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Key benefits of a fixed rate home loan
 



Certainty

Managing your money is easier, because you lock in the same rate and repayments for up to 5 years.

 



Repay faster and save interest

You can make and redraw up to $30,000 in extra repayments, with no fees or break costs1.

 



Take your home loan with you

Selling a property and buying a new one? Your existing home loan could go with you at the same rate with no break fees. Conditions apply.

 



Lock in your home loan rate2

Fix your home loan rate in at the time of your approval and you’ll guarantee your rate won’t change before settlement. (A 0.1% fee of the loan balance applies).

 

Refinance your home loan with Westpac

Switch your home loan to Westpac and you could lower your repayments, or pay off your loan faster.

$3K cashback when you refinance with us **

Apply by 31st May 2022, settle by 31st August 2022. Owner Occupier loans (P&I repayments) and Investment Property Loans, with LVR+ up to 80% and min $250k loan. Flexi First Option or packaged# home loans only ($395 annual package fee). Only one cashback offer available per primary applicant within a 12 month period. Excludes refinances within Westpac Group.

Featured fixed rate

3.79% p.a.

2-year fixed rate^^

|

3.99% p.a.

Comparison rate*

2 Year Owner Occupier Fixed Interest rate. P&I repayments with Premier Advantage Package# ($395 fee.) T&C’s apply.

Home Loan Interest Rates

Extra discount for new home loans

If you are taking out a new home loan, and borrowing less than 70% of the bank's valuation of the property, you could be eligible to get an extra 0.10% p.a. discount off the standard interest rate. This LVR+ discount is available to new lending only.

 

LVR stands for the initial loan to value ratio at loan approval. 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.

 

View our Owner Occupier fixed rates:

Our Premier Advantage Package offers a 0.20% p.a. interest rate discount and other product savings, for one $395 annual package fee#. Available on loans over $150,000.

 

1 year fixed term Fixed rate Comparison rate*

Standard rate

3.09% p.a. 4.80% p.a.

With Package#

2.89% p.a. 3.89% p.a.
2 year fixed term
Fixed rate
Comparison rate*

Standard rate

3.99% p.a. 4.81% p.a.

With Package#

3.79% p.a. 3.99% p.a.
3 year fixed term
Fixed rate
Comparison rate*

Standard rate

4.49% p.a. 4.88% p.a.

With Package#

4.29% p.a. 4.14% p.a.
4 year fixed term
Fixed rate
Comparison rate*

Standard rate

4.69% p.a. 4.92% p.a.

With Package#

4.49% p.a. 4.26% p.a.
5 year fixed term
Fixed rate
Comparison rate*

Standard rate

4.89% p.a. 4.99% p.a.

With Package#

4.69% p.a. 4.41% p.a.

With Principal & Interest repayments:

  • You will be repaying both principal loan amount and the interest
  • Your interest rate may be lower compared to Interest Only.

 

Our Premier Advantage Package offers a 0.20% p.a. interest rate discount and other product savings, for one $395 annual package fee#. Available on loans over $150,000.

 

1 year fixed term Fixed rate Comparison rate*

Standard rate

4.54% p.a. 5.47% p.a.

With Package#

4.34% p.a. 4.54% p.a.
2 year fixed term
Fixed rate
Comparison rate*

Standard rate

4.69% p.a. 5.42% p.a.

With Package#

4.49% p.a. 4.58% p.a.
3 year fixed term
Fixed rate
Comparison rate*

Standard rate

5.09% p.a. 5.47% p.a.

With Package#

4.89% p.a. 4.72% p.a.
4 year fixed term
Fixed rate
Comparison rate*

Standard rate

5.29% p.a. 5.51% p.a.

With Package#

5.09% p.a. 4.85% p.a.
5 year fixed term
Fixed rate
Comparison rate*

Standard rate

5.39% p.a. 5.54% p.a.

With Package#

5.19% p.a. 4.96% p.a.

 

By repaying Interest Only during a 1-5 year term:

  • Your repayments will be lower (and then increase at the end of your Interest Only term, as your principal needs to be paid back in a shorter timeframe)
  • Your interest rate may be higher compared to Principal & Interest.

 

View our investor fixed rates:

Our Premier Advantage Package offers a 0.20% p.a. interest rate discount and other product savings, for one $395 annual package fee#. Available on loans over $150,000.

 

1 year fixed term
Fixed rate Comparison rate*

Standard rate

3.29% p.a. 5.31% p.a.

With Package#

3.09% p.a. 4.39% p.a.
2 year fixed term
Fixed rate
Comparison rate*

Standard rate

4.19% p.a. 5.29% p.a.

With Package#

3.99% p.a. 4.46% p.a.
3 year fixed term
Fixed rate
Comparison rate*

Standard rate

4.69% p.a. 5.33% p.a.

With Package#

4.49% p.a. 4.59% p.a.
4 year fixed term
Fixed rate
Comparison rate*

Standard rate

4.99% p.a. 5.38% p.a.

With Package#

4.79% p.a. 4.72% p.a.
5 year fixed term
Fixed rate
Comparison rate*

Standard rate

5.09% p.a. 5.39% p.a.

With Package#

4.89% p.a. 4.81% p.a.

With Principal & Interest repayments:

  • You will be repaying both principal loan amount and the interest
  • Your interest rate may be lower compared to Interest Only.

Our Premier Advantage Package offers a 0.20% p.a. interest rate discount and other product savings, for one $395 annual package fee#. Available on loans over $150,000.

 

1 year fixed term Fixed rate Comparison rate*

Standard rate

3.79% p.a. 5.59% p.a.

With Package#

3.59% p.a. 4.66% p.a.
2 year fixed term
Fixed rate
Comparison rate*

Standard rate

4.49% p.a. 5.56% p.a.

With Package#

4.29% p.a. 4.72% p.a.
3 year fixed term
Fixed rate
Comparison rate*

Standard rate

4.99% p.a. 5.60% p.a.

With Package#

4.79% p.a. 4.85% p.a.
4 year fixed term
Fixed rate
Comparison rate*

Standard rate

5.29% p.a. 5.65% p.a.

With Package#

5.09% p.a. 4.99% p.a.
5 year fixed term
Fixed rate
Comparison rate*

Standard rate

5.39% p.a. 5.67% p.a.

With Package#

5.19% p.a. 5.08% p.a.

By repaying Interest Only during a 1-5 year term:

  • Your repayments will be lower (and then increase at the end of your Interest Only term, as your principal needs to be paid back in a shorter timeframe)
  • Your interest rate may be higher compared to Principal & Interest.


The below rates include a 0.20% p.a. discount for repaying Interest Only in Advance3.

Our Premier Advantage Package offers a 0.20% p.a. interest rate discount and other product savings, for one $395 annual package fee#. Available on loans over $150,000.

 

1 year fixed term Fixed rate Comparison rate*

Standard rate

3.59% 5.57%

With Package#

3.39% 4.64%
2 year fixed term
Fixed rate
Comparison rate*

Standard rate

4.29% 5.52%

With Package#

4.09% 4.69%
3 year fixed term
Fixed rate
Comparison rate*

Standard rate

4.79% 5.54%

With Package#

4.59% 4.80%
4 year fixed term
Fixed rate
Comparison rate*

Standard rate

5.09% 5.58%

With Package#

4.89% 4.92%
5 year fixed term
Fixed rate
Comparison rate*

Standard rate

5.19% 5.58%

With Package#

4.99% 5.00%

 

By repaying Interest Only in Advance during a 1-5 year term:

  • Interest Only in Advance is a repayment option that offers Fixed Rate Investment Property Loan customers an additional interest rate discount for paying 12 months interest in advance.
  • By prepaying interest, you can potentially reduce your tax liability for the coming financial year and conveniently consolidate interest repayments into one lump sum payment.


This is not financial advice: we recommend that you consult your financial adviser to determine the benefits which may be applicable.

Fixed Rate Loan Fees And Options

Fixed rate terms   1-5 years
Total loan term   Up to 30 years
Repayment frequencies   Weekly, fortnightly, monthly
Repayment types   Principal and Interest, Interest Only, or Interest Only in Advance
Additional repayments   A total of $30,000 over the fixed term with no fees or break costs1
Split with a variable loan   Yes
Redraw extra repayments   Yes
Offset account   No. But you can split with a Rocket Repay home loan, which has an offset account.

Your home loan pathway

Get started

Start your application online – let us know what you’re looking for and some details about your finances.

 

What we’ll do

We’ll show you how much you could borrow before you submit the form. Once you submit, we’ll send you an email with your lender’s details.

Talk to us

Your lender will call you to discuss your application, make any changes, and take you through everything.

 

What we’ll do

After speaking to you we’ll run a credit check and, if everything checks out, give you conditional approval, so you know exactly how much you can borrow.

Make your offer

Make an offer or bid on the property you want, then let us know when it’s been accepted.

 

What we'll do

We’ll value your potential new home, and give you final approval.

Already started an application? Retrieve your application

Get started

Start your application online – tell us about your property, how much you’d like to borrow and your finances.

 

What we take care of

We’ll show you how much you could borrow before you submit the form. Once you submit, we’ll send you an email with your lender’s details.

Talk to us

Your lender will call you to answer any questions, discuss your application and talk you through the process.

 

What we take care of

After speaking to you, we'll run a credit check, value your property, complete other verifications and let you know when your application is approved.

All done

Accept our loan offer and that’s it. Congratulations and welcome to Westpac!

 

What we take care of

We’ll ask your current lender to prepare a discharge of mortgage for your existing home loan – then welcome you to Westpac.

Already started an application? Retrieve your application

Already have a home loan with us?

Switch my variable loan to fixed

Select your home loan, then click on Switch to a fixed rate home loan and follow the prompts.

 

My fixed rate is ending soon

 

Select your home loan, then go to Account details, click on the banner to view your re-fix options.

 

Frequently asked questions

You may need to pay break costs if you close a fixed rate mortgage account before the fixed rate term has ended. Paying your loan down completely before the end of the fixed term, switching to a variable rate or making more than the maximum amount in extra weekly, fortnightly or monthly repayments are all things that could incur break costs.


Break costs vary depending on the remaining term and balance on your loan. If you want to know what the break costs could be on your current Westpac fixed rate loan, request a call back and one of our home finance managers will give you a break cost figure.


Not quite ready to apply for a home loan?

Things you should know

Conditions, credit criteria, fees and charges apply. Credit provided by Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714. Terms and conditions available on request. Based on Westpac's credit criteria, residential lending is not available for Non-Australian Resident borrowers.

 

*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.

 

**$3K refinance cashback offer: Conditions, credit criteria, fees, charges, eligibility criteria and exclusions apply. Apply between 1st December 2021 to 31st May 2022 and settle by 31st August 2022 for refinance applications. Offer may be varied or withdrawn at any time. Min Loan amount $250k and LVR up to 80%. Offer available for Owner Occupier with Principal & Interest repayments and Investment Property Loans (Principal and Interest & Interest Only repayments). Premier Advantage Package ($395 annual package fee and T&Cs apply) and Flexi First Option Loans. Limit of one $3,000 cashback payment regardless of the number of applications, applicants, properties or loans involved per 12 month period. For joint applications, only one cashback payment will be paid to the primary applicant. Excludes Owner Occupier Interest Only, residential lending originated under family or company trusts and refinances within Westpac Group (Westpac, St.George, Bank of Melbourne, BankSA and RAMS). The cashback will be paid into an open Westpac Choice transaction account within 60 days of settlement. This account must be in the same name as the home loan account and linked to the home loan at settlement. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters. 

 

***Westpac Choices Account: Discretionary fees, such as, but not limited to foreign transaction fees, may apply.

 

#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.

 

+LVR stands for the initial loan to value ratio at loan approval. 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 don’t change because of changes to the LVR during the life of the loan.

 

1 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.

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 may apply.

 

2Rate Lock: 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 revert 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.

 

3Interest Only in Advance: Interest must be paid in advance annually for each chosen fixed rate term to receive this rate. If after the first year of a fixed rate term interest is no longer paid in advance the Interest Only in Advance discount will be removed for subsequent years.

Interest Only in Advance Premier Advantage Package (PAP) customers receive a further 0.20% p.a. discount.

Interest Only in Advance interest rates are available on Fixed Rate Investment Property Loans with fixed rate terms of 1, 2, 3, 4 or 5 years.

Interest Only in Advance interest rates and discounts apply to new Fixed Rate Investment Property Loan and loans which have been switched into Interest Only in Advance products.  Existing fixed loans are not eligible unless the loan is re-fixed.  Interest Only in Advance discounts are subject to change.

Subject to Bank's approval. Normal lending criteria apply.

Other conditions, fees and charges apply.

 

4Home and Contents Insurance: If you are eligible for the Home and Contents combined discount, we will apply the Premier Advantage Package discount to any already discounted premium. Minimum premiums may apply. If you take out a Premier Advantage Package after Allianz Australia Insurance Limited (AAIL) has issued you with a Home and Contents Insurance policy then the package benefit will only be applied at your next renewal.