Fixed Rate Home Loan
Choose a Fixed Options home loan with terms from 1 to 5 years and lock in certainty. Get a guaranteed interest rate and set repayments over your fixed term.
Interest rates
Fixed Options home loan with Principal & Interest (P&I) repayments:
- Rates include: Premier Advantage Package ($395 annual fee applies) discount of 0.20% p.a. (on loans over $150,000) and 0.10% p.a. discount for LVR up to 70%.
LVR over 80%? Explore all home loan rates
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.
- Premier Advantage Package: Details in ‘How does the Premier Advantage Package work?’ section.
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 293KB)
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 Fixed Rate - Lock-In 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. Rate lock is not available for progress draw loans under the construction option.
Fixed Options home loan with Principal & Interest (P&I) repayments
Rates with Package and LVR discount include: Premier Advantage Package ($395 annual fee applies) discount of 0.20% p.a. (on loans over $150,000) and 0.10% p.a. discount for LVR up to 70%.
| Owner Occupier | 1-year fixed term | 2-year fixed term | 3-year fixed term | 4-year fixed term | 5-year fixed term |
|---|---|---|---|---|---|
Standard rate |
5.79% p.a. (7.96% p.a. Comparison rate) |
5.89% p.a. (7.75% p.a. Comparison rate) |
5.99% p.a. (7.59% p.a. Comparison rate) |
6.19% p.a. (7.49% p.a. Comparison rate) |
6.19% p.a. (7.36% p.a. Comparison rate) |
| With package and LVR discount | 5.49% p.a. (6.00% p.a. Comparison rate) |
5.59% p.a. (6.01% p.a. Comparison rate) |
5.69% p.a. (6.03% p.a. Comparison rate) |
5.89% p.a. (6.11% p.a. Comparison rate) |
5.89% p.a. (6.13% p.a. Comparison rate) |
| Investor | 1-year fixed term | 2-year fixed term | 3-year fixed term | 4-year fixed term | 5-year fixed term |
|---|---|---|---|---|---|
Standard rate |
5.99% p.a. (8.46% p.a. Comparison rate) |
6.09% p.a. (8.22% p.a. Comparison rate) |
6.19% p.a. (8.02% p.a. Comparison rate) |
6.39% p.a. (7.90% p.a. Comparison rate) |
6.39% p.a. (7.74% p.a. Comparison rate) |
| With package and LVR discount | 5.69% p.a. (6.20% p.a. Comparison rate) |
5.79% p.a. (6.21% p.a. Comparison rate) |
5.89% p.a. (6.23% p.a. Comparison rate) |
6.09% p.a. (6.31% p.a. Comparison rate) |
6.09% p.a. (6.32% p.a. Comparison rate) |
Fixed Options home loan with Interest Only (IO) repayments
Rates with Package and LVR discount include: Premier Advantage Package ($395 annual fee applies) discount of 0.20% p.a. (on loans over $150,000) and 0.10% p.a. discount for LVR up to 70%.
Understanding interest only repayments
| Owner Occupier | 1-year fixed term | 2-year fixed term | 3-year fixed term | 4-year fixed term | 5-year fixed term |
|---|---|---|---|---|---|
Standard rate |
6.29% p.a. (8.01% p.a. Comparison rate) |
6.39% p.a. (7.86% p.a. Comparison rate) |
6.49% p.a. (7.74% p.a. Comparison rate) |
6.69% p.a. (7.69% p.a. Comparison rate) |
6.69% p.a. (7.59% p.a. Comparison rate) |
| With package and LVR discount | 5.99% p.a. (6.05% p.a. Comparison rate) |
6.09% p.a. (6.09% p.a. Comparison rate) |
6.19% p.a. (6.15% p.a. Comparison rate) |
6.39% p.a. (6.26% p.a. Comparison rate) |
6.39% p.a. (6.31% p.a. Comparison rate) |
| Investor | 1-year fixed term | 2-year fixed term | 3-year fixed term | 4-year fixed term | 5-year fixed term |
|---|---|---|---|---|---|
Standard rate |
6.04% p.a. (8.47% p.a. Comparison rate) |
6.29% p.a. (8.26% p.a. Comparison rate) |
6.39% p.a. (8.09% p.a. Comparison rate) |
6.49% p.a. (7.95% p.a. Comparison rate) |
6.49% p.a. (7.80% p.a. Comparison rate) |
| With package and LVR discount | 5.74% p.a. (6.20% p.a. Comparison rate) |
5.99% p.a. (6.23% p.a. Comparison rate) |
6.09% p.a. (6.27% p.a. Comparison rate) |
6.19% p.a. (6.32% p.a. Comparison rate) |
6.19% p.a. (6.34% p.a. Comparison rate) |
Fixed Options home loan with Interest Only in Advance repayments
Rates with Package and LVR discount include: Premier Advantage Package ($395 annual fee applies) discount of 0.20% p.a. (on loans over $150,000) and 0.10% p.a. discount for LVR up to 70%. Plus, Interest Only in advance discount of 0.20% p.a.
| Investor | 1-year fixed term | 2-year fixed term | 3-year fixed term | 4-year fixed term | 5-year fixed term |
|---|---|---|---|---|---|
Standard rate |
5.84% p.a. (8.48% p.a. Comparison rate) |
6.09% p.a. (8.28% p.a. Comparison rate) |
6.19% p.a. (8.11% p.a. Comparison rate) |
6.29% p.a. (7.98% p.a. Comparison rate) |
6.29% p.a. (7.83% p.a. Comparison rate) |
| With package and LVR discount | 5.54% p.a. (6.20% p.a. Comparison rate) |
5.79% p.a. (6.23% p.a. Comparison rate) |
5.89% p.a. (6.27% p.a. Comparison rate) |
5.99% p.a. (6.32% p.a. Comparison rate) |
5.99% p.a. (6.34% p.a. Comparison rate) |
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.
Premier Advantage Package: Details in ‘How does the Premier Advantage Package work?’ accordion.
By repaying Interest Only in Advance during a 1-5 year term:
- 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 may potentially reduce your tax liability for the coming financial year and conveniently consolidate interest repayments into one lump sum payment.
This is not financial or tax advice: we recommend that you consult your financial adviser to determine the benefits which may be applicable.
Conditions
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.
Only available on terms of 1-5 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.
| 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 costs | |
| Split with a variable loan | Yes | |
| Redraw extra repayments | Yes | |
| Construction option | Yes | |
| Offset account | No. But you can split with a Rocket loan, which has offset. |
LVR stands for the loan-to-value ratio. 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 won't change during the life of the loan as the LVR changes.
GET INTEREST RATE DISCOUNTS, PLUS SAVINGS ON CREDIT CARDS AND INSURANCE
VIEW & GET ESTIMATED VALUES OF THE PROPERTIES SECURING YOUR WESTPAC HOME LOANS
Why choose a fixed rate home loan?
Peace of mind
Fixing your home loan, means you’ll have greater certainty. You can lock in the same rate and repayments from 1-5 years.
Prepay or redraw
Repay weekly, fortnightly or monthly. Plus, prepay or redraw up to $30,000 during your fixed term, with no break costs.
Handy loan options
You can choose to lock in today’s rate (fee applies), package and save for a $395 package fee or split your loan.
Keep your loan
Selling and buying a new home? Take your loan and rate with you and pay no break costs. Conditions apply.
What to know before and after you apply
Your eligibility
You must be:
- An Australian citizen or permanent resident
- Employed or self-employed
- 18 years or over.
Buying property with one other. To speed up the process, the first applicant submits the application for both of you. A lender then calls you both to finalise your application.
Refinancing with one other. The first applicant starts the application and submits their part. The second then gets an email inviting them to submit their part. A lender then calls both of you to finalise your application.
Applications with 3 to 8 borrowers. You won’t be able to apply online. Book an appointment with a lender who can work out your combined maximum loan amount. Remember to talk with your tax adviser and legal agent about the complexities of structuring ownership this way.
Switching your home loan to us?
If you qualify for Priority Refinance (PDF 2MB), you may be able to settle within a week. We may be able to:
- Securely verify your ID online
- Auto-verify your income, when it’s paid to other financial institutions.
Priority Refinance: Only available: on eligible new Westpac home loans; on eligible home loans with your current lender; if your other lender is on the Priority Refinance process list of eligible financial institutions. Your other lender may charge you an additional settlement agent fee, as well as fixed rate home loan break costs. Loan suitability for the Priority Refinance product is determined by Westpac in conjunction with the insurance product guidelines. Priority Refinance is provided by First American Title Insurance Company of Australia Pty Limited ABN 64 075 279 908 Australian Financial Services Licence 263876, trading as First Title, an Australian general insurance company authorised by the Australian Prudential Regulation Authority. Conditions, fees and charges apply. Lending criteria apply to approval of credit products. This info doesn't take your personal objectives, circumstances or needs into account, so please consider Priority Refinance's appropriateness and read the disclosure documents for your selected loan, including the Terms & Conditions, before deciding.
Your lender will be in touch
Once you submit your application, we'll match you with a lender and email you their details. They’ll then call to:
- Finalise your interest rate (you may be able to negotiate)
- Review your documents and info
- Answer questions
- Match you with the right loan deal
- Walk you through your next steps
- Help you apply for any applicable government grants or schemes.
Documents you may need
We'll let you know what home loan documents to share with your lender. You can upload your supporting documents online anytime. They may include:
- Bank statements
- Living expenses and tax returns
- Proof of income (self-employed? See what you'll need)
- Existing property details, if you have one
- New to Westpac? You’ll need 2 types of ID: passport, driver licence, Medicare card, birth certificate.
Pre-approval to buy a property
If everything looks good, you could get a 90-day conditional approval. This is also called pre-approval or approval in principle.
Need more time? You can extend it for another 90 days if you’re yet to find the right property. Just confirm that your financial circumstances haven’t changed.
Full approval and settlement
- We’ll value your property and make some final checks
- If offered full (unconditional) approval, you can accept the home loan contract online
- Then sit back, be guided through loan settlement, and pick up the keys on settlement day.
Your loan offer and contract will usually include:
- Details of the security (e.g. the property held as security against the loan)
- The loan amount
- Repayments, including: repayment type (Interest Only or Principal & Interest), repayment amount, frequency and any charges or fees payable
- Interest rate and type
- The loan terms and conditions.
Like any legal document, we recommend that you get independent professional advice. Check for errors and ensure you understand the details before you accept and sign.
Talk to a home lending specialist
Book an appointment and a home loan specialist will call you back, answer questions or match you with a Westpac lender. They’ll arrange a meeting by phone, video, in branch, or at a venue of your choosing.
Save time, apply online
Fees and costs
| Standard fees (fees may change) | Amount |
|---|---|
| Premier Advantage Package annual fee (optional) | $395 |
| Lending establishment fee | $600 ($0 with Premier Advantage Package) |
| Loan account fee (monthly) | $8 ($0 with Premier Advantage Package) |
| Extra repayments (up to $30k on fixed loans) | $0 |
| Redraw (if activated and extra funds are available) | $0 |
| Repayment holidays or Reduced Repayments of up to 50% for up to 12 months (subject to approval) | $0 |
| Construction loan option (property valuer fees may apply) | $0 |
| Portability option (keeping your loan but changing the property securing the loan) | $0 |
| Loan switching (changing loan or repayment type). Break costs may apply to a fixed rate loan | $0 |
Break costs on fixed loan prepayments and switching: customers can make total prepayments of up to $30,000 (cumulative) for fixed loans, without costs or fees applying. You may incur a break cost and administration fee if your prepayments exceed this threshold, or 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.
| Standard fees (fees may change) | Amount |
|---|---|
| Lock-in fee (to lock-in a fixed rate) | 0.10% of loan amount |
| Lenders Mortgage Insurance premium (may be payable if your loan-to-value ratio is more than 80% of your property’s value) | Individual calculation |
| Break cost | Individual calculation |
| Additional bank cheque at settlement | $10 |
| Missed payment fee | $15 |
| Overdrawn fee | $15 |
| Document processing fee (may be payable if we deal with the mortgage or title document after settlement) | $150 |
| Property valuer fee (may be payable if a valuation is needed) | Determined by external valuer's fee |
| Loan discharge fee | $350 per loan |
Break costs on fixed loan prepayments and switching: customers can make total prepayments of up to $30,000 (cumulative) for fixed loans, without costs or fees applying. You may incur a break cost and administration fee if your prepayments exceed this threshold, or 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.
Costs of buying a home
Upfront Government costs can include:
- Government transfer/stamp duty, based on your home’s value (first home buyers could be eligible for grants and concessions)
- Government mortgage registration fee
- Government land tax and registration of title.
Upfront non-bank costs can include:
- Legal or conveyancing fees
- Pest, building or strata reports
- Optional independent valuer’s fee.
Ongoing non-bank costs can include:
- Local Government council rates
- Utilities, like electricity
- Insurance
- Strata levies, for most units
- Home maintenance.
Already have a home loan with us?
Switch my variable loan to fixed
Select your home loan, then click on Switch to a fixed rate home loan and follow the prompts.
My fixed rate is ending soon
Select your home loan, then go to Account details, click on the banner to view your fixed expiry options.
Frequently asked questions
The best rate will depend on your circumstances and what you want out of your loan. A fixed loan’s designed to give people more certainty, while a variable loan’s designed to give more flexibility.
If you need help deciding which loan might work best for you, simply start by applying. In the next step in the application process, you’ll talk with one of our home lenders. Or we can help you choose right now.
Yes, you can. But you might have to pay break costs and an admin fee. This can happen if you repay more than the $30,000 prepayment limit during your fixed term, change to a different type of loan (another product, fixed or variable interest rate, or repayment type), or pay off your loan completely before the end of your fixed term. Want a quote on potential fixed break costs? Ask your lender or book an appointment.
Our rate lock feature lets you secure the current fixed interest rate on your loan before settlement. This ensures your rate remains unchanged, even if market rates rise before your loan starts. The non-refundable cost is 0.10% of your loan amount. And your locked-in rate is valid for up to 90 days. Interested? Chat to your lender or broker.
Rate Lock: We’ll apply the fixed rate available on the loan settlement date or the date your fixed rate term starts. However, if you lock a fixed rate on your loan using our Rate Lock feature, a lock-in fee will apply. The fixed rate lock-in fee is 0.10% of your loan amount. At the end of the fixed rate term, the loan will roll onto our standard variable home loan interest rate, unless a new fixed rate term is selected. If a new fixed term is selected, the fixed rate will be determined 2 business days before the end of the fixed term.
A split home loan is when you separate your home loan balance into two different accounts. One will have a variable interest rate and the other 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. This means you can 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. It also lets you get ahead with no limit on the number of extra repayments you can make. Learn how it works.
Help when you need it
Things you should know
Conditions, credit criteria, fees and charges apply. Residential lending is not available for Non-Australian Resident borrowers.
This information is general in nature and has been prepared without taking your personal objectives, circumstances and needs into account. You should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.
Taxation considerations contained in this article (on this page) are general in nature. They do not take into account your personal circumstances and they should not be interpreted or used as tax advice or a tax guide. You should seek independent tax advice to determine the appropriate tax consequences relevant to your circumstances before making any decision based on this information.