Westpac’s increase applies to principal and interest (P&I) and interest-only (IO) options across Fixed, Investment Fixed and Premier Advantage products.

Across Westpac’s home loan portfolio, some of these changes included:

  • Fixed Options P&I 3 Years 70%: 30 basis point increase to 4.04% p.a. (4.58% p.a. comparison rate*)
  • Fixed Options P&I 4 Years 95%: 30 basis point increase to 4.29% p.a. (4.62 % p.a. comparison rate*)
  • Investment Fixed IO 3 Years 70%: 30 basis point increase to 4.39% p.a. (5.52% p.a. comparison rate*)
  • Investment Fixed P&I 4 Years 80%: 30 basis point increase to 4.49% p.a. (5.05% p.a. comparison rate*)

Winding the clock back to November, Westpac’s Premier Advantage P&I 150k+ home loan for three years at a loan-to-value ratio (LVR) of 70% was 2.29% p.a. (3.38% p.a. comparison rate*).

Four months later, that same home loan has increased 145 basis points to a fixed rate of 3.74% p.a. (3.74% p.a. comparison rate).

On a $600,000 home loan, waiting that extra four months from November to March could result in home buyers paying approximately $469 extra in interest per month across a 30-year loan term.

Westpac's rate-locking feature applies for 90 days and costs 0.10% of the loan amount charged - for example $600 on a $600,000 home loan.

See Also: What is rate locking and is it worth it?

Westpac makes cuts to some variable products

Westpac cut three ‘Flexi First’ variable rate offerings across P&I and IO loans for owner occupiers and investors.

These changes include:

  • Flexi First Option P&I 95% Special Offer: 10 basis point decrease to 2.19% p.a. (2.20% p.a. comparison rate*)
  • Investment Flexi First Option IO 70% Special Offer: 20 basis point decrease to 2.79% p.a. (2.80% p.a. comparison rate*)
  • Investment Flexi First Option IO 80% Special Offer: 20 basis point decrease to 2.89% p.a. (2.90% p.a. comparison rate*)

Read more: Is it too late to fix your home loan?

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
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
Principal & Interest
Featured Online ExclusiveUp To $4K Cashback
  • Immediate cashback upon settlement
  • $2,000 for loans up to $700,000
  • $4,000 for loans over $700,000
5.99% p.a.
5.90% p.a.
Principal & Interest
Featured Apply In Minutes
  • 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.
6.14% p.a.
6.16% p.a.
Principal & Interest
Featured Unlimited Redraws
  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
Important Information and Comparison Rate Warning

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 be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. 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 . View disclaimer.

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