Westpac Home Loans

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

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Summary

About Westpac

Westpac is Australia’s first and oldest financial institution and has served more than 14 million customers. They are one of the ‘big four’ banks which makes them one of the largest home loan lenders in the country. Westpac 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 is the first and oldest Australian bank. Westpac owns other large Australian banks such as RAMS, St. George, BankSA, and Bank of Melbourne. They also have operations overseas in New Zealand, Asia, and in 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.

What home loans does Westpac offer?

Westpac has a wide range of home loans available for all sorts of borrowers, such as first-time home buyers, renovators, refinancers, and property investors. Westpac offers a variety of interest rate options on its home loans, including: principal and interest, interest-only, variable rate, fixed rate and split loans.

Westpac home loan 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 variable home loan rates

Company Ad rate
p.a.
Comp rate*
p.a.
Monthly
repayments
 
Flexi Firt Option Special OO P&I 3.58% 3.59% $1,814 More details
Flexi First Option OO P&I 4.33% 4.38% $1,987 More details
Flexi First Option Inv P&I 4.88% 4.93% $2,118 More details
Rocket Repay OO P&I 4.98% 5.12% $2,142 More details
Flexi First Option Inv IO 5.14% 5.19% $1,713 More details
Ad rate
p.a.
Comp rate*
p.a.
Monthly
repayments
Flexi First Option Special OO P&I
3.58% 3.59% $1,814
More details
Flexi First Option OO P&I
4.33% 4.38% $1,987
More details
Flexi First Option Inv P&I
4.88% 4.93% $2,118
More details
Rocket Repay OO P&I
4.98% 5.12% $2,142
More details
Flexi First Option Inv IO
5.14% 5.19% $1,713
More details

Base criteria of: a $400,000 loan amount, variable home loans with an LVR (loan-to-value) ratio of at least 80%. Introductory rate products were not considered for selection. This table includes only a snapshot of the lender’s products, not all of them. Monthly repayments were calculated based on the selected products’ advertised rates, applied to a $400,000 loan with a 30-year loan term. *Rates correct as at 3 September 2019.

Westpac fixed home loan rates

Company Ad rate
p.a.
Comp rate*
p.a.
Monthly
repayments
 
2yrs Fixed Rate OO P&I 3.38% 4.82% $1,770 More details
3yrs Fixed Rate OO P&I 3.48% 4.72% $1,792 More details
2yrs Fixed Rate Inv P&I 3.79% 5.34% $1,862 More details
3yrs Fixed Rate Inv P&I 3.89% 5.22% $1,884 More details
2yrs Fixed Rate Inv IO 4.09% 5.60% $1,363 More details
Ad rate
p.a.
Comp rate*
p.a.
Monthly
repayments
2yrs Fixed Rate OO P&I
3.38% 4.82% $1,770
More details
3yrs Fixed Rate OO P&I
3.48% 4.72% $1,792
More details
2yrs Fixed Rate Inv P&I
3.79% 5.34% $1,862
More details
3yrs Fixed Rate Inv P&I
3.89% 5.22% $1,884
More details
2yrs Fixed Rate Inv IO
4.09% 5.60% $1,363
More details

Base criteria of: a $400,000 loan amount, fixed home loans with an LVR (loan-to-value) ratio of at least 80%. Introductory rate products were not considered for selection. This table includes only a snapshot of the lender’s products, not all of them. Monthly repayments were calculated based on the selected products’ advertised rates, applied to a $400,000 loan with a 30-year loan term. *Rates correct as at 3 September 2019.

Westpac home loan features

Westpac offers flexible home loan features to help meet your needs as a borrower. Key features can include:

  • Offset accounts: Some Westpac home loans come with an offset account which can help you save
  • Additional repayments: Most variable Westpac home loans allow extra repayments to be made
  • Repayment holiday: If you’ve made extra repayments, Westpac may allow you to take a break or a ‘holiday’ from making repayments.
  • Redraw facility: Some Westpac home loans allow borrowers to redraw extra repayment funds from their loans.
  • Parental leave: If you’re an expecting parent and have had a Westpac home loan 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, Westpac allows fixed home loan applicants to 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: Westpac allows some customers to split the rate on their home loan, where part of the loan’s interest rate is fixed and the other portion is variable

How to apply for a Westpac home loan

Eligibility criteria

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

  • 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 Westpac’s 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 home loan in Westpac 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 pay slips and your most recent payment summary or tax return if employed.
  • If self-employed, they may require the last two years of company tax returns.
  • Savings accounts statements.
  • Proof of ongoing rent or board.
  • Proof of assets and liabilities.
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