Skip to main content Skip to main navigation
Skip to accessibility page Skip to search input

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

Fixed Option Home Loan fees with or without Premier Advantage Package

You save on fees when you choose the Premier Advantage Package, however an annual package fee of $395 applies.

Fixed Option Home Loan

Fee With Premier Advantage Package Without Premier Advantage Package
Loan establishment fee $0
$600 (one upfront fee) 
Loan maintenance fee $0 $8 per month
Redraw fee $0 $0
Portability fee
(Taking your home loan with you)
$0 $300 per move
Repayment holiday fee $0 $0
Progress draw set up fee $300 $300
Fixed Rate lock in fee  0.10% of the loan amount  0.10% of the loan amount 
Re-fix fee  $0  $150 

Below are the fixed interest rates for our Fixed Options Home Loan with principal and interest repayments and also the lower interest rates you'll pay if you package your new loan under our optional home loan package, Premier Advantage Package. An annual package fee of $395 applies.

Fixed Options Home Loan interest rates with principal and interest repayments

Term Fixed interest rate Comparison rate^
1 year 4.29% p.a. 5.41% p.a.
2 years 4.09% p.a. 5.27% p.a.
3 years 4.09% p.a. 5.17% p.a.
4 years 4.49% p.a. 5.21% p.a.
5 years 4.29% p.a. 5.06% p.a.

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

Fixed Options Home Loan interest rates with principal and interest repayments
Under our home loan package, Premier Advantage Package

On new fixed rate loans where packaged home loans total $150,000 or more.

Term Package discount on new loan Fixed interest rate Comparison rate^
1 year 0.2% p.a. off the interest rate (conditions apply) 4.09% p.a. 5.09% p.a.
2 years 0.2% p.a. off the interest rate (conditions apply) 3.89% p.a. 4.99% p.a.
3 years 0.2% p.a. off the interest rate (conditions apply) 3.89% p.a. 4.92% p.a.
4 years 0.2% p.a. off the interest rate (conditions apply) 4.29% p.a. 4.99% p.a.
5 years 0.2% p.a. off the interest rate (conditions apply) 4.09% p.a. 4.87% p.a.

Interest rates shown are for fully documented loans. Find out more about our home loan package, Premier Advantage Package.

Total packaged home loan(s) means all your new and existing loans that are under Premier Advantage Package.

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

How to save on home loan fees and charges

Take out a Premier Advantage Package and save

When you package your home loan and bank account, you could enjoy the benefits of our Premier Advantage Package, including interest rate discounts and savings on a range of great products and services. For an annual fee of $395 you could save up to $2,506 in your first year on a $250,000 home loan.

Benefits of packaging your loan

  • Discounts on a range of Westpac standard variable rate and Westpac fixed rate home loans
  • For any packaged home loan, pay no loan maintenance fee, top up / loan increase fee, portability fee or switching fee (excluding switches to a non-package loan)
  • Pay no monthly service fee on your Westpac Choice account, regardless of total monthly deposit
  • Pay no annual fee on the card you select from a range of Westpac credit cards
  • Discounts on selected insurance products




Potential savings Saving (year one)  Saving (year two onwards)
0.2% p.a. discount on $250,000 Westpac Fixed Options Home Loan $500 $500
No establishment fee on Westpac Fixed Options Home Loan $600 N/A 
No ongoing loan maintenance fees $96 $96 
No monthly service fee on Westpac Choice account (regardless of deposits) $60 $60
No annual fee on Altitude Black credit card $395 $395 
Saving $1,651 $1,051
Less Premier Advantage Package fee $395 $395 
  $1,256 $656

This example is for illustrative purposes only and assumes the following:

  • The Westpac Fixed Options Home Loan is the first Westpac packaged loan taken out
  • Westpac Fixed Options Home Loan interest rate is discounted by 0.2% p.a.
  • Interest only repayments
  • Minimum contracted repayments are made on scheduled repayment dates through the life of the Westpac Fixed Options Home Loan
  • No additional repayments made
  • The loan is fully documented.

This example does not include other fees that may be payable on the Westpac Fixed Options Home Loan.

Make your payments on time, every time

By making your minimum repayment by the due date you can avoid late payment fees. Set up a direct debit so you never miss a repayment.

Only pay for what you need

Our lowest variable interest rate home loan is the Flexi First Option Home Loan. It offers a range of flexible options, but you only pay for them if you use them.

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.

Use a home loan offset account

A Westpac offset account allows you to offset the balance of your eligible transaction account against the balance of your Rocket Repay Home Loan. This means you only have to pay interest on the difference between these account balances, which could save you thousands on interest payments and cut years off the life of your home loan. Our Rocket Repay Home Loan provides you with a 100% offset transaction account linked to your home loan. Every dollar you have in your transaction account saves you interest. To see how you could save with an offset account use our Westpac Home Loan Offset Calculator

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. We 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 loan experts, either over the phone or at a branch. Our expert 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 loan expert will call you back
  • Call 1300 650 105 and talk to a home loan expert (8am-8pm, 7 days a week)
  • Pop into your local branch and have a chat.

Our home loan experts 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. Offer is not permanent and may be withdrawn at any time. Rate displayed is for Australian residents for Owner Occupier loans only with principal and interest repayments. 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.

*The Bank will apply the fixed rate that is available at the loan settlement date or the date the fixed rate period commences, 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 prevailing home loan rate less your Premier Advantage Package discount applied to that rate.

^More on comparison rates

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. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Fixed rates: The Bank will apply the fixed rate that is available at the loan settlement date or the date the fixed rate period commences. At the end of the fixed rate period the interest rate will convert to the applicable variable home loan interest rate.

#Premier Advantage Package: 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.
Premier Advantage Package Conditions of Use (PDF 1MB)

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.

Prepayment and switching break costs are explained in the Break Costs Fact Sheet (PDF 120KB).

Discounts do not apply to internal refinances and are not transferable between loans. Package benefits cannot be taken in conjunction with, or in addition to other special offers, negotiated rates or discounts.

The discount on existing loans within a package is that offered at the time you settled your loan.  Any new packaged loans will have the benefit of the discounts set out above, subject to any conditions apply.

To qualify and continue to receive the benefits of the Package you must either hold or are approved for a Westpac Choice transaction account. Before deciding to acquire a Westpac Choice account, consider whether it is appropriate for you by reading the terms and conditions for this account in our Deposit Accounts for Personal and Self-Managed Superannuation Fund Customers terms and conditions (PDF 12MB)