Products and features
Westpac's home loans give your clients choices, whether they’re looking for flexibility, certainty, or a combination of both.
More offsets, less home loan
Does your client have a Rocket loan? They can link up to 10 offset accounts.**
- Every dollar in a linked offset reduces home loan interest.
- Easier budgeting: distribute funds into buckets, like income and expenses.
- To link their offset, sign in to Online Banking or the Westpac App, select Manage offset accounts and follow prompts.
Read our FAQs by searching "Westpac Multiple Offset FAQs" on BrokerHub.
Product features |
Basic variable loan |
Fixed rate loan |
Variable with offset |
Construction loan |
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Family guarantee |
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Offset available |
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Split loan |
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2 |
2 |
Portability1 |
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2 |
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Extra repayments1 |
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(up to $30k/fixed period) |
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Redraw |
(up to $30k/fixed period) |
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Reduced repayments3 |
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Repayment holiday3 |
(available redraw) |
(available redraw) |
(available redraw) |
Switching |
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2 |
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Top-ups1 |
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| Bridging Loan4 | |
Existing OO loans only | Existing OO loans only |
Specifications |
Basic variable loan |
Fixed rate loan |
Variable with offset |
Maximum loan term |
30 years |
30 years |
30 years |
Minimum loan size |
$25,000 |
$15,000 |
$10,000 |
Min aggregate for package discounts |
- |
$150,000 |
$150,000 |
LVR Investment |
up to 90% (LMI cap) |
up to 90% (LMI cap) |
up to 90% (LMI cap) |
LVR Owner Occupied |
up to 95% (LMI cap) |
up to 95% (LMI cap) |
up to 95% (LMI cap) |
IO term Investment |
max 10 years |
max 10 years |
max 10 years |
IO term Owner Occupied |
max 5 years |
max 5 years |
max 5 years |
Repayment frequency PIF |
W, F, M |
W, F, M |
W, F, M |
Repayment frequency IO |
M |
M |
M |
Fees and charges |
Basic variable loan |
Fixed rate loan |
Variable with offset |
Lending establishment fee |
$0 (special offer) |
$0 (waived) |
$0 (waived) |
Loan account fee |
$0 |
$0 (waived) |
$0 (waived) |
Guarantor fee |
$200 |
$200 |
$200 |
Annual package fee# |
- |
$395 |
$395 |
A second loan to help make sustainable upgrades to your home
You could help clients make energy-efficient and climate-resilient upgrades to their home, with our Sustainable Upgrades home and investment loan on a cool 3.74% p.a. variable rate (4.13% p.a. comparison rate)*.
Quick tips, handy tools, and useful guides
Home loan calculators
Things you should know
Credit Criteria, fees and charges apply. Terms and conditions available on request. Based on Westpac's credit criteria, residential lending is not available for Non-Australian Resident borrowers.
This information's been prepared without taking your clients objectives, needs and overall financial situation into account. For this reason, your client consider the appropriateness of the information and, if necessary, seek appropriate professional advice. This includes any tax consequences arising from any promotions for investors and customers should seek independent advice on any taxation matters.
If any of the information related to (or provided by) Westpac Group that you rely on is printed, downloaded or stored in any manner on your systems, files or otherwise, please ensure that you update your systems and files with the most up-to-date information provided by us and rely only on such updated information.
**Offset is available on a Rocket Repay Home Loan or a Rocket Investment Loan. You can link multiple offset accounts to a loan account, but each eligible offset account can link to just one loan account. If any named account holder of a transaction account is not a borrower on the loan account, the loan account cannot be linked to that transaction account.
+LVR stands for the loan-to-value ratio. LVR is the amount of your loan compared to the Bank's valuation of your property offered to secure your loan expressed as a percentage. Home loan rates for new loans are set based on the initial LVR and won't change during the life of the loan as the LVR changes.
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.
Premier Advantage Package Conditions of Use (PDF 293KB)
1Portability, Extra repayments, Top-ups: Subject to Bank's approval.
2Break costs may apply: If at any time before the end of a fixed rate period you switch to another product, interest rate (fixed or variable) or repayment type, then a break cost may apply.
3Options to lower repayments: conditions, eligibility and suitability criteria apply.
- Reduced loan repayments. Had your home loan for more than a year? You could apply to lower your minimum repayment by up to 50%, for up to 12 months. But, when this time ends, your repayments will increase to ensure you repay your loan within its original term.
- Repayment Holiday. Ahead on your home loan because you’ve made extra repayments? If you need to, you can arrange to skip repayments or repay less, as long as your ‘Available’ funds are enough to cover your minimum scheduled repayment
- Switching to an Interest Only repayment term. Sometimes you can apply to repay just the interest for a while. But, when you go back to repaying Principal & Interest, your repayments will be higher. This is because you still have to pay back the money you borrowed. And means you’ll pay more interest overall than if you instead chose to continue paying Principal & Interest.
4Bridging Loan: Available for Owner Occupier purposes only for a period of 12 months. After the first 3 months interest rate increases by 1.00%. Not available for investment property purchases, debt consolidation or residential lending originated under family or company trusts.
*Sustainable Upgrades home loan and Sustainable Upgrades investment loan comparison rate: The comparison rate is based on a loan of $30,000 over the term of 5 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
^Flexi First Option Home Loans and Investment Loans: Life-of-loan discount is available for new Owner Occupier and Investment Property loans. This includes both Principal & Interest and Interest Only repayments. Offer does not apply to product switches. Interest rates are subject to change. Offer may be varied or withdrawn at any time.
If at any time before the end of a fixed rate period you switch to another product, interest rate (fixed or variable) or repayment type, then a break cost may apply.
Comparison rate: The comparison rate is based on a loan of $150,000 over the term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
© 2021 Credit criteria, fees and charges apply. Terms and conditions available on request. Credit provided by Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.