
Fixed Rate Home Loan
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

$2K cashback when you refinance with us **
Apply by 31st October 2022, settle by 31st January 2023. 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
5.49% p.a. 2-year fixed rate^^ |
| |
5.10% p.a. Comparison rate* |
2 Year Owner Occupier Fixed Interest rate. P&I repayments with Premier Advantage Package# ($395 fee.) T&C’s apply.
Loan details
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
Already started an application? Retrieve your application
Already started an application? Retrieve your application
Already have a home loan with us?
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
Credit criteria, fees, charges, T&C's 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.
**$2K refinance cashback offer: Conditions, credit criteria, fees, charges, eligibility criteria and exclusions apply. Apply between 1st August 2022 to 31st October 2022 and settle by 31st January 2023 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 $2,000 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)
+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.
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.