Home loan fees & costs
There are no Westpac fees for:
- Loan increases (property valuer fee may apply)
- Extra repayments on variable loans
- Up to $30k in extra repayments on fixed loans (break costs** may apply if you repay more)
- Redrawing from your loan^
- Construction option (property valuer fees may apply)
- Portability option (moving house)
- Repayment Holidays
- Loan switching (changing loan/repayment type – break costs** may apply for changes to a fixed rate loan)
What fees are on my Westpac home loan?
View fees and costs for:
For owner occupied and investor loans.
| Fees and costs | Amount |
|---|---|
| Upfront | |
| Lending establishment fee | $0 |
| Ongoing | |
| Monthly loan account fee | $0 |
| If applicable | |
| Lenders Mortgage Insurance premium (may be payable if your loan-to-value ratio is more than 80% of your property’s value) | Individual calculation |
| Additional bank cheque at settlement | $10 |
| Missed payment fee | $15 |
| Overdrawn fee | $15 |
Document processing fee (may be payable if we deal with the mortgage or title document after settlement) |
$150 |
| Property valuer fee (may be payable if a valuation is needed) | Determined by external valuer's fee |
| Loan discharge fee | $350 per loan |
See more about our basic variable home loan
For owner occupied and investor loans.
| Fees and costs | Packaged# amount |
Without package amount |
|---|---|---|
| Upfront | ||
| Lending establishment fee | $0 | $600 |
| Ongoing | ||
| Annual Premier Advantage Package fee | $395 | - |
| Monthly loan account fee | $0 | $8 |
| Monthly account-keeping fee on any linked offset account | Waived^^ | Waived^^ |
| If applicable | ||
| Lenders Mortgage Insurance premium (may be payable if your loan-to-value ratio is more than 80% of your property’s value) | Individual calculation | Individual calculation |
| Additional bank cheque at settlement | $10 | $10 |
| Stop cheque payment fee | $12 | $12 |
| Missed payment fee | $15 | $15 |
| Overdrawn fee | $15 | $15 |
| Document processing fee (may be payable if we deal with the mortgage or title document after settlement) |
$150 | $150 |
| Property valuer fee (may be payable if a valuation is needed) | Determined by external valuer's fee | Determined by external valuer's fee |
| Loan discharge fee | $350 per loan | $350 per loan |
See more about our variable home loan with offset account
1-5 year loan term for owner occupiers and investors.
| Fees and costs | Packaged# amount |
Without package amount |
|---|---|---|
| Upfront | ||
| Lending establishment fee | $0 | $600 |
| Ongoing | ||
| Annual Premier Advantage Package fee | $395 | - |
| Monthly loan account fee | $0 | $8 |
| If applicable | ||
| Lock-in fee (to lock-in a fixed rate) | 0.10% of loan amount | 0.10% of loan amount |
| Lenders Mortgage Insurance premium (may be payable if your loan-to-value ratio is more than 80% of your property’s value) | Individual calculation | Individual calculation |
| Break cost** | Individual calculation | Individual calculation |
| Additional bank cheque at settlement | $10 | $10 |
| Missed payment fee | $15 | $15 |
| Overdrawn fee | $15 | $15 |
Document processing fee (may be payable if we deal with the mortgage or title document after settlement) |
$150 | $150 |
| Property valuer fee (may be payable if a valuation is needed) | Determined by external valuer's fee | Determined by external valuer's fee |
| Loan discharge fee | $350 per loan | $350 per loan |
See more about our fixed options home loan
A short-term variable interest loan for owner occupiers.
| Fees and costs | Amount |
|---|---|
| Upfront | |
| Lending establishment fee | $600 |
| Ongoing | |
| Loan account fee | $8/month |
| If applicable | |
| Overdrawn fee | $15 |
| Document processing fee (may be payable if we deal with the mortgage or title document after settlement) |
$150 |
| Property valuer fee (may be payable if a valuation is needed) | Determined by external valuer's fee |
| Loan discharge fee | $350 per loan |
See more about our bridging loan
What are some of the other costs of buying a home?
Upfront Government costs can include:
- Government transfer/stamp duty, based on your home’s value (first home buyers could be eligible for grants and concessions)
- Government mortgage registration fee
- Government land tax and registration of title.
Upfront non-bank costs can include:
- Legal or conveyancing fees
- Pest, building or strata reports
- Optional independent valuer’s fee.
Ongoing non-bank costs can include:
- Local Government council rates
- Utilities, like electricity
- Insurance
- Strata levies, for most units
- Home maintenance.
Keep exploring
Things you should know
Conditions, credit criteria, fees and charges apply. Residential lending is not available for Non-Australian Resident borrowers.
This information is general in nature and has been prepared without taking your personal objectives, circumstances and needs into account. You should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.
Taxation considerations contained in this article (on this page) are general in nature. They do not take into account your personal circumstances and they should not be interpreted or used as tax advice or a tax guide. You should seek independent tax advice to determine the appropriate tax consequences relevant to your circumstances before making any decision based on this information.
^Redraw facility: if you have 'available funds' (you've made extra home loan repayments) and you've activated your redraw facility, you're free to redraw them with no redraw fee. Up to $100k will be available to redraw from your variable loan online or over the phone each day (unlimited in-branch). For fixed loans you can redraw up to your prepayment threshold during your fixed term. Read our Home Loan Redraw Authority form (PDF 66KB) for full details.
^^Monthly $5 Westpac Choice account-keeping fee waived if you meet one of the following:
- You've linked it to your Rocket Repay Home Loan or Rocket Investment Loan as an offset account
- You deposit at least $2,000 each month
- You're under 30 years old, or a full-time tertiary student
- Westpac Choice Concession account holders
- You're new to Australia, or an expatriate customer (for the first 12 months).
#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)
**Break costs on fixed loan prepayments and switching: customers can make total prepayments of up to $30,000 (cumulative) for fixed loans, without costs or fees applying. You may incur a break cost and administration fee if your prepayments exceed this threshold, or 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.