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Get $3k cashback when you refinance to us**

$2k for each property refinanced plus a bonus $1k for your first refinance application.

Owner Occupier loans (P&I repayments) and Investment loans, with LVR+ up to 80% and min $250k loan per property. Flexi First Option or packaged# home loans only ($395 annual package fee). Apply by 31 March 2021, settle by 30 June 2021. Excludes refinances within Westpac Group. Find out more

Featured interest rates

Available on Owner Occupier loans

Variable rate – 2.29% p.a.^ (2.72% p.a. comp. rate*)

A bonus 2-year discounted variable rate on a new Flexi First Option Home Loan with P&I repayments. Includes a 1.64% p.a. discount for 2 years from loan settlement date reverting to a 1.14% p.a. rate discount thereafter^. Valid from 18 September 2020, excludes internal refinances with Westpac Group.

Fixed rate – 2.09% p.a.^^ (3.50% p.a. comp. rate*)

2-year Owner Occupier Fixed Options Home Loan with P&I repayments on the Premier Advantage Package# ($395 annual package fee applies). Available for new loans as well as existing variable rate home loan customers looking to fix all or part of their loans.

Applying is simple, get started online

Get started online

Apply for a new home loan, conditional approval or switch from another bank. It should only take around 20 minutes to apply.

Learn how much you could borrow

We’ll show you what you could afford to spend on a property and estimated costs involved.

One point of contact

You’ll be assigned a home finance manager who’ll answer all your questions.

Track your progress

Follow your application all the way to settlement and get notifications so you know what’s coming next.


Already started an application? Retrieve your application


Frequently asked questions

A mortgage (or home loan) is an amount of money lent by a bank or financial institution to a borrower so they can buy a residential property for themselves or a renter to live in. A mortgage is the amount of money owing on the home loan, which will be made up of the principal (the loan amount), fees and interest charges.

Home loan lenders require borrowers to contribute a deposit - a sum of money that forms a percentage of the total loan value.

With a home loan, the lender holds the title or deed to the property until the principal and any interest is repaid. The lender uses the property as security on the loan, which means they can sell it to recoup losses if the borrower can’t continue to make repayments. 

A home loan contract will last for a set length of time - typically 20-30 years. When you get a home loan, your lender will charge you a percentage of the remaining loan balance over this time at weekly, fortnightly or monthly repayment intervals. 

This percentage is known as your home loan interest rate. You can choose a variable rate that may change over time or you can fix your rate for a set period, so it won’t increase during the fixed term.

The amount you can borrow with a home loan depends on a range of things. When your bank considers your ability to pay back your loan, they look at many personal and financial details, which may include your:

  • income
  • expenses
  • liabilities, including other debts and
  • existing assets, such as investment properties.

Lenders consider these things to make sure you can make repayments on the loan without placing yourself under financial stress.

You can estimate how much you may be able to borrow with Westpac using our borrowing capacity calculator

We calculate your interest in two steps. 

First we multiply the balance on your loan by your interest rate and divide by 365 days in a year. This shows your daily interest charges. 

We then add together your daily interest charges for every day in each month, which produces the monthly interest charge shown on your statement. 

Finally, we divide this up according to your preferred repayment frequency, whether that’s weekly, fortnightly or monthly. This figure is your repayment amount. 

If your loan balance was $500,000 with an interest rate of 4.93% p.a. and monthly repayments, the calculation might look like this:

  • 500,000 x 0.0493 / 365 = $67.53 interest per day
  • $67.53 x 30 days in September = $2,026 interest for September

You can use our Mortgage Repayment Calculator to estimate repayments and interest charges over the life of a loan. You can also use the calculator to check the effect that extra repayments could have on your home loan.

You can apply online for a new home loan, conditional approval or switch from another bank – it should only take around 20 minutes to apply. You can also request a call back from a lender or apply in branch.

The online application process

1. Apply online

Tell us some details about you and see how much you could borrow. Don’t worry, we’ll save as you go and there won’t be a credit check until you’ve spoken with a home finance manager.

2. Talk it through

A home finance manager will be in touch to answer all your questions, and progress things to the next stage.

3. Conditional approval, if needed

We may be able to provide you conditional approval to help you confidently bid or make an offer knowing how much you can afford. Conditional approval is valid for 90 days . Need more time? We can renew it.

4. Full approval

Once we’ve valued your property and completed other verification, we’ll let you know when your application’s been approved. Accept our loan offer and you’re on your way to settlement – congrats!


Apply online

Many things affect how fast you can pay down your home loan balance. 

The simplest way to pay your loan off faster is to make extra repayments on top of the repayments you’re obliged to make. If you have a fixed rate with us, you can only make $30,000 in additional repayments during the fixed rate period. 

The type of repayment you choose makes a difference, too. Interest-only home loans take longer to pay down than principal-and-interest home loans, because repayments on the interest-only balance don’t reduce the principal you’re charged interest on. Read more about repayment types.

Choosing the right repayment frequency can make a difference over time, as well – choosing true fortnightly repayments when you apply will allow you to make the equivalent of one extra repayment per annum, given there are 26 fortnights in a year.

If your home loan has an offset account, depositing your savings into this account will help to reduce the interest payable on your principal.

You can start refinancing your home loan with Westpac the same way you apply for a new home loan with us – apply online or request a callback and we’ll get in touch to guide you through the process. You can refinance in less than a week with Westpac Priority Refinance Process.

Once you’ve requested a callback, look through our home loan application checklist (PDF 403KB) to see which documents you will need to provide in your application.

Our home lending specialist will call and talk through the details of your financial situation, including your:

  • income
  • expenses
  • assets, and
  • liabilities, including credit cards and personal loans.

We’ll ask which type of home loan you want to apply for and answer any questions you have about the different products, interest rates and repayment types. 

We will also ask about the home loan you want to refinance – how much you still owe on the loan and what the property is worth now. Our home lending specialist will explain which forms you need to fill out and how to submit them to us – usually at a nearby branch or by email. We’ll then give you an idea of what you could borrow by refinancing with us and arrange a time for a valuer to come out and confirm the property value.

Once we’ve confirmed a valuation and have your documents, we’ll run a series of checks to finalise your application. If everything is in order, we’ll issue you a Letter of Offer. You’ll need to sign this and return it to us at a branch or by mail.

From here, we do a lot of the work for you. We’ll settle your new loan and discharge you from your old one by paying the balance with your new loan funds, including any fees and break costs. We will also shift the title from the old loan to your new loan with us. If there are leftover funds, we will put these into the Westpac account that you specified during the application.

Things you should know

Credit Criteria, fees and charges apply. Terms and conditions available on request. Based on Westpac's credit criteria, residential lending is not available for Non-Australian Resident borrowers.


^Flexi First Option Intro offer: Offer commences 18/09/2020 and may be varied or withdrawn at any time. This offer is only available on new Flexi First Option Home Loans with Principal & Interest repayments. Rate includes a 1.64% p.a. discount off our Flexi First Option Home Loan Variable Rate for two years from the loan settlement date, at the end of the period it will revert to a 1.14% p.a. discount for the remainder of the life of the loan. Excludes internal refinances or switches within the Westpac Group, which includes refinances from Westpac, St.George, Bank of Melbourne, BankSA and RAMS. Not available to company and trust account holders. Interest rate is subject to change.


^^Fixed rate home loan: Interest rate(s) displayed is for Australian Residents only. The Bank will apply the fixed rate that is available at the loan settlement date. At the end of the fixed rate period the interest rate will convert to the applicable variable home loan interest rate unless a new fixed rate term is selected and then the fixed rate is determined two business days prior to the refix. Fixed rates are also available to existing variable rate home loan customers looking to fix all or part of their loan.


*Comparison rate: The comparison rate is based on a loan of $150,000 over the term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.


**$3k refinance cashback offer: Credit criteria, fees and charges apply. Terms and conditions available at Westpac. $2000 Refinance Cashback per property for new refinance applications received between 23 September 2019 to 31 March 2021 and settle by 30 June 2021. Offer current as at 23 September 2019. Only 1 cashback per property refinance will be paid regardless of the number of loans involved. One $1,000 Bonus Refinance Cashback for a new refinance application submitted between 18 September 2020 to 31 March 2021 and settle by 30 June 2021 with maximum LVR of 80%. Offer current as at 18 September 2020. Only 1 bonus cashback will be paid for the initial application regardless of the numbers of customers, properties or applications involved. Offers available for Owner Occupier with Principal & Interest repayments and Investment Loans. Offers available on the Premier Advantage Package and Flexi First Option Home Loans. Offers may be varied or withdrawn at any time. $250K min loan per property refinanced applies for the $2000 and $1000 bonus Refinance Cashback. Excludes Equity Access Loans, switches and refinances of home loans within the Westpac Group which include St.George, Westpac, Bank of Melbourne, BankSA and RAMS. Offer not available for Owner Occupier Interest Only loans or residential lending originated under family or company trusts. The cashback(s) will be paid into a Westpac Choice transaction account within 60 days of settlement. The transaction account must be linked to the home loan at the time of settlement, and kept open for 60 days after settlement. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters. 


+LVR stands for the initial loan to value ratio at loan approval. LVR is the amount of your loan compared to the banks valuation of your property offered to secure your loan expressed as a percentage. Home loan rates for new loans are set based on the initial LVR and don’t change because of changes to the LVR during the life of the loan. 


#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 1MB)