Home loans
You could save around $9k in interest in the first year of your home loan package (based on a $400k variable home loan and $395 annual fee applies~). Explore our home loan rates, calculators and popular guides.
Our lowest online variable rate
Online offer basic variable rate‡
Comparison rate*
Why choose a Westpac home loan?
Simple to get started
You could get conditional approval in 1 business day to bid at auction, or unconditional same-day approval when you refinance to us. Our easy to get started process supports your home loan journey from application through to settlement.
A home loan specialist
Your dedicated home loan specialist will guide you from application to settlement. Connect by phone, video, at your home, or in-branch; whichever suits you best.
Rewards & discounts
Access Westpac Rewards with an eligible debit or credit card and unlock discounts on the brands you love.
Australia's Best Banking App
Accept and upload documents all in one place. Manage your home loan account, track your loan balance, and make weekly, fortnightly or monthly repayments, all through the app.1
Compare home loan options
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Basic variable rate
Our lowest online variable rateA flexible loan with unlimited extra repayments, minus establishment fee and monthly fees.
- Tick - $0 establishment and monthly fees
- Tick - Make unlimited extra repayments
- Tick - Redraw available, with no redraw fee or minimum amount ++
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1-5 YEAR FIXED RATE
Lock in your rate, know exactly what your repayments will be.
- Tick - Your repayments won’t change during your fixed term
- Tick - $30,000 extra repayment limit in your fixed term
- Tick - Redraw available, with no redraw fee or minimum amount ++
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VARIABLE RATE WITH OFFSET
Up to 10 full offset accounts, unlimited extra repayments, option to fix a portion.
- Tick - Full-featured loan with everyday offset account
- Tick - Make unlimited extra repayments
- Tick - Redraw available, with no redraw fee or minimum amount ++
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SUSTAINABLE UPGRADES
- Tick - A 2nd loan designed to help you make energy-efficient or climate-resilient home upgrades.
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BRIDGING LOAN
- Tick - Helps bridge the gap between buying a home and settling your current one.
Book a home lender in minutes
The confidence of a fast pre-approval^^
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Frequently asked questions
What is a home loan?
A home loan is a secured loan from a financial institution that helps you buy a property. On Principle and Interest repayments for example, you repay the loan amount, called the principal, plus loan interest over your agreed loan term, which typically runs from 15 to 30 years. To get the loan, you usually save some money first, called a deposit. In this example, your monthly repayments include both the borrowed amount (principal) and interest. A bank or financial institution will keep the home ownership papers (known as the title or deed) until you finish repaying the loan.
What types of home loans are available?
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 and use a redraw facility (subject to lender approval).
- 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.
How much can I borrow for a home loan?
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.
How much deposit do I need for a home loan?
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.
What is an offset account?
An offset account is a transaction account linked to your home loan account. Interest is calculated on your loan balance minus the balance in your offset account, so more of each repayment goes toward the principal helping you pay down your home loan faster. For example, if your loan balance is $400,000 and you have $20,000 in your linked offset account, interest is calculated on $380,000 instead of the full loan balance amount.
What fees and charges apply?
Home loan fees and charges vary depending on your loan type, features and repayment options. These may include upfront fees such as application fees, ongoing fees (annual package or monthly fees), and government charges such as stamp duty and title registration. To help you compare loan options, you can also look at the comparison rate. This rate is calculated using a standard example of a $150,000 loan over 25 years and includes most fees and charges, giving you a clearer picture of total loan cost than the advertised rate alone.
How do I access Westpac Rewards?
Westpac customers with an eligible debit or credit card have access to Westpac Rewards, unlocking discounts on major brands. Visit the Westpac Rewards 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.
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Things you should know
Conditions, credit criteria, fees and charges apply. Residential lending is not available for Non-Australian Resident borrowers.
This information is general in nature and has been prepared without taking your personal objectives, circumstances and needs into account. You should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.
Any tax information described is general in nature and it is not tax advice or a guide to tax laws. We recommend you seek independent, professional tax advice applicable to your personal circumstances.
+LVR stands for the loan-to-value ratio. 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 won't change during the life of the loan as the LVR changes.
~Package Savings: This is an estimate of potential savings; actual savings may differ depending on your situation. Estimated savings amount calculated on a $400,000 home loan receiving 2.34% p.a. discount on a packaged Rocket Repay owner occupier variable rate home loan compared to an unpackaged Rocket Repay variable rate home loan. Premier Advantage Package Conditions of Use $395 annual package fee applies.
++Redraw facility: if you have 'available funds' (you've made extra home loan repayments) and you've activated your redraw facility, you're free to redraw them with no redraw fee. Up to $100k will be available to redraw from your variable loan online or over the phone each day (unlimited in-branch). For fixed loans you can redraw up to your prepayment threshold during your fixed term. Read our Home Loan Redraw Authority form (PDF 66KB) for full details.
‡Flexi First Option Home Loans and Investment Loans: Life-of-loan discount is available for new Owner Occupier and Investment Property loans. This includes both Principal & Interest and Interest Only repayments. Offer does not apply to product switches. Interest rates are subject to change. Offer may be varied or withdrawn at any time.
Online Offer. Only available for online applications for new Flexi First Option Owner Occupier and Investment loans with Principal & Interest and Interest Only repayments. Rate includes a special life-of-loan discount with a loan-to-value ratio up to 80%. Excludes company and trust borrowers, bridging loans, construction loans and internal refinances within the Westpac Group.
*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.
^^Pre-approval is an indication of borrowing capacity and does not constitute unconditional approval. Approval speed depends on loan complexity and access to required information.
1This claim is based on The Forrester Digital Experience Review™ of 4 Australian mobile banking apps in Q3 2025. Future findings are subject to change. Forrester does not endorse any company or brand, nor their products or services, nor advise anyone to select them based on this review. If you want to learn more, go to the Forrester website.