Westpac Banking Corporation

Home loans

All home loans comparison table

Rates p.a.
Interest rate

Variable rate 7.36% 1 p.a.

Variable rate 7.36%1 p.a.

 

Variable rate 6.66% p.a.

Variable rate 6.66% p.a.

Fixed rate p.a.

1 yr 6.39%

2 yr 6.39%

3 yr 6.39%

4 yr 6.89%

5 yr 6.89%

7 yr 7.99%

10 yr 7.99%

Fixed rate p.a.

1 yr 6.39%

2 yr 6.39%

3 yr 6.39%

4 yr 6.89%

5 yr 6.89%

6 yr 7.99%

7 yr 7.99%

9 yr 7.99%

10 yr 7.99%

12 yr 8.19%

 

Variable equity rate 7.51% p.a. for borrowings over $25,000

Home loan comparison rate 2

7.49% p.a.

7.49% p.a.

6.71% p.a.

6.71% p.a.

1 yr 7.39%6

2 yr 7.29%6

3 yr 7.21%6

4 yr 7.31%6

5 yr 7.28%6

7 yr 7.86%6

10 yr 7.96%6

1 yr 7.39%6

2 yr 7.29%6

3 yr 7.21%6

4 yr 7.31%6

5 yr 7.28%6

6 yr 7.82%6

7 yr 7.86%6

9 yr 7.93%6

10 yr 7.96%6

12 yr 8.17%6

N/A

Home loan package 3

 

Up to 0.7% p.a. discount

 

Up to 0.7% p.a. discount

 

no no

0.2% p.a. discount on loans over $150,000

 

0.2% p.a. discount on loans over $150,000

 

Up to 0.7% p.a. discount

Fees4
Loan establishment fee

$600

 

$600

 

$600

 

$600

 

$600

 

$600

 

$600

 

Combination loan establishment fee

$600

 

$600

 

N/A

 

$600

$600

 

$600

 

$600

 

Monthly loan maintenance fee
no no no no

$8

 

$8

 

$10

 

Features
Extra repayments5
yes yes yes yes

Up to $25,0006 in fixed rate period

 

Up to $25,0006 in fixed rate period

 

yes
Interest only
yes yes yes yes yes yes yes
Redraw5
yes yes

$25 each

 

$25 each

 

$25,0006 maximum

 

$25,0006 maximum

 

15 free per month, then $2 each

 

Increase loan if you need additional funds5
$400 each $400 each

$350 each

 

$350 each

 

no no

$400 each

 

Parental leave5
yes yes yes no no no no
Repayment holiday5
yes yes yes yes yes yes yes
Portability5
$300 per move $300 per move

$350 per move

 

$350 per move

 

$300 per move

 

$300 per move

 

$300 per move

 

Progress draws (for construction)

$300 covers all 

 

$300 covers all 

 

$95 per draw

 

$95 per draw

 

$300 covers all

 

$300 covers all

 

no
SmartPay
yes yes no no no no yes
Reduced repayments5
yes yes yes no no no no
Options
Low Doc
yes yes no no yes yes yes
100% offset
yes yes no no no no no
Fixed rate lock in
no no no no

0.15% of loan amount

 

0.15% of loan amount

 

no
Combination loan
yes yes yes yes yes yes yes
Things you should know
  • 1. A rate of 7.46% p.a. applies to loans originated prior to 19 September 2005. Fees and charges and normal credit criteria apply.  Interest rates and discounted margin are subject to change.  Terms and Conditions apply and are available on request.
  • 2. The comparison rate is based on a secured loan of $150,000 over a term of 25 years. Warning: This comparison rate is true only for examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
  • 3. 0.70% p.a. discount is available for variable rate loan amounts of $250,000 and above (for Low Doc loan, the discount is 0.5% p.a. for variable rate loan amounts between $250,000 and $499,999).  For variable rate loan amounts between $150,000 and $249,999, the applicable discount is 0.4% p.a. (for Low Doc loan the discount is 0.3% p.a. for variable rate loan amounts between $150,000 and $249,999). The discount is not applicable to Flexi First Option Home Loan and Flexi First Option Investment Property Loan.
  • 4. Other fees and charges apply.
  • 5. Subject to Bank's approval.
  • 6. For loans fixed before 21st March, 2009, you can make additional prepayments of up to $15,000 during your fixed rate term without incurring break costs.

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