Fixed rate home loans
Why get a fixed rate home loan?
Lock in some certainty
Get the same interest rate for the duration of the fixed term, from 1-5 years.
Know your repayments
A fixed rate means your repayment amounts will stay the same for your fixed rate term.
Get ahead if you want to
Make additional repayments up to a limit of $30,000 and get ahead on your loan balance.*
Combine with a variable rate
Split your loan by putting your balance into separate fixed and variable rate accounts for the best of both worlds.
Featured 2 year fixed rate
2.29% p.a. (3.53% p.a. comparison rate*) on the Fixed Options Home Loan
Applies to owner occupier home loans with principal and interest repayments with a Premier Advantage Package# ($395 annual package fee applies). Available with new fixed rate loans or to existing variable rate loan customers looking to fix all or part of their loan. These rates do not apply to existing fixed rate loans.
Featured fixed rate home loans
Learn more about our home loans
Frequently asked questions
You may need to pay break costs if you close a fixed rate home loan 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 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 fixed rate loan, request a call back and one of our home finance managers will give you a break cost figure.
In most cases, if you have a fixed rate home loan, you will be able to switch part or all your balance to a new variable rate loan. Note that this may incur break costs if you are making the change before the end of the fixed rate term.
It is also possible to switch all or part of a variable home loan balance to a fixed rate if you want to. Break costs don’t apply when switching from variable to fixed, although you may need to pay other fees.
A split home loan is when you separate your home loan balance into two different accounts, one with a variable interest rate and one with a fixed interest rate.
Splitting your home loan balance with a fixed and variable interest rate allows you to get the best of both worlds. With the fixed portion of your home loan, you can lock in your interest rate and be certain that your repayment amounts won’t change for the duration of the fixed rate term.
The variable rate portion of your loan lets you take advantage of any interest rate decreases and get ahead with no limit on the amount of extra repayments you can make.
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.
+LVR stands for the initial loan to value ratio at loan approval. LVR is the amount of your loan compared to the banks 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.
*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 cashback offer: Credit criteria, fees and charges apply. Terms and conditions available at Westpac. $2000 Refinance Cashback per property for new refinance applications received between 23 September 2019 to 31 January 2021 and settle by 31 March 2021. Offer current as at 23 September 2019. Only 1 cashback per property refinance will be paid regardless of the number of loans involved. One $1,000 Bonus Refinance Cashback for a new refinance application submitted between 18 September 2020 to 31 January 2021 and settle by 31 March 2021 with maximum LVR of 80%. Offer current as at 18 September 2020. Only 1 bonus cashback will be paid regardless of the numbers of customers, properties or applications involved. Offers available for Owner Occupier with Principal and Interest repayments and investment loans. Offers available on the Premier Advantage Package and Flexi First Option Home Loans. Offers may be varied or withdrawn at any time. $250K min loan per property refinanced applies for the $2000 and $1000 bonus Refinance Cashback. Excludes Portfolio Loans, switches and refinances of home loans within the Westpac Group which include St.George, Westpac, Bank of Melbourne, BankSA and RAMS. Offer not available for Owner Occupier Interest Only loans or residential lending originated under family or company trusts. The cashback(s) will be paid into a Westpac Choice transaction account within 60 days of settlement. The transaction account must be linked to the home loan at the time of settlement, and kept open for 60 days after settlement. 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 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.