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Why 800k Aussies choose Westpac home loans

 
One point of contact

Even when you apply online, you'll have a dedicated home loan expert to help guide you and manage your application, all the way to settlement.

 
Track your application

Submit your application online, then follow your progress. You'll get notifications, know what's coming next and can even sign your loan offer online.

 
We want you to get ahead

Pay down your loan sooner thanks to unlimited extra repayments on variable loans, our offset option, and extra repayments of up to $30k for fixed rate loans^^.

 
More than a great rate

Come for the compelling interest rates. Stay for the helpful home loan features, like repayment holidays3, $0 redraw fee, split loans and a full offset account.

 
We're there for you

Help is at the heart of everything we do, from managing your home loan through our app, to supporting customers through tough times.

 
A sustainable Australia

Climate change is impacting Australia's way of life. So we're supporting existing thermal coal customers, with a commitment to reduce our exposure to zero by 2030.

More tools to help you

Compare our home loans

See our loan features and Westpac’s current interest rates.

 

Other calculators & tools

Handy calculators to help you work out how you could fund your new home, and market research of property values in the suburbs where you’re looking to buy.

 

Guides to help

Whether it’s your first or next home, or an investment property, we can help.

 

Frequently asked questions

There are lots of settings you can adjust using this home loan repayment calculator. Each one will affect your home loan repayments, the overall amount of interest you pay over the loan term, and more.

 

Make your loan term longer and your mortgage repayments will go down. If you make extra repayments on your loan, you’ll see that the overall interest you pay over the loan term reduces, and that you could pay your home loan off faster. Toggle between paying Principal & Interest, or Interest Only mortgage repayments, and notice how that affects your repayment amount and total interest charged.

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.

 

This calculation is not an offer of credit but an estimate only of what you may be able to borrow based on the information provided and does not include all applicable fees (except for monthly fees). Your borrowing power amount may be different when you complete a full application, and we capture all details relevant to our lending criteria. Our lending criteria and basis upon which we assess what you can afford may change at any time without notice. Before acting on this calculation you should seek professional advice.

 

All interest rates referred to in the calculators are current, as indicated on westpac.com.au. The interest rates represented on this page may include promotional discounts and are subject to change. When assessing ability to service a loan, Westpac may use an interest rate that is higher than the current interest rate for the loan requested.

 

The output of each calculator is subject to the assumptions provided under each calculator and are subject to change.  The calculator does not take into account any future refinancing options which may be available. The calculator does not take into account any product features, grants or any applicable bank fees.  For details on fees and charges, please go to westpac.com.au

 

Learn more about Home loan repayment types.

The output or result of these calculators:

  • is subject to the assumptions which are subject to change;
  • is prepared without knowing your personal financial circumstances. Before you act on the output of the calculators, please consider if it’s right for you. If you need more information, please call 1300 786 029.  We recommend that you consult your financial adviser before taking out a loan;
  • does not represent either a quote or pre-qualification for a loan;
  • may not be taken into account if you apply for a loan with us as we will make our own calculations. When assessing ability to service a loan, Westpac may use an interest rate that is higher than the current interest rate for the loan requested.

 

The interest rates used in the calculator:

  • are current, as indicated on our home loan interest rate pages;
  • are Westpac's standard interest rates and include any package or promotional discounts; and
  • are subject to change.
     

*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.

 

#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)

 

^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.

 

Variable Interest rates are subject to change.

^^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 loan account 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 loan account may apply.

 

1. The taxation position described is a general statement and should only be used as a guide.  It does not constitute tax advice and is based on current tax laws and their interpretation.  

 

2. Reduced loan repayments: 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.

 

3. 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.

 

Conditions, credit criteria, fees and charges apply, credit provided by Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.

 

This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.