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Home Loan Offers and Interest Rates

The latest special offers and interest rates to help your clients when choosing us for their home loan needs.

Home Loan Offers and Interest Rates (PDF 60KB)

Special Offers & Promotional Interest Rates

Get $2K cashback when you refinance to us1

Apply by 31st October 2022, settle by 31st January 2023. Owner Occupier loans (P&I repayments) and Investment Property loans, with LVR+ up to 80% and min $250k loan. Flexi First Option or packaged# home loans only ($395 annual package fee). Limit of one $2000 cashback offer available per primary applicant within a 12 month period. For joint applications, only one cashback payment will be paid to the primary applicant. Excludes refinances within Westpac Group. 

 

FAQ

To be eligible for the $2000 Refinance Cashback offer, your client will need to meet the following conditions:

  • Refinance to a Westpac Owner Occupier (Principal & Interest repayment) or Investment Property (Principal & Interest or Interest Only repayment) home loan.
  • Flexi First Option Home Loan or Premier Advantage Package* ($395 annual package fee and full terms and conditions apply)
  • Minimum loan size of $250k
  • LVR up to 80%
  • Applications received between 1st August 2022 to 31st October 2022 and settle by 31st January 2023.
  • Limit of one $2000 cashback per customer payment regardless of the number of applications, applicants, properties or loans involved per 12 month period. For joint applications, only one cashback payment will be paid to the primary applicant.

Fixed Rate Lock-In

Fixed Rate Lock-In* allows your clients to secure an advertised Fixed Interest Rate for up to 90 days before their new Fixed Rate Home Loan settles. Fixed Rate Lock-In is not available for Approval in Principle loans. A full application must be submitted to utilise the Fixed Rate Lock-In option. For a fee of 0.10% of the loan amount, your client is protected from the possibility of rising fixed interest rates. At the end of the fixed rate period the interest rate will convert to the applicable variable home loan rate.

How to request a Fixed Rate Lock-In* option

While you are submitting the loan application in ApplyOnline, go to the Features and Discount section and select ‘Fixed Rate Lock-In’ in the Loan Details tab. Your selection will automatically generate a comment in the loan application, alerting our Broker Partnership Unit (BPU) of your client’s requirement.

If the option was not selected in ApplyOnline on loan submission, but your clients have now chosen to have Fixed Rate Lock-In:

• For applications that have not received unconditional approval and Terms and Conditions have not yet been issued, email CLOpreproduction@westpac.com.au with the application number in the subject heading, and the request to apply Fixed Rate Lock-In. The date the email is received is the applicable date of the Fixed Rate Lock-In, and the advertised fixed rate at that time will apply. Fixed Rate Lock-In fee will be shown on the Loan Offer letter and will be collected from the customer upon their acceptance of the Loan Offer letter, via either a bank cheque or debit to a Westpac transaction account.

• For applications that have received unconditional approval, call the broker hotline to apply Fixed Rate Lock-In to the loan, and provide Westpac transaction account details for the fee debit. It is important that you speak to the broker hotline directly to ensure the rate advertised on the day is locked in during the phone call. Do not email the Preproduction or Settlement teams with the Fixed Rate Lock-In request, as customers will not be guaranteed to receive the rate, and their application may need to be reworked and re-approved.

Please note:

• Fixed Rate Lock-In cannot be amended or extended.

• Fixed Rate Lock-In can be cancelled prior to settlement, however the fee is not refundable.

• If the loan features change, e.g. fixed term is changed, Fixed Rate Lock-In will no longer apply. The option will need to be reselected and a new fee will be payable.

For more information, please speak with your BDM.

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. Tax consequences may arise from these promotions for investors and customers should seek independent advice on any taxation matters.
 

The above rates exclude any LVR discounts available for new loans. 


 

Fixed interest rates: Interest Rates displayed are for Australian residents only. The Bank will apply the fixed rate that is available at the loan settlement date. At the end of the fixed rate period the interest rate will convert to the applicable variable home loan interest rate unless a new fixed rate term is selected and then the fixed rate is determined two business days prior to the refix.

 

^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.



* Rate Lock: The Bank will apply the fixed rate that is available at the loan settlement date, unless the customer locks a fixed rate in on the loan using our Rate Lock feature. The rate lock fee is 0.10% of the loan amount. At the end of the fixed rate period the interest rate will revert to the applicable variable home loan interest rate unless a new fixed rate term is selected and then the fixed rate is determined two business days prior to the refix.
 

#Premier Advantage Package Conditions of Use and $395 annual package fee applies. Your clients must either hold or be approved for a Westpac Choice account in order to qualify and continue to receive the benefits of the Premier Advantage Package. Before deciding to acquire a Westpac Choice account, they should read the terms and conditions, and consider whether the product is right for them.
 

+LVR stands for the initial loan to value ratio at loan approval. 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 don’t change because of changes to the LVR during the life of the loan.

 

Premier Advantage package Conditions of Use (PDF 88KB)
 

1$2K refinance cashback offer: Conditions, credit criteria, fees, charges, eligibility criteria and exclusions apply. Apply between 1st August 2022 to 31st October 2022 and settle by 31st January 2023 for refinance applications. Offer may be varied or withdrawn at any time. Min Loan amount $250k and LVR up to 80%. Offer available for Owner Occupier with Principal & Interest repayments and Investment Property Loans (Principal and Interest & Interest Only repayments). Premier Advantage Package ($395 annual package fee and T&Cs apply) and Flexi First Option Loans. Limit of one $2,000 cashback payment regardless of the number of applications, applicants, properties or loans involved per 12 month period. For joint applications, only one cashback payment will be paid to the primary applicant. Excludes Owner Occupier Interest Only, residential lending originated under family or company trusts and refinances within Westpac Group (Westpac, St.George, Bank of Melbourne, BankSA and RAMS). The cashback will be paid into an open Westpac Choice transaction account within 60 days of settlement. This account must be in the same name as the home loan account and linked to the home loan at settlement. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters. 

2Flexi First Option special offer rates with Principal & Interest repayments 

Special offers are only available on new Flexi First Option Home and Investment Loans with Principal & Interest repayments. Discounts do not apply to internal refinances or switches within the Westpac Group, which includes refinances from Westpac, St.George, Bank of Melbourne, BankSA and RAMS. Not available to company and trust account holders. Offer may be varied or withdrawn at any time. Interest rates are subject to change:

  • For a property to live in (Owner occupier): Offer commences 21/06/2022. Includes a 1.94% p.a. discount for two years from the loan settlement date, at the end of the period it will revert to a 1.54% p.a. discount for the life of the loan.​
  • For an investment property:  Offer commences 21/06/2022. Includes a 2.09% p.a. discount for two years from the loan settlement date, at the end of the period it will revert to a 1.69% p.a. discount for the life of the loan. ​

3Flexi First Option special offer rates with Interest Only repayments 

Special offers are only available on new Flexi First Option Home and Investment Loans with Interest Only repayments. Discounts do not apply to internal refinances or switches within the Westpac Group, which includes refinances from Westpac, St.George, Bank of Melbourne, BankSA and RAMS. Not available to company and trust account holders. Offer may be varied or withdrawn at any time. Interest rates are subject to change:

  • For a property to live in (Owner Occupier): Offer commences 5/06/2020. Includes a 0.53% p.a. discount off our Flexi First Option Home Loan Variable Rate with Interest Only repayments for the life of loan. Interest rates are subject to change.
  • For an investment property: Offer commences 21/06/2022. Includes a 2.05% p.a. discount for two years from the loan settlement date, at the end of the period it will revert to a 1.65% p.a. discount for the life of loan.​

4 $2,000 Cashback:  Conditions, credit criteria, fees, charges, eligibility criteria and exclusions apply.  Exclusive offer available for existing Westpac home loan customers who take out a new Owner Occupier or Investment Property Loan when both: (i) a new home loan application is received from 30 May 2022 to 30 September 2022 and settled by 31 December 2022, and (ii) an existing Westpac home loan is sold from 1 March 2022 to 31 December 2022. The cashback will be paid into a Westpac Choice transaction account within 60 days of the settlement of the new loan or the sale of the existing Westpac home loan (whichever is later). The transaction account must be linked to the home loan at the time of settlement, and kept open for 60 days after settlement. Only one cashback will be paid regardless of the number of applications, applicants, properties or loans involved. For joint applications, only one cashback payment will be paid to the primary applicant. Before deciding to acquire a Westpac Choice transaction account, read the terms and conditions, and consider whether the product is right for you.

Offer current as of 30 May 2022 and may be varied or withdrawn at any time. $250k min loan amount. No LVR restrictions apply to this offer. Excludes refinances and switches of home loans from external providers or within the Westpac Group (which includes Westpac, St.George, Bank of Melbourne, BankSA and RAMS). Offer not available for residential lending originated under family or company trusts, Equity Access Loans, Bridging Loans, Portabilities, Westpac Private Bank customers and customers holding business products, or home loans sold from a different brand within the Westpac Group.

Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters.

Credit provided by Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.