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Westpac Fixed Options Home Loan

Advertiser disclosure

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

  • 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

Fixed 3 year rate
2.18% p.a.
Comparison Rate
4.02% p.a.
Service fee
$8.00 monthly
Upfront fee
$600
Fixed 3 year rate
2.28% p.a.
Comparison Rate
4.12% p.a.
Service fee
$8.00 monthly
Upfront fee
$600
Fixed 3 year rate
3.79% p.a.
Comparison Rate
4.86% p.a.
Service fee
$8.00 monthly
Upfront fee
$600
Fixed 3 year rate
3.89% p.a.
Comparison Rate
4.96% p.a.
Service fee
$8.00 monthly
Upfront fee
$600

Mozo editorial review Westpac Fixed Options Home Loan

Last updated: 8 June 2021.

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What's hot
  • 2-year fixed rates from 2.09% (4.19% comparison rate*)
  • Make up to $30k extra repayments during the fixed rate period
  • Borrow with a deposit as low as 5%
What's not
  • High revert rate
  • $8 monthly service fee
Mozo snapshot

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.

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Key features

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: 

  • 1-year: 2.19% (4.41% comparison rate*)

  • 2-year: 2.09% (4.19% comparison rate*)

  • 3-year: 2.18% (4.02% comparison rate*)

  • 4-year: 2.39% (3.92% comparison rate*)

  • 5-year: 2.69% (3.90% comparison rate*)

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 service fee (which may not sound huge, but could add up over time), plus there’s also one-off application ($600) and discharge ($350) fees.

snapshot
Who is it good for

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. 

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Any catches

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. 

Details

Rates and fees information correct as at 25 June 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • n/a

  • n/a

  • n/a

  • n/a

  • 2.19% (4.41%*)

  • 2.09% (4.19%*)

  • 2.18% (4.02%*)

  • 2.39% (3.92%*)

  • 2.69% (3.90%*)

  • n/a

  • n/a

  • 4.48% p.a.

Fees
  • $600.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $8.00 monthly

  • $350.00

Other financial bits
  • $15,000

  • none

  • none

  • 70.00%

Features
  • Weekly, Fortnightly, Monthly

  • yes - free

  • yes

  • yes - free

  • none

  • yes

  • no

  • none

  • none

  • 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.

Details

Rates and fees information correct as at 25 June 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • n/a

  • n/a

  • n/a

  • n/a

  • 2.29% (4.50%*)

  • 2.19% (4.29%*)

  • 2.28% (4.12%*)

  • 2.49% (4.02%*)

  • 2.79% (4.00%*)

  • n/a

  • n/a

  • 4.58% p.a.

Fees
  • $600.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $8.00 monthly

  • $350.00

Other financial bits
  • $15,000

  • none

  • 70.00%

  • 95.00%

Features
  • Weekly, Fortnightly, Monthly

  • yes - free

  • yes

  • yes - free

  • none

  • yes

  • no

  • none

  • none

  • 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.

Details

Rates and fees information correct as at 25 June 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • n/a

  • n/a

  • n/a

  • n/a

  • 3.79% (5.08%*)

  • 3.79% (4.97%*)

  • 3.79% (4.86%*)

  • 4.09% (4.87%*)

  • 4.09% (4.80%*)

  • n/a

  • n/a

  • 5.07% p.a.

Fees
  • $600.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $8.00 monthly

  • $350.00

Other financial bits
  • $15,000

  • none

  • none

  • 70.00%

Features
  • Monthly

  • yes - free

  • yes

  • yes - free

  • none

  • yes

  • no

  • none

  • none

  • 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.

Details

Rates and fees information correct as at 25 June 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • n/a

  • n/a

  • n/a

  • n/a

  • 3.89% (5.18%*)

  • 3.89% (5.07%*)

  • 3.89% (4.96%*)

  • 4.19% (4.97%*)

  • 4.19% (4.90%*)

  • n/a

  • n/a

  • 5.17% p.a.

Fees
  • $600.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $8.00 monthly

  • $350.00

Other financial bits
  • $15,000

  • none

  • 70.00%

  • 80.00%

Features
  • Monthly

  • yes - free

  • yes

  • yes - free

  • none

  • yes

  • no

  • none

  • none

  • 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.

Customer Reviews

How are Westpac home loans rated by the Mozo community?

Overall
6.7/10
Price
6.2/10
Features
6.4/10
Customer service
6.9/10
Convenience
7.6/10
Trust
6.6/10

Latest reviews of Westpac Fixed Options Home Loan

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About Westpac

As Australia's first bank, Westpac has been serving customers since 1817. Westpac merged with St.George to create Australia's largest financial services company, and customers can enjoy from peace of mind from having the security offered by a major bank behind them. Check out Westpac's range of banking products such as savings accounts, home loans, personal loans, credit cards and other financial services such as its car and home and contents insurance.

See Westpac home loans

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.