a 1% lock in fee for the 2.79% as it takes 6 weeks to process the loan and if the rate changes up, the new rate will apply. Originally the agent said 10% and I offered you have to be kidding, that would be x amount of dollars and he confirmed that calculation. No apology for the mistake, even when challenged on the validity of 10% lock in fee. Then there is the $600 establishment fee and the $8.00 month service fee. So my advice after banking with Westpac most of my life is to give them a last thought, put them down the list.
Easy access with a low rate.
Read full reviewEasy access with a low rate.
loans.com.au
Smart Booster Home Loan
3.60% p.a.variable for 24 months and then 4.00% p.a. variable
3.96% p.a.
Bank of Queensland
Economy
3.69% p.a. variable
3.85% p.a.
loans.com.au
Smart Booster Home Loan
3.60% p.a.variable for 24 months and then 4.00% p.a. variable
3.96% p.a.
loans.com.au
Smart Booster Home Loan
3.74% p.a.variable for 12 months and then 4.23% p.a. variable
4.22% p.a.
Qudos Bank
No Frills Home Loan
3.49% p.a. variable
3.49% p.a.
loans.com.au
Smart Booster Home Loan
3.60% p.a.variable for 24 months and then 4.00% p.a.
3.96% p.a.
loans.com.au
Smart Booster Home Loan
3.74% p.a.variable for 12 months and then 4.23% p.a.
4.22% p.a.
Qudos Bank
No Frills Home Loan
3.49% p.a.
3.49% p.a.
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.
