Fixed Options Home Loan
Essentials
- Fixed rate protects against interest rate changes
- Lock in your interest rate for 1 to 5, 7 or 10 years
- Discount of up to 0.2% p.a. applies to this fixed rate home loan when you take out the home loan package 1
- Fixed rate lock in feature lets you secure your interest rate between application and draw down
- Extra repayments allowed up to $25,000 in the fixed rate period without charge
- Refix your loan at the end of the fixed mortgage rate period or convert to a variable rate loan
- Interest only loans available for up to 15 years
- Low doc version available
- Offers certainty over your repayments.
Did you know?
Did you know you can get up to a 0.2% p.a. interest rate discount on fixed rate property loans.
Things you should know
- 1.The discount rate applies to loans of $150,000 and above, effective 21 July 2008, and includes ‘low doc’ loans. Existing fixed loans are not eligible, unless the loan is refixed. Some exclusions apply. Interest rate and discounted margin are subject to change before settlement or before a rate is locked in. Fees and charges and normal lending criteria apply. Terms and Conditions apply and are available on request.
Features
Features to help you manage your money
| Feature | Description | Fee |
|---|---|---|
|
Redraw 1 |
Gives you same day access to extra repayments up to a maximum of $25,000 in your home loan account. To activate the redraw facility on your fixed rate home loan, fill out the |
Fee free |
|
Portability 1 |
Allows you to retain your account number when you move properties. You avoid the hassle and establishment fees associated with taking out a new loan. Security criteria apply. |
$300 per move |
|
Repayment holiday 1 |
Lets you skip full or partial repayments when you're ahead with your payments. |
Fee free |
|
Progress draws (for construction) |
Lets you progressively draw down funds to pay builders and other contractors, to minimise interest costs. Drawings must be completed within 12 months. |
$300 covers all |
|
Fixed rate lock in |
Westpac offers the opportunity for customers to lock in their fixed rate from the date of applying for the fixed rate through to 2 days prior to the settlement date. The fixed rate that will apply at the date of your request is the current fixed rate. This ensures that if fixed rates increase after your request to lock in your fixed rate through the settlement process, your rate will be protected for up to 90 days from product selection. |
0.15% of loan amount |
Redraw Authority form (PDF 58kb)Things you should know
- 1.Subject to Bank's approval.
Fees
Standard fees and home loan package fees
You can discover a wide range of benefits to suit your financial needs with the Premier Advantage Package, however an annual package fee of $395 applies. 1
| Fee | Standard loan | Under Premier Advantage Package | Low doc loan under Premier Advantage Package |
|---|---|---|---|
| Loan establishment fee | $600 (one up-front fee) | NIL | $355 |
| Loan maintenance fee | $8 per month | NIL | NIL |
Things you should know
- 1. Other fees and charges apply.
Rates
| Loan | Annual rate | Comparison rate 2 |
|---|---|---|
| Fixed Options (fixed for 1 year) | 6.39% p.a. |
7.39% p.a. (i) Show comparison rates |
| Amount of loan | Term | Annual interest rate | Comparison rate |
|---|---|---|---|
| $15,000 | 4 years | See Note 1 | 10.80% p.a. |
| $20,000 | 4 years | See Note 1 | 9.83% p.a. |
| $25,000 | 5 years | See Note 1 | 8.98% p.a. |
| $30,000 | 5 years | See Note 1 | 8.65% p.a. |
| $50,000 | 7 years | See Note 1 | 7.88% p.a. |
| $70,000 | 25 years | See Note 1 | 7.53% p.a. |
| $100,000 | 25 years | See Note 1 | 7.45% p.a. |
| $130,000 | 25 years | See Note 1 | 7.41% p.a. |
| $150,000 | 25 years | See Note 1 | 7.39% p.a. |
| $200,000 | 25 years | See Note 1 | 7.35% p.a. |
| $225,000 | 25 years | See Note 1 | 7.34% p.a. |
| $250,000 | 25 years | See Note 1 | 7.33% p.a. |
| $275,000 | 30 years | See Note 1 | 7.33% p.a. |
| $300,000 | 30 years | See Note 1 | 7.33% p.a. |
Note 1: For the fixed rate period of the loan, the interest rate will be 6.39% p.a. After the fixed rate period the interest rate will be the Rocket Variable rate currently 7.36% p.a. (subject to change).
| Loan | Annual rate | Comparison rate 2 |
|---|---|---|
| Fixed Options (fixed for 2 years) | 6.39% p.a. |
7.29% p.a. (i) Show comparison rates |
| Amount of loan | Term | Annual interest rate | Comparison rate |
|---|---|---|---|
| $15,000 | 4 years | See Note 2 | 10.51% p.a. |
| $20,000 | 4 years | See Note 2 | 9.53% p.a. |
| $25,000 | 5 years | See Note 2 | 8.71% p.a. |
| $30,000 | 5 years | See Note 2 | 8.38% p.a. |
| $50,000 | 7 years | See Note 2 | 7.65% p.a. |
| $70,000 | 25 years | See Note 2 | 7.44% p.a. |
| $100,000 | 25 years | See Note 2 | 7.36% p.a. |
| $130,000 | 25 years | See Note 2 | 7.31% p.a. |
| $150,000 | 25 years | See Note 2 | 7.29% p.a. |
| $200,000 | 25 years | See Note 2 | 7.26% p.a. |
| $225,000 | 25 years | See Note 2 | 7.25% p.a. |
| $250,000 | 25 years | See Note 2 | 7.24% p.a. |
| $275,000 | 30 years | See Note 2 | 7.25% p.a. |
| $300,000 | 30 years | See Note 2 | 7.24% p.a. |
Note 2: For the fixed rate period of the loan, the interest rate will be 6.39% p.a. After the fixed rate period the interest rate will be the Rocket Variable rate currently 7.36% p.a. (subject to change).
| Loan | Annual rate | Comparison rate 2 |
|---|---|---|
| Fixed Options (fixed for 3 years) | 6.39% p.a. |
7.21% p.a. (i) Show comparison rates |
| Amount of loan | Term | Annual interest rate | Comparison rate |
|---|---|---|---|
| $15,000 | 4 years | See Note 3 | 10.34% p.a. |
| $20,000 | 4 years | See Note 3 | 9.36% p.a. |
| $25,000 | 5 years | See Note 3 | 8.53% p.a. |
| $30,000 | 5 years | See Note 3 | 8.19% p.a. |
| $50,000 | 7 years | See Note 3. | 7.48% p.a. |
| $70,000 | 25 years | See Note 3 | 7.35% p.a. |
| $100,000 | 25 years | See Note 3 | 7.27% p.a. |
| $130,000 | 25 years | See Note 3 | 7.23% p.a. |
| $150,000 | 25 years | See Note 3 | 7.21% p.a. |
| $200,000 | 25 years | See Note 3 | 7.17% p.a. |
| $225,000 | 25 years | See Note 3 | 7.16% p.a. |
| $250,000 | 25 years | See Note 3 | 7.15% p.a. |
| $275,000 | 30 years | See Note 3 | 7.17% p.a. |
| $300,000 | 30 years | See Note 3 | 7.16% p.a. |
Note 3: For the fixed rate period of the loan, the interest rate will be 6.39% p.a. After the fixed rate period the interest rate will be the Rocket Variable rate currently 7.36% p.a. (subject to change).
| Loan | Annual rate | Comparison rate 2 |
|---|---|---|
| Fixed Options (fixed for 4 years) | 6.89% p.a. |
7.31% p.a. (i) Show comparison rates |
| Amount of loan | Term | Annual interest rate | Comparison rate |
|---|---|---|---|
| $15,000 | 4 years | 6.89% p.a. | 10.78% p.a. |
| $20,000 | 4 years | 6.89% p.a. | 9.80% p.a. |
| $25,000 | 5 years | See Note 4 | 8.90% p.a. |
| $30,000 | 5 years | See Note 4 | 8.56% p.a. |
| $50,000 | 7 years | See Note 4 | 7.76% p.a. |
| $70,000 | 25 years | See Note 4 | 7.46% p.a. |
| $100,000 | 25 years | See Note 4 | 7.38% p.a. |
| $130,000 | 25 years | See Note 4 | 7.33% p.a. |
| $150,000 | 25 years | See Note 4 | 7.31% p.a. |
| $200,000 | 25 years | See Note 4 | 7.28% p.a. |
| $225,000 | 25 years | See Note 4 | 7.27% p.a. |
| $250,000 | 25 years | See Note 4 | 7.26% p.a. |
| $275,000 | 30 years | See Note 4 | 7.27% p.a. |
| $300,000 | 30 years | See Note 4 | 7.26% p.a. |
Note 4: For the fixed rate period of the loan, the interest rate will be 6.89% p.a. After the fixed rate period the interest rate will be the Rocket Variable rate currently 7.36% p.a. (subject to change).
| Loan | Annual rate | Comparison rate 2 |
|---|---|---|
| Fixed Options (fixed for 5 years) | 6.89% p.a. |
7.28% p.a. (i) Show comparison rates |
| Amount of loan | Term | Annual interest rate | Comparison rate |
|---|---|---|---|
| $15,000 | 4 years | 6.89% p.a. | 10.78% p.a. |
| $20,000 | 4 years | 6.89% p.a. | 9.80% p.a. |
| $25,000 | 5 years | 6.89% p.a. | 8.88% p.a. |
| $30,000 | 5 years | 6.89% p.a. | 8.55% p.a. |
| $50,000 | 7 years | See Note 5 | 7.72% p.a. |
| $70,000 | 25 years | See Note 5 | 7.43% p.a. |
| $100,000 | 25 years | See Note 5 | 7.34% p.a. |
| $130,000 | 25 years | See Note 5 | 7.30% p.a. |
| $150,000 | 25 years | See Note 5 | 7.28% p.a. |
| $200,000 | 25 years | See Note 5 | 7.25% p.a. |
| $225,000 | 25 years | See Note 5 | 7.23% p.a. |
| $250,000 | 25 years | See Note 5 | 7.23% p.a. |
| $275,000 | 30 years | See Note 5 | 7.23% p.a. |
| $300,000 | 30 years | See Note 5 | 7.23% p.a. |
Note 5: For the fixed rate period of the loan, the interest rate will be 6.89% p.a. After the fixed rate period the interest rate will be the Rocket Variable rate currently 7.36% p.a. (subject to change).
| Loan | Annual rate | Comparison rate 2 |
|---|---|---|
| Fixed Options (fixed for 7 years) | 7.99% p.a. |
7.86% p.a. (i) Show comparison rates |
| Amount of loan | Term | Annual interest rate | Comparison rate |
|---|---|---|---|
| $15,000 | 4 years | 7.99% p.a. | 11.86% p.a. |
| $20,000 | 4 years | 7.99% p.a. | 10.89% p.a. |
| $25,000 | 5 years | 7.99% p.a. | 9.97% p.a. |
| $30,000 | 5 years | 7.99% p.a. | 9.64% p.a. |
| $50,000 | 7 years | 7.99% p.a. | 8.78% p.a. |
| $70,000 | 25 years | See Note 6 | 8.02% p.a. |
| $100,000 | 25 years | See Note 6 | 7.93% p.a. |
| $130,000 | 25 years | See Note 6 | 7.88% p.a. |
| $150,000 | 25 years | See Note 6 | 7.86% p.a. |
| $200,000 | 25 years | See Note 6 | 7.83% p.a. |
| $225,000 | 25 years | See Note 6 | 7.82% p.a. |
| $250,000 | 25 years | See Note 6 | 7.81% p.a. |
| $275,000 | 30 years | See Note 6 | 7.77% p.a. |
| $300,000 | 30 years | See Note 6 | 7.76% p.a. |
Note 6: For the fixed rate period of the loan, the interest rate will be 7.99% p.a. After the fixed rate period the interest rate will be the Rocket Variable rate currently 7.36% p.a. (subject to change).
| Loan | Annual rate | Comparison rate 2 |
|---|---|---|
| Fixed Options (fixed for 10 years) | 7.99% p.a. |
7.96% p.a (i) Show comparison rates |
| Amount of loan | Term | Annual interest rate | Comparison rate |
|---|---|---|---|
| $15,000 | 4 years | 7.99% p.a. | 11.86% p.a. |
| $20,000 | 4 years | 7.99% p.a. | 10.89% p.a. |
| $25,000 | 5 years | 7.99% p.a. | 9.97% p.a. |
| $30,000 | 5 years | 7.99% p.a. | 9.64% p.a. |
| $50,000 | 7 years | 7.99% p.a. | 8.78% p.a. |
| $70,000 | 25 years | See Note 7 | 8.11% p.a. |
| $100,000 | 25 years | See Note 7 | 8.03% p.a. |
| $130,000 | 25 years | See Note 7 | 7.98% p.a. |
| $150,000 | 25 years | See Note 7 | 7.96% p.a. |
| $200,000 | 25 years | See Note 7 | 7.93% p.a. |
| $225,000 | 25 years | See Note 7 | 7.92% p.a. |
| $250,000 | 25 years | See Note 7 | 7.91% p.a. |
| $275,000 | 30 years | See Note 7 | 7.86% p.a. |
| $300,000 | 30 years | See Note 7 | 7.85% p.a. |
Note 7: For the fixed rate period of the loan, the interest rate will be 7.99% p.a. After the fixed rate period the interest rate will be the Rocket Variable rate currently 7.36% p.a. (subject to change).
Home loan package discount rates.
You can receive a discount of 0.2% p.a. on the fixed interest rate if you choose the Premier Advantage Package 1.
Things you should know
- 1.The discount rate applies to loans of $150,000 and above, effective 21 July 2008, and includes ‘low doc’ loans. Existing fixed loans are not eligible, unless the loan is refixed. Some exclusions apply. Interest rate and discounted margin are subject to change before settlement or before a rate is locked in. Fees and charges and normal lending criteria apply. Terms and Conditions apply and are available on request.
- 2.The comparison rate for the Fixed Options Home Loan 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.
- (i). This comparison rate is based on a secured loan of $150,000 over the term of 25 years. Warning: The comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
Options
Take advantage of a home loan package
Receive an interest rate discount of 0.2% on any fixed portion of loans over $150,000 under Westpac's home loan package. An annual package fee applies. 1
Consider other types of loans
Combination loan – split your home loan between fixed and variable to give you both flexibility and certainty.
Submit a low doc loan application
If you’re self-employed and don't have documented proof of income, we can still help. You’ll need to provide us with your registered business name along with your ABN and your last 12 months Business Activity Statements (BAS). Eligibility criteria apply.
Repayment methods
- Principal, interest and fees loans can be paid monthly, fortnightly or weekly, direct debit is preferred
- Interest only loans are available for up to 15 years. Repayments are monthly by direct debit.
Things you should know
- 1.The discount rate applies to loans of $150,000 and above, effective 21 July 2008, and includes ‘low doc’ loans. Existing fixed loans are not eligible, unless the loan is refixed. Some exclusions apply. Interest rate and discounted margin are subject to change before settlement or before a rate is locked in. Fees and charges and normal lending criteria apply. Terms and Conditions apply and are available on request.
