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
Help over the holiday period for customers impacted by COVID-19
We understand the difficulties that COVID-19 has created for many customers. Our Customer Assist team is available to help customers over the holiday period, but please note we may experience higher than normal call volumes which could result in some delays.
Our Customer Assist Team will close at 8pm EDST Thursday 24 December 2020 and will re-open 8am EDST Tuesday 29 December 2020. We will also be closed on Fri 1 January 2021 and Tues 26 January 2021.
Our operating hours for all other days will be:
Mon-Sat 8am-8pm EDST
If you are currently on a Covid Package or would like to request help due to COVID-19 for the first time, please complete the form in the COVID-19 Support Hub in online banking and we’ll contact you to understand your current circumstances and the assistance options that may be available to you. You can also visit the COVID-19 Customer Support page to further understand your options. Please note the 2020 Support Package is no longer available, however we can help with a tailored solution to support you getting back on track.
Please be aware it may take up to 10 business days for us to call you back. If you have a repayment due in the meantime, please don’t worry, we can discuss the options available when we call you.
We hope that all our customers and their families remain safe during this challenging time.
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.