Fixed Rate Home Loan
Our Fixed Options Home Loan has a fixed interest rate and set repayments that won't change during the fixed term so you can lock in certainty.
At a glance
Featured rate
For a property to live in, with a loan-to-value ratio (LVR+) up to 70%.
5.24% p.a. |
5.94% p.a. |
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|---|---|---|
2-yr fixed rate |
Comparison rate* |
$30k |
$0 |
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|---|---|---|
Redraw up to $30k during fixed rate term, $0 redraw fee
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Split loan fee
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This rate includes 0.10% p.a. discount for LVR+ up to 70%. Available on new 2-year Fixed Owner Occupier packaged# home loans, on P&I repayments. $150k min loan. $395 annual package fee and T&Cs apply.
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.
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)
| 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 | |
| Construction option | Yes | |
| Offset account | No. But you can split with a Rocket loan, which has offset. |
Save big when you bundle:
- Get 0.20% p.a. fixed home loan interest rate package discount
- Plus no ongoing monthly home loan fees
- Plus savings on a Credit Card and Home Insurance 3
- For an all-in-one $395 annual package fee #.
Extra discount for new home loans
If you are taking out a new home loan, and borrowing up to 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. 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 a new home loan, with LVR+ up to 70%.
View our Owner Occupier fixed rates:
Our Premier Advantage Package offers a 0.20% p.a. interest rate discount and other product savings, for one $395 annual package fee#. Available on loans over $150,000.
The below rates include our Premier Advantage Package discount, plus our 0.10% p.a. discount for LVRs+ up to 70%:
| 1 year fixed term | Fixed rate | Comparison rate* |
|---|---|---|
Standard rate |
5.54% p.a. | 7.93% p.a. |
With Package# and |
5.24% p.a. | 5.98% p.a. |
| 2 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
5.54% p.a. | 7.68% p.a. |
With Package# and |
5.24% p.a. | 5.94% p.a. |
| 3 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
5.69% p.a. | 7.50% p.a. |
With Package# and |
5.39% p.a. | 5.95% p.a. |
| 4 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
5.89% p.a. | 7.38% p.a. |
With Package# and |
5.59% p.a. | 6.00% p.a. |
| 5 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
5.89% p.a. | 7.23% p.a. |
With Package# and |
5.59% p.a. | 6.00% p.a. |
With Principal & Interest repayments:
- You will be repaying both principal loan amount and the interest
- Your interest rate may be lower compared to Interest Only.
Our Premier Advantage Package offers a 0.20% p.a. interest rate discount and other product savings, for one $395 annual package fee#. Available on loans over $150,000.
The below rates include our Premier Advantage Package discount, plus our 0.10% p.a. discount for LVRs+ up to 70%:
| 1 year fixed term | Fixed rate | Comparison rate* |
|---|---|---|
Standard rate |
6.04% p.a. | 7.98% p.a. |
With Package# and |
5.74% p.a. | 6.02% p.a. |
| 2 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
6.04% p.a. | 7.79% p.a. |
With Package# and |
5.74% p.a. | 6.03% p.a. |
| 3 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
6.19% p.a. | 7.65% p.a. |
With Package# and |
5.89% p.a. | 6.07% p.a. |
| 4 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
6.39% p.a. | 7.58% p.a. |
With Package# and |
6.09% p.a. | 6.15% p.a. |
| 5 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
6.39% p.a. | 7.46% p.a. |
With Package# and |
6.09% p.a. | 6.18% p.a. |
By repaying Interest Only during a 1-5 year term:
- Your repayments will be lower (and then increase at the end of your Interest Only term, as your loan balance needs to be paid back in a shorter timeframe)
- Your interest rate may be higher for a set period compared to Principal & Interest.
Extra discount for new home loans
If you are taking out a new home loan, and borrowing up to 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. 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 a new home loan, with LVR+ up to 70%.
View our investor fixed rates:
Our Premier Advantage Package offers a 0.20% p.a. interest rate discount and other product savings, for one $395 annual package fee#. Available on loans over $150,000.
The below rates include our Premier Advantage Package discount, plus our 0.10% p.a. discount for LVRs+ up to 70%:
| 1 year fixed term |
Fixed rate | Comparison rate* |
|---|---|---|
Standard rate |
5.74% p.a. | 8.43% p.a. |
With Package# and |
5.44% p.a. | 6.18% p.a. |
| 2 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
5.74% p.a. | 8.15% p.a. |
With Package# and |
5.44% p.a. | 6.14% p.a. |
| 3 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
5.89% p.a. | 7.93% p.a. |
With Package# and |
5.59% p.a. | 6.15% p.a. |
| 4 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
6.09% p.a. | 7.79% p.a. |
With Package# and |
5.79% p.a. | 6.20% p.a. |
| 5 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
6.09% p.a. | 7.60% p.a. |
With Package# and |
5.79% p.a. | 6.19% p.a. |
With Principal & Interest repayments:
- You will be repaying both principal loan amount and the interest
- Your interest rate may be lower compared to Interest Only.
Our Premier Advantage Package offers a 0.20% p.a. interest rate discount and other product savings, for one $395 annual package fee#. Available on loans over $150,000.
The below rates include our Premier Advantage Package discount, plus our 0.10% p.a. discount for LVRs+ up to 70%:
| 1 year fixed term | Fixed rate | Comparison rate* |
|---|---|---|
Standard rate |
5.79% p.a. | 8.44% p.a. |
With Package# and |
5.49% p.a. | 6.17% p.a. |
| 2 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
5.94% p.a. | 8.19% p.a. |
With Package# and |
5.64% p.a. | 6.16% p.a. |
| 3 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
6.09% p.a. | 8.00% p.a. |
With Package# and |
5.79% p.a. | 6.18% p.a. |
| 4 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
6.19% p.a. | 7.84% p.a. |
With Package# and |
5.89% p.a. | 6.21% p.a. |
| 5 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
6.19% p.a. | 7.67% p.a. |
With Package# and |
5.89% p.a. | 6.21% p.a. |
By repaying Interest Only during a 1-5 year term:
- Your repayments will be lower (and then increase at the end of your Interest Only term, as your loan balance needs to be paid back in a shorter timeframe)
- Your interest rate may be higher for a set period compared to Principal & Interest.
The below rates include a 0.20% p.a. discount for repaying Interest Only in Advance.
Our Premier Advantage Package offers a 0.20% p.a. interest rate discount and other product savings, for one $395 annual package fee#. Available on loans over $150,000.
The below rates include our Premier Advantage Package discount, plus our 0.10% p.a. discount for LVRs+ up to 70%:
| 1 year fixed term | Fixed rate | Comparison rate* |
|---|---|---|
Standard rate |
5.59% | 8.45% |
With Package# and |
5.29% | 6.17% |
| 2 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
5.74% | 8.20% |
With Package# and |
5.44% | 6.16% |
| 3 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
5.89% | 8.02% |
With Package# and |
5.59% | 6.18% |
| 4 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
5.99% | 7.86% |
With Package# and |
5.69% | 6.21% |
| 5 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
5.99% | 7.70% |
With Package# and |
5.69% | 6.20% |
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.
Why choose our fixed rate home loan
Certainty
Managing your money is easier when you lock in the same rate and repayments for 1-5 years.
Options
Lock in today’s rate2, save with a package# (for a $395 annual package fee), and split your loan.
Repay faster or redraw
Prepay and redraw up to $30,000 during your fixed term, without paying break costs.
Loan moves with you
If you move home, your loan and rate could go with you, with no break costs. Conditions apply.
Applying is simple, get started online
1. Apply for your home loan now
Apply in around 10-20 mins, or save and come back later. Tell us about you and see how much you could borrow. And don't worry, we'll let you know before the credit check. Need help? You can live chat with us to help you complete the application.
2. Fast approval
You could get unconditional refinance approval the same day you apply. Or conditional approval within 1 business day to help you confidently bid or make an offer for up to 90 days.
3. Discuss your rate and features with a lender
A dedicated lender will be in touch to go over the finer points of your loan. You'll have an opportunity to negotiate your rate, as there's no obligation until you accept your rate and loan offer.
4. On to settlement
Your lender will finalise your loan through to settlement. Accept our loan offer, and that's it.
Already started an application? Retrieve your application
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
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.
We’ll apply the fixed rate available on the loan settlement date or the date your fixed rate term starts, unless you lock a fixed rate on your loan using our Rate Lock feature. The fixed rate lock-in fee is 0.10% of your loan amount. At the end of the fixed rate term, the interest rate will roll onto our standard variable home loan interest rate, unless a new fixed rate term’s selected and then the fixed rate is determined two business days before the end of the fixed term.
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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.
*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: 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)
^Flexi First Option Home Loans and Investment Loans: Life-of-loan discount is available for new Owner Occupier and Investment Property loans. This includes both Principal & Interest and Interest Only repayments. Offer does not apply to product switches. Interest rates are subject to change. Offer may be varied or withdrawn at any time.
Online Offer. Only available for online applications for new Flexi First Option Owner Occupier and Investment loans with Principal & Interest and Interest Only repayments. Rate includes a special life-of-loan discount with a loan-to-value ratio up to 80%. Excludes company and trust borrowers, bridging loans, construction loans and internal refinances within the Westpac Group.
Westpac Choice Account: Discretionary fees, such as, but not limited to foreign transaction fees, may apply.
+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.
1Break 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.
2Rate Lock: We’ll apply the fixed rate available on the loan settlement date or the date your fixed rate term starts, unless you lock a fixed rate on your loan using our Rate Lock feature. The fixed rate lock-in fee is 0.10% of your loan amount. At the end of the fixed rate term, the interest rate will roll onto our standard variable home loan interest rate, unless a new fixed rate term’s selected and then the fixed rate is determined two business days before the end of the fixed term.
3Home and Landlord Insurance: Premier Advantage Package customers may be eligible for an ongoing premium discount of up to 10% on their Westpac Home and Landlord Insurance policies. If you are also eligible for a combined or other policy discount, Allianz will apply the Package discount to the already discounted premium. This means the effect will be reduced. If you purchase your policy online, the Package discount will be applied after purchase and Allianz will inform you of your revised premium (this may take up to 3 months). Allianz will then provide a refund for premium paid annually or provide a pro rata refund and reduce your remaining monthly instalments. If you take out a Premier Advantage Package after your policy has been issued, then the Package discount will apply from your next renewal. Any discounts may be subject to rounding and do not apply to taxes or government charges.
If you are eligible for more than one discount, Allianz applies them in a predetermined order. This means any subsequent discount will be applied to the reduced premium amount after applying any prior discounts and the effect of the subsequent discount will be reduced. For example, the aggregate effect of applying two 10% discounts consecutively means that you will not see the full benefit of both of these discounts. Discounts do not apply to taxes or government charges. Discounts may not apply to optional covers selected. Any discounts or entitlements may be subject to rounding. Most discounts won’t apply below the minimum amount payable for the policy.
Any financial product advice provided on this page is general in nature and does not take into account your personal circumstances. Before making a decision, please consider the relevant Product Disclosure Statement (PDS), supplementary PDS (if applicable) and Target Market Determination (TMD). To see some of the events covered and not covered, please refer to the Key Facts Sheet (KFS).
Home and Contents Insurance is issued by Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708 (Allianz). Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714 (the Bank) arranges the initial issue of the insurance under a distribution agreement with Allianz but does not guarantee the insurance.
If you purchase Home and Contents Insurance with Allianz the Bank will receive a commission of up to 12% of the premium excluding Government fees and charges, plus GST.