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What type of loan do you want?

Make extra repayments and redraw those funds

Pay off your loan earlier and pay less interest by making additional repayments. You have same day access to redraw your extra repayments. Redraw fee may apply depending on the product (and/or means by which the redraw is made). Any party to the loan can access the available redraw amount. The bank has a discretion to suspend redraws. Limits apply to extra repayments for fixed rate option.

Take a break from repayments

You may be able to pause or reduce your repayments for a set period.

After the reduced or paused repayments period, repayments will be higher for the remaining loan term which may result in higher interest being paid overall. Approval of the bank is required.

Increase your home loan

You can apply to increase your home loan using our top up / loan increase feature to pay for things like renovations, home improvements or even a holiday. (fees apply)

Learn more about all home loan features.

5 Year Introductory First Time Buyer Flexi First Option Home Loan

Fee 5 Year Introductory First Time Buyer Flexi First Option Home Loan1
Loan establishment fee $0
Monthly loan maintenance fee $0
Redraw fee $25 each
Top up / Loan increase fee $350 each
Portability fee
(Taking your home loan with you)
$350 per move
Repayment holiday fee $0
Parental leave fee $95 to activate
Reduced repayments fee $95 to activate
Progress draw set up fee $95 per draw

First Home Buyer variable home loan interest rates with principal and interest repayments

We can help you step into your first home with our exclusive offers for First Home Buyers.

Loan   Interest rate Comparison rate
First Home Buyer Flexi First Option Home Loan Includes a 0.85% p.a. discount off our Flexi First Option Home Loan Variable Rate for the first five years on new Owner Occupier loans with principal and interest repayments. 3.68% p.a.1 3.75% p.a.3

View our Flexi First Option Home Loan interest rates for both principal and interest repayments as well as interest only repayments.

Ways to pay off your home loan sooner

Save a little more before you buy

If you've started saving you may start looking at buying once you have around 10% of the purchase price. However, if you have less than 20% of the purchase price, you may need to pay Lenders Mortgage Insurance. It may mean waiting a little longer, but if you can save a 20% deposit on your new home, you could avoid paying Lenders Mortgage Insurance.

Pay fortnightly versus monthly

Paying fortnightly means that there are 26 fortnightly repayments each year which adds up to the equivalent of 13 monthly repayments.  That's one extra monthly repayment every year to help you own your home sooner. This could work well if you’re paid fortnightly.

Benefit from extra and lump sum repayments

  • Any extra payments you make will reduce the balance of your loan and the interest charged.  Lump sums such as a tax return, a bonus from work, a gift or an inheritance can help you save on interest and shorten the life of your loan. Even paying a little bit extra on a regular basis can make a difference in the longer term.
  • Rounding up your home loan repayment just a small amount can make a dent on your home loan interest.  For example, consider a loan amount of $300,000 at 5% over 25 years. If the monthly repayments of $1754 were rounded up to $2000 per month and continued until the end of the loan term, the loan would be repaid around 5 years early, and the interest owed reduced by around $54,000.

Regularly review your home loan

Over time, your personal situation or financial needs may change. It makes sense to review your loan regularly to ensure you're only paying for the features or benefits you actually use or need. Our Home Finance Managers can help to assess your requirements and ensure you’ve got the products and services that are right for you at each stage of your life.

 

All our home and investment property loan applications are completed with the help of one of our Home Finance Managers, either over the phone or at a branch. Our Home Finance Manager will first listen and discuss your individual needs, then give you the information that will help you choose the right home loan for you.

To get started you can:

  • Fill out an enquiry form and a Home Finance Manager will call you back
  • Call 131 900 and talk to a Home Finance Manager (8am-8pm, 7 days a week)
  • Pop into your local branch and have a chat.

Our Home Finance Managers can give you the information you need to help decide which loan is best for you. They can also help you with your application.

What you’ll need to kick start your application

We’ve put together this checklist of what you’re likely to need when you apply. Having this information ready before you start could help speed up the process.

Standard information

  • Details of monthly expenses (including loans and credit card debts)
  • Lists of assets (what you own) and liabilities (what you owe)
  • Income confirmation (including trusts and investments)
  • Superannuation balances
  • Proof of savings (statements)
  • Property contract of sale (if you’ve chosen a property you’d like to purchase and if available)
  • Identification Checklist for Individual Customers  (PDF 768KB)

If you’re a PAYG employee:

  • Your 2 most recent payslips
  • Your most recent payment summary or tax return.

If you’re self-employed:

  • Your business/company tax returns for the last 2 years
  • Your personal tax returns and assessment notices for the last 2 years.

If you’re building a home:

  • Plans, specifications, council approval and builders contract
  • Owner Builder Independent Adviser’s Report (if you’re the builder).

Make extra repayments and redraw those funds

Pay off your loan earlier and pay less interest by making additional repayments. You have same day access to redraw your extra repayments. Redraw fee may apply depending on the product (and/or means by which the redraw is made). Any party to the loan can access the available redraw amount.  The Bank has discretion to suspend redraws. Limits apply to extra repayments.

Take a break from repayments

You may be able to pause or reduce your repayments for a set period.

After the reduced or paused repayments period, repayments will be higher for the remaining loan term, which may result in higher interest being paid overall. Approval of the bank is required.

Lock in a great rate

Lock in your fixed rate at the time you apply, so if rates rise while you’re property hunting you won’t be disadvantaged (fees apply).

 

Learn more about all home loan features.

 

3 Year First Time Buyer Fixed Option Home Loan

Fee

 3 Year First Time Buyer Fixed Option Home Loan2

Loan establishment fee

$0

Monthly loan maintenance fee

$0

Redraw fee

$0

Portability fee

(Taking your home loan with you)

$300 per move

Repayment holiday fee

$0

Progress draw set up fee

$300

Re-fix fee

$150

Fixed rate lock in fee

0.10% of the loan amount

First Time Buyer home loan fixed interest rates with principal and interest repayments

We can help you step into your first home with our exclusive offers for First Time Buyers.

    Interest rate Comparison rate
5 Year Fixed Options Home Loan for First Time Buyer offer For Owner Occupier (Principal & Interest) home loans with a Premier Advantage Package. Includes a 0.80% p.a. Premier Advantage Package discount. $395 annual package fee applies. 3.49% p.a.2 4.52% p.a.3

View our Fixed Options Home Loan interest rates for both principal and interest as well as interest only repayments.

Ways to pay off your home loan sooner

Save a little more before you buy

If you've started saving you may start looking at buying once you have around 10% of the purchase price. However, if you have less than 20% of the purchase price, you may need to pay Lenders Mortgage Insurance. It may mean waiting a little longer, but if you can save a 20% deposit on your new home, you could avoid paying Lenders Mortgage Insurance.

Pay fortnightly versus monthly

Paying fortnightly means that there are 26 fortnightly repayments each year which adds up to the equivalent of 13 monthly repayments.  That's one extra monthly repayment every year to help you own your home sooner. This could work well if you’re paid fortnightly.

Benefit from extra and lump sum repayments

  • Any extra payments you make will reduce the balance of your loan and the interest charged.  Lump sums such as a tax return, a bonus from work, a gift or an inheritance can help you save on interest and shorten the life of your loan. Even paying a little bit extra on a regular basis can make a difference in the longer term.
  • Rounding up your home loan repayment just a small amount can make a dent on your home loan interest.  For example, consider a loan amount of $300,000 at 5% over 25 years. If the monthly repayments of $1754 were rounded up to $2000 per month and continued until the end of the loan term, the loan would be repaid around 5 years early, and the interest owed reduced by around $54,000.

Regularly review your home loan

Over time, your personal situation or financial needs may change. It makes sense to review your loan regularly to ensure you're only paying for the features or benefits you actually use or need. Our Home Finance Managers can help to assess your requirements and ensure you’ve got the products and services that are right for you at each stage of your life.

 

All our home and investment property loan applications are completed with the help of one of our Home Finance Managers, either over the phone or at a branch. Our Home Finance Manager will first listen and discuss your individual needs, then give you the information that will help you choose the right home loan for you.

To get started you can:

  • Fill out an enquiry form and a Home Finance Manager will call you back
  • Call 131 900 and talk to a Home Finance Manager (8am-8pm, 7 days a week)
  • Pop into your local branch and have a chat.

Our Home Finance Managers can give you the information you need to help decide which loan is best for you. They can also help you with your application.

What you’ll need to kick start your application

We’ve put together this checklist of what you’re likely to need when you apply. Having this information ready before you start could help speed up the process.

Standard information

  • Details of monthly expenses (including loans and credit card debts)
  • Lists of assets (what you own) and liabilities (what you owe)
  • Income confirmation (including trusts and investments)
  • Superannuation balances
  • Proof of savings (statements)
  • Property contract of sale (if you’ve chosen a property you’d like to purchase and if available)
  • Identification Checklist for Individual Customers (PDF 768KB)

If you’re a PAYG employee:

  • Your 2 most recent payslips
  • Your most recent payment summary or tax return.

If you’re self-employed:

  • Your business/company tax returns for the last 2 years
  • Your personal tax returns and assessment notices for the last 2 years.

If you’re refinancing:

  • Loan statements for the last 6 months
  • Property details.

If you’re building a home:

  • Plans, specifications, council approval and builders contract
  • Owner Builder Independent Adviser’s Report (if you’re the builder).
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.
 

Fixed Interest Rates: 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 Rate Lock 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.
 

First Home Buyer home loan offers: The First Home Buyer Fixed Options Home Loan offer and the First Home Buyer Flexi First Option Home Loan offer are available for First Home Buyers only. First Home Buyers are applicants applying for their first home loan for their first property. For joint home loan applications, all applicants must be First Home Buyers. Not available to company and trust account holders.
 

15 Year Introductory Flexi First Option Home Loan for First Home Buyers: This offer is valid for applications from 19/09/2018 and may be varied or withdrawn at any time.  The rate includes a 0.85% p.a. discount off our Flexi First Option Home Loan Principal and Interest Variable Rate for five years from loan settlement date reverting to a 0.75% p.a. discount off our Flexi First Option Home Loan Principal and Interest Variable Rate for the remaining loan term. Interest rates are subject to change.
 

25 Year Fixed Options Home Loan First Home Buyer offer: This offer is valid for applications from 11/06/19 and may be varied or withdrawn at any time. The rate includes a 0.80% p.a. Premium Advantage Package discount which is inclusive of the existing 0.20% Premier Advantage Package discount on our fixed rate home loans when the Premier Advantage Package is selected. Premier Advantage Package Conditions of Use and a $395 annual package fee apply. You must either hold or be approved for a Westpac Choice account in order to qualify and continue to receive the benefits of the Premier Advantage Package. Before deciding to acquire a Westpac Choice account, read the terms and conditions, and consider whether the product is right for you.
 

3Comparison Rate: The comparison rate is based on a secured loan of $150,000 over the term of 25 years. WARNING: The comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates.