Choose the version of this loan that suits you best
| Availability | Loan type | LVR | Min loan amount | Max loan amount | |
|---|---|---|---|---|---|
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Owner Occupier | Principal & Interest | < 70% | $15,000 | |
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Owner Occupier | Principal & Interest | 70%-80% | $15,000 | |
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Owner Occupier | Principal & Interest | 80%-95% | $15,000 | |
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Owner Occupier | Interest Only | < 70% | $15,000 | |
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Owner Occupier | Interest Only | 70%-80% | $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 different rates depending on the LVR tier you're on. The tiers are:
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.
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n/a |
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n/a |
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n/a |
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n/a |
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6.89% (8.65%*) |
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6.79% (8.44%*) |
|
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6.89% (8.30%*) |
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6.89% (8.15%*) |
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6.99% (8.06%*) |
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n/a |
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n/a |
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8.73% p.a. |
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$600.00 |
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$0.00 |
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$0.00 |
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$0.00 |
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n/a |
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$8.00 monthly |
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$350.00 |
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$15,000 |
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none |
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none |
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70.00% |
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Weekly, Fortnightly, Monthly |
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yes - free |
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yes |
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yes - free |
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none |
|
|
yes |
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|
no |
|
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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. |
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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.
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n/a |
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n/a |
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n/a |
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n/a |
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6.89% (8.74%*) |
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6.79% (8.52%*) |
|
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6.89% (8.36%*) |
|
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6.89% (8.21%*) |
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6.99% (8.11%*) |
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n/a |
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n/a |
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8.83% p.a. |
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$600.00 |
|
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$0.00 |
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$0.00 |
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$0.00 |
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n/a |
|
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$8.00 monthly |
|
|
$350.00 |
|
$15,000 |
|
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none |
|
|
70.00% |
|
|
80.00% |
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Weekly, Fortnightly, Monthly |
|
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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.
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n/a |
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n/a |
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n/a |
|
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n/a |
|
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6.89% (9.00%*) |
|
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6.79% (8.75%*) |
|
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6.89% (8.57%*) |
|
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6.89% (8.38%*) |
|
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6.99% (8.26%*) |
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n/a |
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n/a |
|
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9.13% p.a. |
|
$600.00 |
|
|
$0.00 |
|
|
$0.00 |
|
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$0.00 |
|
|
n/a |
|
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$8.00 monthly |
|
|
$350.00 |
|
$15,000 |
|
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none |
|
|
80.00% |
|
|
95.00% |
|
Weekly, Fortnightly, Monthly |
|
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yes - free |
|
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yes |
|
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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 |
|
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n/a |
|
|
n/a |
|
|
n/a |
|
|
7.19% (9.20%*) |
|
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7.09% (8.96%*) |
|
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7.19% (8.78%*) |
|
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7.39% (8.69%*) |
|
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7.49% (8.59%*) |
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n/a |
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n/a |
|
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9.32% p.a. |
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$600.00 |
|
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$0.00 |
|
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$0.00 |
|
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$0.00 |
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n/a |
|
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$8.00 monthly |
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$350.00 |
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$15,000 |
|
|
none |
|
|
none |
|
|
70.00% |
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Monthly |
|
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yes - free |
|
|
yes |
|
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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 |
|
|
7.19% (9.29%*) |
|
|
7.09% (9.03%*) |
|
|
7.19% (8.85%*) |
|
|
7.39% (8.74%*) |
|
|
7.49% (8.64%*) |
|
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n/a |
|
|
n/a |
|
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9.42% 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.
Basic product offering no real rewards for existing customer or loyal customer Only changed as they where the lowest at the time. Looking to change banks after fixed term ends.
Read full reviewBasic product offering no real rewards for existing customer or loyal customer Only changed as they where the lowest at the time. Looking to change banks after fixed term ends.
THE BANK DOES NOT SHOW LOYALTY TO ITS CUSTOMERS. THEY DECIDE WHAT CHANGES THEY WILL MAKE AND THE CUSTOMER DOES NOT HAVE A SAY. THEY SIMPLY HAVE TO WEAR THE COSTS OR GO ELSEWHERE.
Read full reviewTHE BANK DOES NOT SHOW LOYALTY TO ITS CUSTOMERS. THEY DECIDE WHAT CHANGES THEY WILL MAKE AND THE CUSTOMER DOES NOT HAVE A SAY. THEY SIMPLY HAVE TO WEAR THE COSTS OR GO ELSEWHERE.
Westpac is a good reliable bank if you have good income and serviceability for home lending. It is one of the only banks too that allows for instant bank transfers which is very handy, called Osko payments. They do however have an area too that is very helpful for any financial problems you may come into with any of your banking, called westpac assist.
Read full reviewWestpac is a good reliable bank if you have good income and serviceability for home lending. It is one of the only banks too that allows for instant bank transfers which is very handy, called Osko payments. They do however have an area too that is very helpful for any financial problems you may come into with any of your banking, called westpac assist.
The pros for Westpac that stands out for me is that they will efficiently direct you to the right person in their branch regarding inquiries I had about my home loan etc. interest rates, payment plans etc. The cons which I believe are out of the banks control is the rising interest rates.
Read full reviewThe pros for Westpac that stands out for me is that they will efficiently direct you to the right person in their branch regarding inquiries I had about my home loan etc. interest rates, payment plans etc. The cons which I believe are out of the banks control is the rising interest rates.
Initially their delay getting our loan set up meant we missed out on a better rate, but it has been smooth sailing since then. Easy app to navigate and great customer service.
Read full reviewInitially their delay getting our loan set up meant we missed out on a better rate, but it has been smooth sailing since then. Easy app to navigate and great customer service.
Home Value Loan
6.09% p.a. variable
6.09% p.a.
Fixed Rate
6.59% p.a.
fixed 3 years
7.06% p.a.
Elevate
6.09% p.a.
6.20% p.a.
Fixed Rate Loan (with Orange Advantage)
5.99% p.a.
fixed 3 years
6.12% p.a.
Fixed Rate
6.59% p.a.
fixed 3 years
7.06% 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.
