Home loans support information

Westpac has supported Australia through the good and tough times for more than 200 years. Here's how we're helping home loan customers.

Already on a COVID-19 Home Loan support package?

  • If you are currently on 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

Find out more

Support package

If you've lost your job or suffered loss of income (including rental income) as a result of COVID- 19, you can apply to defer mortgage repayments.  

  • To apply for a deferral, you will need to be registered for online banking, log into online banking and complete the COVID- 19 support package application.
  • Note that your loan repayments will be higher after your deferral period. The deferred interest will be capitalised and any deferred principal repayments will need to be paid off during the remainder of your loan term.
  • If you have a Variable Rate loan making Principal and Interest repayments, you can use our COVID- 19 Home Loan repayment deferral calculator as a guide to help understand what your repayments could be after your deferral period.
Visit the online form

Apply Mortgage deferral calculator

What happens after you apply?

  • After you have applied for a COVID- 19 Home Loan support package, we will contact you by phone to discuss your current circumstances and the options available to you
  • If you are approved for a COVID- 19 Home Loan support package, your deferral period will commence once your application has been processed.
  • If you have a repayment due in the meantime, you have the option to:
    • Suspend your direct debit by calling us 131 900
    • Amend the frequency. For example, changing from weekly or fortnightly to monthly via Online Banking
Visit the online form

Online banking Call us on 131 900

Also available

Redraw funds

  • If you’re ahead on repayments, you will have available funds in your home loan that you may access.
  • If you’ve already registered for redraw, you can transfer your available funds into your preferred account online via Westpac Live Online Banking.
  • If you haven’t registered for redraw, you will first need to set it up by completing the Redraw Authority form. (PDF 617KB)
Login to Online Banking Redraw Authority form

Insurance

You may have insurance that may cover you in the event of illness or involuntary unemployment. If you have this insurance, please check your Product Disclosure Statement.

  • For Westpac Consumer Credit Insurance call 1300 369 989.
  • To lodge a claim on your Westpac life policy or for any queries call 131 817.
Wesptac life policy: 131 817 Credit Insurance: 1300 369 989

Adjust direct debit

If you are paying your loan by direct debit, you have the option to:

  • Reduce your repayments if you are paying more than you need to pay to the minimum amount required
  • Amend the frequency, for example, from weekly or fortnightly to monthly Login to Online Banking
  • Suspend your direct debit. Call us on 131 900
  • Reduce repayment. If you’ve had this home loan for more than 12 months, you may consider reducing repayments by as much as 50% for up to 6 months. Call us on 131 900
Login to Online Banking Call us on 131 900

Switching to Interest Only

You may be eligible to switch your repayments to interest only. This will temporarily reduce your repayments as you will only be paying the interest portion of your repayment.

To find out if you are eligible to switch to interest only repayments, please complete a request to call back form or call us on 132 558.

Request a call back Call us on 132 558

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:

  1. Switch back to principal and interest.
  2. 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.

Getting back on your feet financially

Explore our resources and tools aimed at helping you recover and get back on track after tough times.

Find out more

You also have other products?

Other products

Give us a call

If you have any further questions regarding your existing home loan please call us on 131 900.

Things you should know

Break costs on prepayments and switching: Customers can make total prepayments of up to $15,000 (cumulative) for loans fixed prior to 21 March 2009, $25,000 (cumulative) for loans fixed between 21 March 2009 and 16 March 2012 or $30,000 (cumulative) for loans fixed on or after 17 March 2012, without costs or fees applying. Prepayments exceeding this threshold may incur a break cost and administration fee.


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 and administration fee may apply.


Prepayment and switching break costs are explained in the Break Costs Fact Sheet (PDF 76KB).