Media releases
Westpac lowers variable rates for new home loan customers
16 April 2025
To help new customers get a clearer picture of their interest rate upfront, Westpac has lowered advertised rates on packaged variable home loans by 1.05% p.a. for owner occupiers and 1.40% p.a. for investors.
For example, the new Westpac advertised package variable rate is now 6.24% for owner-occupiers (from 7.29% p.a.) and 6.44% p.a. for investors (from 7.84% p.a.) on principal and interest payments with a loan-to-value ratio between 70-80%[1].
The changes to advertised rates are effective today and available for new customers applying for Westpac’s Premier Advantage Package[2], as well as St.George, Bank of Melbourne and BankSA Advantage Packages. This means advertised rates for all brands are now among the lowest of the major banks.
“Interest rates are top of mind for Australians at the moment and borrowers are seeking the best deal on their home loan,” said Westpac Managing Director of Mortgages, James Hutton.
“The change we’re making gives buyers a clearer picture of their rate and borrowing power upfront. It also means our advertised rates are now among the lowest of the major banks – providing a competitive proposition for new customers.
“While this is a change for new customers, our existing packaged variable customers will continue to receive their current negotiated discount. We’ve also introduced new features, including the ability to set up multiple offset accounts, which is helping new and existing customers get ahead on their home loan,” said Hutton.
Westpac Premier Advantage Package customers receive an upfront discount on their home loan, which has been increased through this change[3]. For an annual fee of $395, customers also benefit from no monthly fee on the home loan or transaction account, an eligible credit card annual card fee waiver, and discounted home or landlord insurance.
“Our packaged home loans offer current and new customers a great rate with a package of features and products designed to give bang for buck, and greater control over household finances with the option to bundle their loan with up to 10 multiple offset accounts,” said Hutton.
“Owner occupier refinancers looking for a better deal on their current home loan can also access our new Online Home Loan basic variable rate offer of 5.84% p.a. on principal and interest repayments with up to 70% loan-to-value ratio3, when they switch to Westpac.
“These new offers and features are providing borrowers with more choice and convenience in how they manage their home loan and are backed by the expertise of our bankers who can help guide them through their home ownership needs,” said Hutton.
Westpac’s expert home lending team is ready to help new and existing customers at any stage of the homeownership journey, via a variety of channels including online video consultations, over the phone, in branch, or a meet up with a mobile lender at a convenient place and time.
Westpac tools to help customers get the most out of their home loan:
- Online Home Loan offer: a low rate for new Westpac customers refinancing via the Westpac app or website, with less paperwork.
- Multiple Offset Accounts: customers can now link up to 10 offset accounts to an eligible Westpac home loan for greater control over their finances, and potential savings on interest and loan term.
- Westpac app tools: Australia’s #1 banking app offers a range of features to help customers manage their money on the go, including budget tools, savings finder and the ability to get bill reminders. It also includes a Property Dashboard, where customers can view their property portfolio (attached to Westpac home loan) all in one place, including estimated values, a loan snapshot and invaluable portfolio insights.
- Home Loan Calculators: Westpac has several calculators available to help buyers better understand their borrowing power and estimated repayments, as well as any upfront costs including stamp duty, or lender’s mortgage insurance.
ENDS
[1]Loan-to-value ratio (LVR) is the ratio of the value of a property to the size of the loan as a percentage. Lenders commonly use LVR to help assess how much to lend a homebuyer or investor.
[2]Premier Advantage Package: Conditions of Use and $395 annual package fee applies. You must either hold or be approved for a Westpac Choice transaction account in order to qualify and continue to receive the benefits of the Premier Advantage Package. Applicants must have a Westpac Choice transaction account linked to the home loan at the time of settlement and must keep this account open for 60 days after settlement. Before deciding to acquire a Westpac Choice account, read the terms and conditions, and consider whether the product is right for you. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters.
[3]Westpac Premier Advantage Package discounts will increase by 1.05% to 2.34% for owner occupiers; and by 1.40% to 2.69% for investors.Westpac is investing in regional Australia with three new banking service centres in New South Wales, Victoria and Tasmania.
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