Home loan fees & costs
There are no Westpac fees for:
- Loan increases (property valuer fee may apply)
- Extra repayments on variable loans
- Up to $30k in extra repayments on fixed loans (break costs** may apply if you repay more)
- Redrawing from your loan^
- Construction option (property valuer fees may apply)
- Portability option (moving house)
- Repayment holidays1
- Loan switching (changing loan/repayment type – break costs** may apply for changes to a fixed rate loan)
What fees are on my Westpac home loan?
View fees and costs for:
For owner occupied and investor loans.
| Fees and costs | Amount |
|---|---|
| Upfront | |
| Lending establishment fee | $0 |
| Ongoing | |
| Monthly loan account fee | $0 |
| If applicable | |
| Property valuer fee (may be payable if a valuation2 is needed) | Determined by external valuer's fee |
| Lenders Mortgage Insurance premium (may be payable if your loan-to-value ratio is more than 80% of your property’s value) | Individual calculation |
| Adding a guarantor on your loan | $200 |
| Additional bank cheque at settlement | $10 |
| Stop cheque payment fee | $12 |
| Missed payment fee | $15 |
| Overdrawn fee | $15 |
Document processing fee (may be payable if we deal with the mortgage or title document after settlement) |
$150 |
| Loan discharge fee | $350 per loan |
See more about our basic variable home loan
What are some of the other costs of buying a home?
Upfront Government costs can include:
- Government transfer/stamp duty, based on your home’s value (first home buyers could be eligible for grants and concessions)
- Government mortgage registration fee
- Government land tax and registration of title.
Upfront non-bank costs can include:
- Legal or conveyancing fees
- Pest, building or strata reports
- Optional independent valuer’s fee.
Ongoing non-bank costs can include:
- Local Government council rates
- Utilities, like electricity
- Insurance
- Strata levies, for most units
- Home maintenance.
Keep exploring
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 information 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 and, if necessary, seek appropriate professional advice. This includes any tax consequences arising from any promotions for investors and customers should seek independent advice on any taxation matters.
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.
2Property valuation: Valuation is valid for 90 days. Your upfront bank valuation assessment may require further valuation assessment if your property does not fit lending guidelines.
^Redraw facility: if you have ‘available funds’ (you’re ahead on your home loan repayments) and you’ve activated your redraw facility, you’re free to redraw them with no redraw fee. Read our Redraw Authority form (PDF 66KB) for full details. Redraw will not apply if you have a Bridging Loan.
^^Monthly $5 offset Westpac Choice account-keeping fee waivers:
- The account’s linked to our packaged Rocket Repay Home Loan
- You deposit at least $2,000 each month
- You're under 30 years old, or a full-time tertiary student
- You have an Australian Pensioner Concession Card or Health Care Card
- You’re new to Australia, or an expatriate customer (for the first 12 months).
#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)
**Break costs on fixed loan prepayments and switching: customers can make total prepayments of up to $30,000 (cumulative) for fixed loans, without costs or fees applying. You may incur a break cost and administration fee if your prepayments exceed this threshold, or 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.