Home loans support information
Manage an existing COVID-19 Home Loan support package
If you’ve received a support package^, you can find out more information about your options by visiting our Home Loan Support Package Options page.
Visit the home loan support package page
Request new support for home loan customers
If you've lost your job or suffered loss of income (including rental income) as a result of COVID-19, we’re here to help through this challenging time. Please note the 2020 Support Package is no longer available however we can help provide a tailored solution that will give you the support you need to get back on track.
You can request help via the COVID-19 Support Hub in Online Banking
FAQs: Switching to Interest Only
Switching to interest only will mean your repayments are temporarily lower during the interest only period. This is because you are only required to pay the interest portion of your repayments rather than both the principal and interest.
You can check your current interest rate, your repayment amount and due date in Westpac Live online banking.
At the end of your interest only period, your repayments will:
- Switch back to principal and interest.
- Increase – this is because your principal will now need to be paid back in a shorter timeframe. Therefore, your repayments will be higher than if you’d stayed on principal and interest from the outset. The longer the interest only period, the higher the jump in repayments will be.
Interest rates for loans with interest only repayments are higher
To see a full list of our interest rates, visit our interest rates page.
To find out if you are eligible to switch your repayments to interest only repayments call us on 132 558.
If you are an owner occupier, you may be approved for an interest only term between 1 and 5 years.
If you are an investor, you may be approved for an interest only term between 1 and 10 years.
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Things you should know
^ The 2020 COVID-19 Support Package is no longer available for new applications.