Fixed Rate Home Loan
Featured interest rates and offer
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Get $3K cashback when you refinance to us - $2K for each property refinanced, plus a bonus $1K for your first refinance application.** |
Owner Occupier loans (P&I repayments) and Investment loans, with LVR+ up to 80% and min $250k loan per property. Flexi First Option or packaged# home loans only ($395 annual package fee). Apply by 30th June 2021, settle by 30th September 2021. Excludes refinances within Westpac Group. |
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.
Get ahead on your loan
You can make extra repayments up to a total of $30,000 on new loans. (Prepayments exceeding this threshold may incur a break cost and administration fee.)1
Set up interest only repayments
You can apply to pay interest only for a total of up to 5 years over the life of the loan (a higher rate may apply).
Fixed rate lock-in
Be certain that the fixed rate you lock in will apply for the duration of your fixed rate term (a fee of 0.1% of the loan balance applies).^ See FAQ below for further details.
Extra benefits with the Premier Advantage Package#
- Get 0.2% p.a. off the rate for loans above $150,000
- Pay no establishment or monthly fees
- Pay no fees if you move house
- Pay no annual fee on Westpac credit cards (other fees and charges may apply).
- Save up to 10% 2 on your Westpac Home and/or Contents and Landlord Insurance Premiums.
Get all this for an annual package fee of $395#.
Rates and fees
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.
A $395 annual package fee applies to loans on the Premier Advantage Package.#
Loans on principal and interest repayments
| Annual rate | Comparison rate* | |
|---|---|---|
| 1 year standard fixed rate | ||
| With Premier Advantage Package# | 2.59% p.a. | 4.12% p.a. |
| Without Package | 2.79% p.a. | 5.04% p.a. |
| 2 year standard fixed rate | ||
| With Premier Advantage Package# | 2.29% p.a. | 3.97% p.a. |
| Without Package | 2.49% p.a. | 4.78% p.a. |
| 3 year standard fixed rate | ||
| With Premier Advantage Package# | 2.49% p.a. | 3.89% p.a. |
| Without Package | 2.69% p.a. | 4.62% p.a. |
| 4 year standard fixed rate | ||
| With Premier Advantage Package# | 2.79% p.a. | 3.89% p.a. |
| Without Package | 2.99% p.a. | 4.54% p.a |
| 5 year standard fixed rate | ||
| With Premier Advantage Package# | 2.79% p.a. | 3.82% p.a. |
| Without Package | 2.99% p.a. | 4.39% p.a. |
Loans on interest only repayments
| Annual rate | Comparison rate* | |
|---|---|---|
| 1 year standard fixed rate | ||
| With Premier Advantage Package# | 2.69% p.a. | 4.36% p.a. |
| Without Package | 2.89% p.a. | 5.28% p.a. |
| 2 year standard fixed rate | ||
| With Premier Advantage Package# | 2.49% p.a. | 4.21% p.a. |
| Without Package | 2.69% p.a. | 5.02% p.a. |
| 3 year standard fixed rate | ||
| With Premier Advantage Package# | 2.59% p.a. | 4.10% p.a. |
| Without Package | 2.79% p.a. | 4.83% p.a. |
| 4 year standard fixed rate | ||
| With Premier Advantage Package# | 2.89% p.a. | 4.09% p.a. |
| Without Package | 3.09% p.a. | 4.74% p.a. |
| 5 year standard fixed rate | ||
| With Premier Advantage Package# | 2.89% p.a. | 4.01% p.a. |
| Without Package | 3.09% p.a. | 4.58% p.a. |
Interest Only in Advance (IOA) Interest Rates++
The below rates include the 0.20% p.a. discount for Interest Only in Advance
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.
For example, a loan of $400,000 to buy a property worth $500,000 results in a loan to value ratio of 80%. The interest rates below are for new loans. Home loan rates are set based on the initial LVR and don’t change because of changes to the LVR during the life of the loan.
| Fixed Rate Term | Annual Rate | Comparison Rate* |
|---|---|---|
| 1 year standard fixed rate less IOA discount | 2.69% | 5.26% |
| LVR up to 70% (Includes discount of 0.10% p.a.) | 2.59% | 5.16% |
| LVR above 70% (no change to standard rate) | 2.69% | 5.26% |
| 2 year standard fixed rate less IOA discount | 2.49% | 4.99% |
| LVR up to 70% (Includes discount of 0.10% p.a.) | 2.39% | 4.89% |
| LVR above 70% (no change to standard rate) | 2.49% | 4.99% |
| 3 year standard fixed rate less IOA discount | 2.59% | 4.78% |
| LVR up to 70% (Includes discount of 0.10% p.a.) | 2.49% | 4.68% |
| LVR above 70% (no change to standard rate) | 2.59% | 4.78% |
| 4 year standard fixed rate less IOA discount | 2.89% | 4.67% |
| LVR up to 70% (Includes discount of 0.10% p.a.) | 2.79% | 4.58% |
| LVR above 70% (no change to standard rate) | 2.89% | 4.67% |
| 5 year standard fixed rate less IOA discount | 2.89% | 4.50% |
| LVR up to 70% (Includes discount of 0.10% p.a.) | 2.79% | 4.40% |
| LVR above 70% (no change to standard rate) | 2.89% | 4.50% |
Interest Only in Advance Interest Rates++ Under the Premier Advantage Package# (PAP)
The below rates include the 0.20% p.a discount for Interest Only in Advance & a further discount of 0.20% for the PAP
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.
For example, a loan of $400,000 to buy a property worth $500,000 results in a loan to value ratio of 80%. The interest rates below are for new loans. Home loan rates are set based on the initial LVR and don’t change because of changes to the LVR during the life of the loan.
| Fixed Rate Term | Annual Rate | Comparison Rate* |
|---|---|---|
| 1 year standard fixed rate less IOA and PAP discounts | 2.49% | 4.34% |
| LVR up to 70% (includes further discount of 0.10% p.a.) | 2.39% | 4.25% |
| LVR above 70% (no change to standard rate) | 2.49% | 4.34% |
| 2 year standard fixed rate less IOA and PAP discounts | 2.29% | 4.17% |
| LVR up to 70% (includes further discount of 0.10% p.a.) | 2.19% | 4.07% |
| LVR above 70% (no change to standard rate) | 2.29% | 4.17% |
| 3 year standard fixed rate less IOA and PAP discounts | 2.39% | 4.05% |
| LVR up to 70% (includes further discount of 0.10% p.a.) | 2.29% | 3.96% |
| LVR above 70% (no change to standard rate) | 2.39% | 4.05% |
| 4 year standard fixed rate less IOA and PAP discounts | 2.69% | 4.03% |
| LVR up to 70% (includes further discount of 0.10% p.a.) | 2.59% | 3.93% |
| LVR above 70% (no change to standard rate) | 2.69% | 4.03% |
| 5 year standard fixed rate less IOA and PAP discounts | 2.69% | 3.93% |
| LVR up to 70% (includes further discount of 0.10% p.a.) | 2.59% | 3.84% |
| LVR above 70% (no change to standard rate) | 2.69% | 3.93% |
Note that a discount may apply - please refer to your loan contract or call 132 558
Below are the Interest Only in Advanced Fixed Rate Home Loan interest rates available to fix or re-fix existing loans.
Interest Only in Advance Interest Rates++
The below rates include a 0.20% p.a. discount for Interest Only in Advance (IOA)
| Fixed Rate Term | Annual Rate | Comparison Rate* |
|---|---|---|
| 1 year | 2.69% | 5.26% |
| 2 year | 2.49% | 4.99% |
| 3 year | 2.59% | 4.78% |
| 4 year | 2.89% | 4.67% |
| 5 year | 2.89% | 4.5% |
Interest Only in Advance Interest Rates++ Under the Premier Advantage Package#
The below rates include a 0.20% p.a. discount for Interest Only in Advance and a further discount of 0.20% p.a. for Premier Advantage Package (PAP).
| Fixed Rate Term | Annual Rate | Comparison Rate* |
|---|---|---|
| 1 year | 2.49% | 4.34% |
| 2 year | 2.29% | 4.17% |
| 3 year | 2.39% | 4.05% |
| 4 year | 2.69% | 4.03% |
| 5 year | 2.69% | 3.93% |
| Fee | Cost |
|---|---|
| Annual package fee | $395 |
| Establishment fee | $600 ($0 with Premier Advantage Package#) |
| Maintenance fee | $8/month ($0 with Premier Advantage Package#) |
| Redraw fee | $0 |
| Fees for Extras | Cost |
|---|---|
| Fee to re-fix your interest rate at the end of the fixed rate term | $150 ($0 with Premier Advantage Package#) |
| Progress draw setup | $300 |
| Fixed rate lock in fee | 0.10% of the loan amount |
Ready to refinance from another bank?
Use our refinance calculator to see how much you might be able to save in repayments when you switch your home loan from another bank to us.
Applying is simple, get started online
1. Apply online
Tell us some details about you and see how much you could borrow. Don’t worry, we’ll save as you go and there won’t be a credit check until you’ve spoken with a home finance manager.
2. Talk it through
A home finance manager will be in touch to answer all your questions, and progress things to the next stage.
3. Conditional approval, if needed
We may be able to provide you conditional approval to help you confidently bid or make an offer knowing how much you can afford. Conditional approval is valid for 90 days . Need more time? We can renew it.
4. Full approval
Once we’ve valued your property and completed other verification, we’ll let you know when your application’s been approved. Accept our loan offer and you’re on your way to settlement – congrats!
Already started an application? Retrieve your application
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 Westpac fixed rate loan, request a call back and one of our home finance managers will give you a break cost figure.
You need to speak with one of our home finance managers to break a Westpac fixed home loan. To break your existing fixed options home loan, complete a request a call back form or call us on 131 900.
If you have a current fixed rate home loan, your current fixed rate will apply for the fixed rate term. You may choose to break and re-fix part or all of your home loan, however this may incur break costs1 if you are making the change before the end of the fixed rate term.
If you have a current variable rate home loan, you may choose to switch all or part of your home loan to a fixed rate. Break costs1 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.
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.
Customers with existing Investment Property Loans can apply to switch to an Interest Only in Advance product.
Existing Interest Only in Advance customers with fixed rate terms expiring will receive a letter of offer to review their Interest Only in Advance arrangements 4 - 6 weeks prior to fixed rate expiry.
New customers can establish an Interest Only in Advance loan through our standard application process.
If you choose to pay Interest Only in Advance for 12 months on your fixed rate investment loan in a lump sum, you receive a 0.20% p.a. discount on your fixed interest rate. If you also take up the Premier Advantage Package#, you will receive an additional 0.20% p.a. discount on your rate.1
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.
For example, a loan of $400,000 to buy a property worth $500,000 results in a loan to value ratio of 80%. The interest rates below are for new loans. Home loan rates are set based on the initial LVR+ and don’t change because of changes to the LVR+ during the life of the loan.
What is the 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'll get an extra 0.10% p.a. discount off the standard interest rate.
If I’m an existing home loan customer, am I eligible for the new home loans extra discount?
The extra 0.10% p.a. discount is available for new home loans when the LVR+ is below 70%. This LVR+ discount is based on the initial LVR+ at loan approval and does not change during the life of the loan. If you are looking to fix an existing home loan, the standard fixed rates will apply unless you already have the discount.
With the Fixed Rate Lock-In feature, you can lock in the current fixed interest rate at the time of your loan approval. This guarantees you will receive the current fixed interest rate before loan drawdown irrespective of whether the current rate rises or falls. The Fixed Rate Lock-In will hold the current fixed rate for up to 90 days after you have locked in the rate for a fee of 0.10% of the loan amount. Once approved, you will need to pay the Fixed Rate Lock-In fee before drawdown of your loan.
To apply for the Fixed Rate Lock-In feature, you can speak directly with your Home Finance Manager or Broker.
Not quite ready to apply?
Explore our other loans
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 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.
^Rate 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 rate lock 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.
^^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 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. Interest rate(s) displayed is for Australian Residents only.
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 and administration fee.
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 and administration fee may apply.
2. Home 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 WGIL has issued you with a Home and Contents Insurance policy then the package benefit will only be applied at your next renewal.
*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: Credit criteria, fees and charges apply. Terms and conditions available at Westpac. $2,000 Refinance Cashback per property for new refinance applications received between 23rd September 2019 to 30th June 2021 and settled by 30th September 2021. Offer current as at 23rd 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 received between 18th September 2020 to 30th June 2021 and settled by 30th September 2021 with maximum LVR of 80%. Offer current as at 18th September 2020. Only 1 bonus cashback will be paid for the initial application regardless of the numbers of customers, properties or applications involved. Offers available for Owner Occupier with Principal & 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 $2,000 and $1,000 bonus Refinance Cashback. Excludes Equity Access 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 in the same name as the home loan account and linked to the home loan at the time of settlement. This account must be 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.
Premier Advantage Package Conditions of Use (PDF 87KB)
++ Interest 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.