Manage my home loan online

All Westpac fixed and variable home loans come with a redraw facility. Redraw lets you make extra repayments that you can tap into should you need to. All you have to do is ensure that you’ve activated redraw on your home loan. There are no fees for using redraw.

Activate redraw

If you haven’t set up redraw yet:

1. Go to Home loan settings

2. Then, Manage redraw and follow the instructions. Redraw activation can take up to 1 day online.

How to use redraw

1. Select your home loan account 

2. Select Transfer to move funds to a Westpac account, or
    select Pay to transfer to another bank account. 

Are there redraw limits?

Yes, depending on whether you have a variable or fixed loan.

How does an offset account work?

An offset account lets you reduce the amount of interest payable on your home loan. It does this by offsetting the balance of your linked account against your loan balance. That means you’re only charged interest on the difference. The more money you keep in your offset account, or you have across multiple offset accounts linked to the same home loan, the less interest you’ll need to pay overall.

What type of account can be an offset account?

You’ll need a Choice account under your name, or you and your joint borrower’s name. A $5 monthly account-keeping fee usually applies to a Choice account. By linking your Rocket Repay Home Loan or Rocket Investment Loan to your Choice account the fee will be waived (other fees may apply). 

Link up to 10 offset accounts

If you have a Rocket Repay Home Loan or a Rocket Investment Loan, you can link up to 10 offsets. Each eligible offset account can link to just one loan account. Linking can take up to 5 business days from request.

In the Westpac App: 

Make sure you have the latest version of the app. 

1. Search Manage offset accounts in the Smart Search bar

2. Follow the prompts.

In Online Banking

1. Go to Service > Account services > select Manage offset accounts

2. Follow the prompts.

Other helpful resources:

How to set up a Direct Debit 

Never miss an automated repayment, even if your minimum repayment amount changes. From a Westpac account in your name:

In the Westpac App

Make sure you have the latest version of the app. 

1. Type home loan Direct Debit in the search bar 

2. Follow the prompts 

 In Online Banking

1. Select Manage direct debit 

2. Follow the prompts
 

How to set up a repeat or recurring payment

Instead of, or in addition to a Direct Debit, you can schedule a payment:

In the Westpac App

Make sure you have the latest version of the app. 

1. Tap $ and select Payment type

2. Select who to pay

3. Enter the Amount and tap Schedule

4. Select the date and how often to make the payment 

In Online Banking

1. Select Payment > Make a Payment

2. Select Recurring Payment in Payment Details

How to adjust your repayments

For principal and interest home loans, you can change your repayment amount and frequency as long as you’re debiting a Westpac account in your name. You can’t adjust repayments on interest-only loans, but you can make separate additional repayments if you set up a recurring payment. For more details on interest-only home loans. 

In the Westpac App

Make sure you have the latest version of the app. 

1. Search home loan direct debits in the Smart Search bar 

2. Tap your home loan and follow the prompts

In Online Banking

1. Select your home loan 

2. Select More and then Home loan direct debit in the dropdown 

3. Select your account and follow the prompts

Other helpful resources:

Switch to fixed

If you already have a variable home loan with us, it’s simple to fix all or a portion of your loan online. Before fixing your entire loan, you’ll need to consider what you want to do with any offset funds or any funds ‘available’ for redraw.

How do I fix all or a part of my home loan?

In the Westpac App

Make sure you have the latest version of the app. 

1. Select your home loan account

2. Scroll down to Home loan settings and select Switch to fixed rate

3. Choose to fix a portion (split) or the entire loan, and select the number of years

4. Follow the prompts and submit

In Online Banking

1. Select your home loan account

2. On your dashboard, open your loan’s drop-down menu

3. Choose to fix a portion (split) or the entire loan, and select the number of years

4. Follow the prompts and submit

Other helpful resources:

Switch to eStatements

Go paperless and access your Westpac home loan statements securely online, anytime:

In the Westpac App

Make sure you have the latest version of the app. 

1. Search eStatements in the Smart Search bar

2. Tap Switch to eStatements and select the account

3. Tap eStatement then Update

In Online Banking

1. Select Service on the menu bar

2. Under Your preferences select Statement settings

3. Under Statements select an Account

4. Select eStatements and Save

Other helpful resources: