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Refinance your home loan with Westpac

Switch your home loan to Westpac and you could lower your repayments, or pay off your loan faster.

$3K cashback when you refinance with us **

Apply by 31st May 2022, settle by 31st August 2022. Owner Occupier loans (P&I repayments) and Investment Property Loans, with LVR+ up to 80% and min $250k loan. Flexi First Option or packaged# home loans only ($395 annual package fee). Only one cashback offer available per primary applicant within a 12 month period. Excludes refinances within Westpac Group.

Our home loans and rates

Basic variable home loan

Our lowest variable rate home loan with unlimited extra repayments, minus the ongoing fees.

Featured owner occupier rate

2.19% p.a.

Variable rate

2.53% p.a.

Comparison rate*

Rate includes a 1.99% p.a. discount for 2 years from loan settlement reverting to a 1.59% p.a. discount thereafter^. For new Flexi First Option Owner Occupier loans, P&I repayments. Excludes refinances within Westpac Group.​

Fixed rate home loan

Lock in your rate and repayments for 1-5 years, for all or part of your loan. Plus the option to package your loan.

Featured owner occupier rate

3.79% p.a.

Fixed rate

3.99% p.a.

Comparison rate*

2-year Fixed Interest rate. P&I repayments with Premier Advantage Package# ($395 fee). T&C’s apply.

Variable loan with offset

100% offset account, unlimited extra repayments, plus the option to package your loan.

Featured owner occupier rate

3.54% p.a.

Variable rate

3.94% p.a.

Comparison rate*

P&I repayments with the Premier Advantage Package# ($395 fee). T&Cs apply.

Basic variable home loan

Our lowest variable rate home loan with unlimited extra repayments, minus the ongoing fees.

Featured investor rate

2.59% p.a.

Variable rate

2.93% p.a.

Comparison rate*

Rate includes a 2.14% p.a. discount for 2 years from loan settlement reverting to a 1.74% p.a. discount thereafter^. For new Flexi First Option Investment Loans, P&I repayments. Excludes refinances within Westpac Group.​

Fixed rate home loan

Lock in your rate and repayments for 1-5 years, for all or part of your loan. Plus the option to package your loan.

Featured investor rate

3.99% p.a.

Fixed rate

4.46% p.a.

Comparison rate*

2-year Fixed Interest rate. P&I repayments with Premier Advantage Package# ($395 fee). T&C’s apply.

Variable loan with offset

100% offset account, unlimited extra repayments, plus the option to package your loan.

Featured investor rate

4.09% p.a.

Variable rate

4.48% p.a.

Comparison rate*

P&I repayments with the Premier Advantage Package# ($395 fee). T&Cs apply.


Applying is simple, get started online

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!

 

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.  

Keep exploring

Things you should know

**$3K refinance cashback offer: Conditions, credit criteria, fees, charges, eligibility criteria and exclusions apply. Apply between 1st December 2021 to 31st May 2022 and settle by 31st August 2022 for refinance applications. Offer may be varied or withdrawn at any time. Min Loan amount $250k and LVR up to 80%. Offer available for Owner Occupier with Principal & Interest repayments and Investment Property Loans (Principal and Interest & Interest Only repayments). Premier Advantage Package ($395 annual package fee and T&Cs apply) and Flexi First Option Loans. Limit of one $3,000 cashback payment regardless of the number of applications, applicants, properties or loans involved per 12 month period. For joint applications, only one cashback payment will be paid to the primary applicant. Excludes Owner Occupier Interest Only, residential lending originated under family or company trusts and refinances within Westpac Group (Westpac, St.George, Bank of Melbourne, BankSA and RAMS). The cashback will be paid into an open Westpac Choice transaction account within 60 days of settlement. This account must be in the same name as the home loan account and linked to the home loan at 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 Bank’s 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 88KB)

 

*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.

 

^Flexi First Option special offer rates with Principal & Interest repayments 

Special offers are only available on new Flexi First Option Home and Investment Loans with Principal & Interest repayments. Discounts do not apply to 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. Offer may be varied or withdrawn at any time. Interest rates are subject to change:

  • For a property to live in (Owner occupier): Offer commences 17/05/2022. Includes a 1.99% p.a. discount for two years from the loan settlement date, at the end of the period it will revert to a 1.59% p.a. discount for the life of the loan.​
  • For an investment property:  Offer commences 17/05/2022. Includes a 2.14% p.a. discount for two years from the loan settlement date, at the end of the period it will revert to a 1.74% p.a. discount for the life of the loan. ​

 

^^Fixed rate home loan: The Bank will apply the fixed rate that is available at the loan settlement date, unless the customer locks a fixed rate in on the loan using our Rate Lock feature. The Fixed Rate - Lock-In fee is 0.10% of the loan amount. 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. Interest rate(s) displayed is for Australian Residents only. Rate lock is not available for progress draw loans under the construction option.

 

1Repayment holiday: Conditions, eligibility and suitability criteria apply. 

  • Reduced loan repayments: reduction of up to 50% available for up to 6 months on variable home loans held with us for over 12 months. It is important to understand that at the end of the reduced repayment period, the repayment amount will increase to adjust for the reduced repayments. This ensures that the loan is still repaid within its original term. Read the disclosure documents for your selected product or service before deciding if this option is right for you. 
  • Mortgage repayment pause: available for up to 6 months on variable home loans held with us for over 12 months. 
  • Parental leave: if you’ve held your variable home loan with us for over 12 months, you could be eligible to reduce your home loan repayments up to 50% for up to 12 months while on maternity or paternity leave, subject to approval.

 

 Priority Refinance®: Only available: on eligible new Westpac home loans; on eligible home loans with your current lender; if your other lender is on the Priority Refinance® process list of eligible financial institutions. Your other lender may charge you an additional settlement agent fee, as well as fixed rate home loan break costs. Loan suitability for the Priority Refinance® product is determined by Westpac in conjunction with the insurance product guidelines. Priority Refinance® is provided by First American Title Insurance Company of Australia Pty Limited ABN 64 075 279 908 Australian Financial Services Licence 263876, trading as First Title, an Australian general insurance company authorised by the Australian Prudential Regulation Authority. Conditions, fees and charges apply. Lending criteria apply to approval of credit products. This info doesn’t take your personal objectives, circumstances or needs into account, so please consider Priority Refinance’s® appropriateness and read the disclosure documents for your selected loan, including the Terms & Conditions, before deciding. 

 

2Family Security Guarantee: The guarantor should consider the risks associated with the Family Security Guarantee, primarily that if the borrower defaults on their loan, the guarantor is liable to pay up to the maximum of the portion of security they have put forward as a guarantee. You will be required to seek independent legal advice before offering to guarantee a loan. Credit criteria apply to the assessment of the adequacy of any proposed guarantee limit. Offer available on all loans eligible under the Family Security Guarantee, for purchase or refinance of owner occupier or investment property. Note that for investment properties, the borrower must not have ownership of any other properties at the time of application, and for owner occupied properties a maximum of one other property may be owned which does not have sufficient equity to provide a security. For new Family Security Guarantee Home Loan applications received from 23 October 2020. Family Security Guarantee can be provided by parents or legal guardians, siblings, and children. Equity access, owner builder applications, Line of Credit and Bridging Loan products are not eligible under the Family Security Guarantee. Other Exclusions may apply. Not available for the purposes of debt consolidation, owner builder construction, cash out, or addition of a security guarantee to an existing loan. $150k minimum loan size applies. Credit criteria, fees and charges apply. Offer may be varied or withdrawn at any time. Full eligibility criteria on the Family Security Guarantee is available on request.