- product-service:home-loans/flexi-first-option-home-loan
Featured rate with Principal & Interest repayments
5.99% p.a.
Online offer basic variable rate
6.00% p.a.
Comparison rate[#]
Online offer rates include: Life-of-loan discount[#] of 2.09% p.a. on a new Flexi First Option home loan on P&I repayments for LVR[#] up to 80%; plus 0.10% p.a. discount for LVR up to 70%. Offer can be withdrawn or varied at any time.
LVR over 80% or not applying online? Explore all home loan rates
Featured rate with Principal & Interest repayments
6.14% p.a.
Online offer basic variable rate
6.15% p.a.
Comparison rate[#]
Online offer rates include: Life-of-loan discount[#] of 2.49% p.a. on a new Flexi First Option Investment Loan on P&I repayments for LVR[#] up to 80%; plus 0.10% p.a. discount for LVR up to 70%. Offer can be withdrawn or varied at any time.
LVR over 80% or not applying online? Explore all home loan rates.
- product-service:home-loans/fixed-rate-home-loan
Featured rate with package and Principal & Interest repayments
6.34% p.a.
2-year fixed rate
6.76% p.a.
Comparison rate[#]
Rates include: Premier Advantage Package ($395 annual fee applies[#]) discount of 0.20% p.a. (on loans over $150,000) and 0.10% p.a. discount for LVR[#] up to 70%.
LVR over 70%? Explore all home loan rates.
Featured rate with package and Principal & Interest repayments
6.44% p.a.
2-year fixed rate
6.93% p.a.
Comparison rate[#]
Rates include: Premier Advantage Package ($395 annual fee applies[#]) discount of 0.20% p.a. (on loans over $150,000) and 0.10% p.a. discount for LVR[#] up to 70%.
LVR over 70%? Explore all home loan rates.
- product-service:home-loans/rocket-home-loan
Featured rate with package and Principal & Interest repayments
6.39% p.a.
Variable rate
6.77% p.a.
Comparison rate[#]
Rates include: Premier Advantage Package ($395 annual fee applies[#]) discount of 2.34% p.a. (on loans over $150,000) and 0.10% p.a. discount for LVR[#] up to 70%.
LVR over 70%? Explore all home loan rates.
Featured rate with package and Principal & Interest repayments
6.59% p.a.
Variable rate
6.96% p.a.
Comparison rate[#]
Rates include: Premier Advantage Package ($395 annual fee applies[#]) discount of 2.69% p.a on loans over $150,000 and a 0.10% p.a. discount for LVR[#]up to 70%.
LVR over 70%? Explore all home loan rates
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You must be:
- An Australian citizen or permanent resident
- Employed or self-employed
- 18 years or over.
Applying with others or switching to us? Learn more
Get an estimate of your interest rate and monthly repayments by answering a few simple questions. You can also check your borrowing power for a purchase or see how much you could save by refinancing.
We won’t run a credit check until you submit your application, and we’ll let you know before we do. Apply in 10–20 minutes, or save your progress and come back later — you’ll have up to 4 weeks to complete it.
Once you submit your application, we'll match you with a specialist and email you their details. They’ll then call to:
- Finalise your interest rate (you may be able to negotiate)
- Review your documents and info
- Answer questions
- Match you with the right loan deal
- Walk you through your next steps
- Help you apply for any applicable government grants or schemes.
Pre-approval to buy a property
If everything looks good, you could get a 90-day conditional approval. This is also called pre-approval or approval in principle.
Need more time? You can extend it for another 90 days if you’re yet to find the right property. Just confirm that your financial circumstances haven’t changed.
Full approval and settlement
We’ll value your property and make some final checks. If offered full (unconditional) approval, you can accept the home loan contract online. Then sit back, be guided through loan settlement, and pick up the keys on settlement day.
Track your application – pre-settlement guide
We offer a range of loan options to suit different needs:
- Variable rate home loans: your home loan interest rate moves with the market. These loans may offer more flexibility, such as the ability to make unlimited additional repayments, use a redraw facility and link to an offset account.
- Fixed rate home loans: lock in a fixed interest rate for a set fixed rate period (typically 1–5 years), so your loan repayments stay the same during the fixed rate term regardless of any variable rate movements. At the end of the fixed rate period, your loan usually reverts to a variable interest rate.
- Interest only loans: during the interest only period you pay only the loan interest, not the principal. This can be common for investment property loans or specific financial strategies. After the initial interest only period ends, repayments may increase as you begin paying down the loan balance.
- Split loans: divide your loan amount between a fixed rate loan and variable rate loan, balancing certainty with flexibility.
When we decide how much money you can borrow, we look at how much you earn, spend, save, and owe, plus what you already own. That’s because we want to make sure you can pay comfortably and not struggle.
How much money you can could borrow depends on things like your income, spending, and debts. Use our borrowing power calculator to check.
The deposit you need depends on how much you want to borrow. Usually, you need 20% of the property’s value for your deposit, also known as an 80% loan-to-value ratio (LVR[#]). For example, if the home’s worth $600k you'd need $120k.
What if you don’t quite have 20%?
If you have between 5% and 20% of the property value you may have a few options.
> Check if you qualify for any government grants and schemes.
> Pay Lenders Mortgage Insurance (LMI). You can pay it upfront or add it to your loan, but adding it means it will attract interest charges. Estimate your LMI upfront costs.
> Consider our Family Security Guarantee[#], allowing a family member to save you from paying LMI.
Westpac customers with an eligible debit or credit card have access to Westpac Rewards, unlocking discounts on major brands. Visit the Westpac App page for more information. To get started:
- Update to the latest version of the Westpac App.
- Tap More, then Westpac Rewards.
- Browse offers from Discounts & Extras, ShopBack, Altitude Rewards or Westpac promotions.
- Select a deal and follow the prompts.