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Already have a loan with Westpac – how else can we help?

If you already have a Westpac home loan, you may be interested in finding out if you could access equity in your property to free up funds for other purposes. It might also be worthwhile to review your current loan to make sure it still suits your needs.


Making the most of Premier Advantage Package

Are you taking advantage of all of the benefits you’re entitled to with your packaged loan?


Are you making the most of your home loan features?

Depending on the loan you have, there are many features you could take advantage of. Check if your home loan offers the following and conditions that apply.

Reduce your interest repayments with a 100% linked offset account

Linking a Westpac Choice transaction account to your home loan allows you to reduce the amount of interest you pay on your home loan (no fee applies).

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 (a fee may apply).

Increase your home loan

You can apply to increase your home loan using the top up feature. This lets you extend the credit limit on your existing loan (a fee applies).

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 (a fee applies).

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).

If you’re having a child you can apply to reduce your repayments by up to 50% for up to 6 months

The parental leave feature means you could reduce your repayments by up to 50% for up to 6 months while you are on maternity/paternity leave. This feature is available after you’ve had your loan for 18 months (a fee may apply).

Reduce your repayments by up to 50% for up to 6 months

This feature is available after you’ve had the loan for 12 months and is available twice during the life of the loan. Reduced repayments are subject to repayment history criteria and other conditions. At the end of the reduced repayment period your repayments will be adjusted so the loan is repaid within its approved term (no fee applies).

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, fee applies).

Lower your interest repayments by having your income paid into your loan account with SmartPay

The more money you have in your home loan, the lower your interest repayments will be. Deposit your income directly into your home loan account, make more than your required loan repayments, and then set up automatic transfers to pay bills or transfer money to other accounts (fees may apply).

Find out more about these features:


Consolidating debt

Whether you have a personal loan, credit card debt or home loan with us or another financial institution, we can help you review your current needs. You might like to consider consolidating your finances.