Westpac’s fixed rate increase of up to 40 basis points applies to a medley of owner-occupied and investment loans for both principal and interest (P&I) and interest-only (IO) options.

This includes fixed loans from one to five years as well as both packaged and non-packaged loans all bearing a variety of loan-to-value ratios (LVR).

Westpac subsidiaries St George, BankSA, and Bank of Melbourne also increased fixed rates by similar margins.

Some highlights across Westpac’s fixed rate increases for owner-occupiers included:

  • Fixed Options IO 4 Years 70%: 30 basis point increase to 4.39% p.a. (5.04% comparison rate*)
  • Fixed Options IO 5 Years 70%: 40 basis point increase to 4.49% p.a. (5.02% comparison rate*)
  • Fixed Options P&I 4 Years 70%: 30 basis point increase to 3.84% p.a. (4.47% comparison rate*)
  • Fixed Options P&I 5 Years 70%: 30 basis point increase to 4.09% p.a. (4.52% comparison rate*)
  • Premier Advantage Fixed Options IO 4 Years 70% 150k+: 20 basis point increase to 4.09% p.a. (4.28% comparison rate*)
  • Premier Advantage Fixed Options IO 5 Years 70% 150k+: 30 basis point increase to 4.19% p.a. (4.34% comparison rate*)

Increases across Westpac’s fixed home loan rates for investors included:

  • Investment Fixed IO 3 Years 70%: 15 basis point increase to 3.79% p.a. (5.09% comparison rate*)
  • Investment Fixed IO 4 Years 70%: 30 basis point increase to 4.24% p.a. (5.13% comparison rate*)
  • Investment Fixed P&I 3 Years 70%: 20 basis point increase to 3.64% p.a. (4.87% comparison rate*)
  • Investment Fixed P&I 4 Years 70%: 30 basis point increase to 4.04% p.a. (4.89% comparison rate*)
  • Premier Advantage Investment Fixed IO 4 Years 70%: 20 basis point increase to 3.94% p.a. (4.37% comparison rate*)
  • Premier Advantage Investment Fixed P&I 4 Years 70%: 20 basis point increase to 3.74% p.a. (4.14% comparison rate*)

Westpac’s owner occupier four-year fixed rate paying P&I with up to 70% LVR is now 175 basis points higher than it was a year ago.

This means on the ABS-noted average home loan size of $602,000, a borrower could pay an extra $567 per month on a 30-year term, excluding any extra fees.

Westpac economists have pencilled in an August 2022 RBA rate hike of 15 basis points.

Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Update resultsUpdate
Filters
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees Max LVR Lump Sum Repayment Extra Repayments Split Loan Option TagsFeaturesLinkComparePromoted ProductDisclosure
5.94% p.a.
5.98% p.a.
$2,978
Principal & Interest
Variable
$0
$530
90%
  • Owner Occupier
  • Variable
  • Principal & Interest
  • 10% Min Deposit
  • Redraw
  • Extra Repayments
  • More details
  • Available for purchase or refinance, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Dedicated loan specialist throughout the loan application.
 Disclosure
5.89% p.a.
5.80% p.a.
$2,962
Principal & Interest
Variable
$0
$0
80%
  • Built and funded by CommBank
  • Owner Occupier
  • Variable
  • Principal & Interest
  • 20% Min Deposit
  • Redraw
  • More details
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
 Disclosure
5.99% p.a.
6.02% p.a.
$2,995
Principal & Interest
Fixed
$0
$0
60%
  • Owner Occupier
  • Fixed 3 Years
  • Principal & Interest
  • 40% Min Deposit
  • Redraw
  • More details
  • Competitive rates to help you save
  • A Dedicated Relationship Manager
  • Certainty of repayments with a fixed rate term
 Disclosure
5.93% p.a.
5.93% p.a.
$2,975
Principal & Interest
Variable
$0
$395
70%
  • Owner Occupier
  • Variable
  • Principal & Interest
  • 30% Min Deposit
  • Redraw
  • More details
 Disclosure
More home loans
Important Information and Comparison Rate Warning
Important Information and Comparison Rate Warning
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