Westpac Home Loans

Read on to learn more about some of Westpac’s key home loans and features.

Westpac is Australia’s first and oldest financial institution and has served more than 14 million customers. It’s one of the ‘big four' banks and is one of the largest home loan lenders in the country. The bank has branches all over the country and has home loan products suitable to nearly every type of home buyer and property investor.

Established in 1817, Westpac owns other large Australian banks such as RAMS, St. George, BankSA, and Bank of Melbourne. It also has operations overseas in New Zealand, Asia, and the United Kingdom.

As well as offering home loans, Westpac provides a wide array of banking products and services to personal and business customers, including car and personal loans, credit cards, superannuation, insurance and more.

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Compare Westpac mortgage rates

Lender
Advertised rate Comparison rate* Monthly repayment Rate TypeOffsetRedrawOngoing FeeUpfront FeesLVRLump Sum RepaymentAdditional RepaymentsPre-approval

FixedMore details

Premier Package Fixed Options Home Loan (Principal and Interest) 2 Years (LVR < 70%)

FixedMore details

Fixed Options Home Loan (Principal and Interest) 2 Years (LVR < 70%)

FixedMore details

Fixed Options Home Loan (Principal and Interest) 1 Year (LVR < 70%)

FixedMore details

Fixed Options Home Loan (Principal and Interest) 2 Years

FixedMore details

Fixed Options Home Loan (Principal and Interest) 1 Year

FixedMore details

Fixed Rate Investment Loan (Principal and Interest) 2 Years (LVR < 70%)

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *Comparison rate is based on a loan of $150,000 over a term of 25 years. Please note the comparison rate only applies to the examples given Rates correct as of January 17, 2022. View disclaimer.

Considering other lenders? Compare home loans with these low-rate offers for owner occupiers:

Lender
Advertised rate Comparison rate* Monthly repayment Rate TypeOffsetRedrawOngoing FeeUpfront FeesLVRLump Sum RepaymentAdditional RepaymentsPre-approval

VariableMore details
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
VariableMore details
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
VariableMore details
ZERO APPLICATION FEES

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
ZERO APPLICATION FEES

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of January 17, 2022. View disclaimer.

Compare Westpac mortgage rates

    What home loans does Westpac offer?

    Westpac has a wide range of mortgages available for all sorts of borrowers, such as first-time home buyers, renovators, refinancers, and property investors. It offers variable-rate, fixed-rate, and split loans, and the option to make principal and interest, or interest-only repayments.

    Westpac mortgage interest rates

    You can find a complete list of Westpac’s home loan interest rates here for:

    • Premier Advantage Package loans
    • Flexi First Option loans
    • Fixed Options Home Loans
    • Flexi First Option Investment loans
    • Variable Investment Home Loans with Offset Accounts
    • Fixed Rate Investment Property loans
    • Line of Credit loans

      Westpac home loan features

      Westpac offers flexible mortgage features to help meet your needs as a borrower, including:

      • Offset accounts: Westpac has the option to add an offset account to your loan.
      • Additional repayments: Most variable-rate Westpac mortgages allow extra repayments to be made.
      • Redraw facility: Some loans allow borrowers to redraw extra repayment funds from their loans using a redraw facility.
      • Parental leave: If you’re an expecting parent and have had a mortgage for more than 12 months, you may be eligible to reduce your home loan repayments by up to 50% for up to 12 months.
      • Rate lock: For a fee, fixed home loan applicants can lock in an interest rate that will apply on the day of settlement (offering protection from any possible fixed rate hikes that occur before the loan is officially approved).
      • Split loans: Customers can split the rate on their home loan, where part of the loan’s interest rate is fixed and the other portion is variable.

        Westpac mortgage pre-approval

        A pre-approval can give you an indication of how much a lender is willing to let you borrow, helping your budgeting and house hunting. Westpac offers pre-approval for the majority of its loans and you can apply online, in a branch, or over the phone. You’ll need to provide details like:

        • 100 points of ID (passport, drivers licence, Medicare card).
        • Lists of expenses and debts.
        • How much you’d like to borrow.
        • Proof of employment and income.

          How to apply for a Westpac mortgage

          Eligibility criteria

          To apply for a Westpac home loan, you need to make sure that you meet their eligibility criteria:

          • You must be 18 years of age and above
          • You must be an Australian or New Zealand permanent resident
          • You must have a regular source of income

            If you meet these eligibility criteria, you may submit your application by:

            1. Calling the bank and speaking with a Westpac lending specialist
            2. Entering your contact information online and requesting a callback
            3. Visiting a Westpac branch

              Documents needed

              Applying for a Westpac mortgage may require you to submit certain documents such as:

              • Proof of identity validating your name, address and birth date. This can be your passport, Medicare card, driver’s license etc.
              • Details of your ongoing monthly expenses such as food costs, childcare, clothing, transport etc.
              • Two recent payslips and your most recent payment summary or tax return if employed.
              • If self-employed, it may require the last two years of company tax returns.
              • Savings accounts statements.
              • Proof of ongoing rent or board.
              • Proof of assets and liabilities.