Home loan rate change calculator
Estimate your new repayments
What's my next step?
Frequently asked questions
The Westpac home loan rate change calculator, shown above, is designed to show how principal and interest loan repayments could change with increases or decreases in interest rate.
To use the rate change calculator on this page, simply:
- Input the current interest rate of an existing loan, or if you don’t have a mortgage yet, input a rate that you may have been quoted or have seen advertised.
- Next, select the ‘Increase by’ button if you want to know how repayments will change if interest rates increase or the ‘Reduce by’ button if you want to know how repayments will change if interest rates decrease.
- To the right of these buttons, you can input the interest rate increase or decrease.
- Finally, for Principal & Interest repayments input your loan details (loan limit or known as your credit limit) and the number of years remaining on your loan. If you don’t have a loan yet, the loan balance will be the loan amount you’d like to borrow and the number of years you’d like to take the loan out for.
How much will my mortgage increase or decrease?
At the bottom of the calculator, you’ll then be shown the estimated monthly changes to your minimum repayments.
Rising rates will affect each borrower differently, as personal finances, rising inflation, and property market fluctuations make their impact. A rise in interest rates will cause a home loan on a variable rate to go up while not affecting a fixed rate loan. Only after the fixed period expires will the interest rate be affected. View my fixed expiry options.
How does this affect my home loan repayments?
Monthly repayments increase with interest rate rises, so you should be prepared. You can use the home loan rate change calculator on this page to see what a 0.25%, 0.5%, 0.75% and 1% increase could mean for your budget.
To check your current rate, balance and repayments > Sign into the Westpac App or Online Banking > Select your home loan account.
Discover which changes you can make online yourself, and which changes we’ll need to process for you.
It depends how you’ve set things up. For details on how and when a rate change would affect your variable home loan repayments, explore the latest home loan interest rate news.
More help with tools and support
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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.
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.
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.
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
^ Changing repayment amount or frequency: Cannot be performed on an interest-only loan. However, you may make extra repayments. For more details on interest-only home loans.
^^Offset is available on a Rocket Repay Home Loan or a Rocket Investment Loan. You can link multiple offset accounts to a loan account, but each eligible offset account can link to just one loan account. If any named account holder of a transaction account is not a borrower on the loan account, the loan account cannot be linked to that transaction account.
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.
Credit provided by Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.