Fixed Options Home Loan
Enjoy the certainty of knowing what your repayments will be.
Easy access to any extra repayments you’ve made with a handy redraw facility
When you set up a redraw facility you’ll be able to get same-day access to any extra repayments you’ve made to your home loan. (No redraw fee applies.)
- Fee free
Let your home loan move with you to your new home
If you’re moving house you can avoid the establishment and other fees of setting up a new loan by taking your current home loan with you and keeping the same account number (security criteria apply). That’s real portability.
- $300 per move
- Free with Premier Advantage Package
You can take a repayment holiday when you’ve made extra repayments
If you’ve made extra repayments, you can take a partial or full break from making repayments (conditions apply).
- Fee free
When building a home you can make progress draws on your loan to pay builders and other contractors
Being able to progressively draw down funds means you’re able to minimise interest costs, by only accessing funds when you need them (drawings must be completed within 12 months).
- $300 covers all
Locking in your rate between application and drawdown
You can lock in the fixed rate from the date you apply through to 2 days prior to the date you settle your loan. The fixed rate that will apply at the date of your request is the rate that you can lock in. If the fixed rate then increases through the settlement process, the rate you’ve locked in will still apply for up to 90 days from your loan application date, or 180 days for progress draw loans.
- 0.10% of the loan amount
A low doc Fixed Options Home Loan is available
If you have a small business with an ABN that doesn’t have audited accounts, you may like to consider applying for a low doc home loan. This will mean you won’t need to give us as many documents to prove your income, assets and liabilities as you would with other loans. It’s important however that you check out the details of the low doc loan. For example, any interest rate discount that may apply if your loan is under Premier Advantage Package may be less for a low doc loan than for a full documentation loan. Different fees may also apply. More details on low doc loans.
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
$355 (low doc loan)
|$600 (one upfront fee)|
|Loan maintenance fee||$0||$8 per month|
(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|
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 rate1|
|1 year||4.59% p.a.||5.39% p.a.|
|2 years||4.19% p.a.||5.25% p.a.|
|3 years||4.29% p.a.||5.18% p.a.|
|4 years||4.79% p.a.||5.28% p.a.|
|5 years||4.59% p.a.||5.16% p.a.|
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 rate1|
|1 year||0.2% p.a. off the interest rate (conditions apply)||4.39% p.a.||5.07% p.a.|
|2 years||0.2% p.a. off the interest rate (conditions apply)||3.99% p.a.||4.97% p.a.|
|3 years||0.2% p.a. off the interest rate (conditions apply)||4.09% p.a.||4.94% p.a.|
|4 years||0.2% p.a. off the interest rate (conditions apply)||4.59% p.a.||5.06% p.a.|
|5 years||0.2% p.a. off the interest rate (conditions apply)||4.39% p.a.||4.97% 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.
If you add up the savings offered by Premier Advantage Package, you could save over $1,200 in the first year and over $600 in the second year. You’ll continue to save for the life of your loan when you add up the savings offered by Premier Advantage Package.
|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|
|Less Premier Advantage Package fee||$395||$395|
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.
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.
- 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)
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
To be eligible for Premier Advantage Package you must have a Westpac Choice account. An annual package fee (currently $395) applies. Other conditions apply. Terms and Conditions are available on request.
Making repayments on loans funded before 17 March 2012
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.
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
1. More on comparison rates
This 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.