Manage my home loan
Manage your home loan online
By far the easiest way to check your rate, change your repayments, redraw, download statements and more is through our Mobile Banking app and Online Banking.
Whether you want some financial breathing space or you’re ready to pay your loan down sooner, you can view and adjust your repayments in a few clicks.
A reminder about fixed loan break costs
Principal and interest loans
If you have a direct debit already set up, here's what you can change online:
- ‘Pay only the minimum amount’ – can free up short-term extra cash
- ‘Pay more’ – over time, you could pay your loan off sooner
- Change the frequency – monthly, fortnightly or weekly
Just sign in and click on your home loan > (In our app, click the ‘Services’ tab) > Click ‘Adjust home loan repayment’ and follow the prompts > Tap ‘i’ for more info.
Alternatively, you can print and return this or request a call back.
Interest only loans
Although you can’t change your repayment amount or frequency, you can make extra, separate one-off or recurring transfers/payments from a transaction account.
First, check it’s not a ‘scheduled payment’ with another merchant, or a Westpac scheduled payment > Sign in and go to ‘Payments & payees’ in the app > Click ‘Upcoming payments’ or ‘Recurring payments’. If the payments display here, you can update, suspend or delete it.
Setting up a direct debit, or changing your BSB/account
Whether your nominated account is with us or another merchant, you'll need a PDF Direct Debit Request form. Please give us 7 working days’ notice before your next scheduled repayment if you'd like to:
- stop an individual repayment
- defer a repayment
- suspend future repayments
- cancel your repayments completely.
Download, print and sign the relevant form below, and forward to us by either:
- Emailing a scan (or hi-resolution photo) to: email@example.com
- Dropping it off to your nearest branch
- Mailing to The Westpac Mortgage Centre, GPO Box 2755, Adelaide SA 5001.
When life changes, your home loan should too. Here’s how to adjust the type of loan you have, how it’s set up and how to package your loan.
If you’ve had your loan more than one year – and are looking for some short-term breathing space – you may be able to reduce your repayments by as much as 50% for up to 6 months. You’ll need to talk with us for approval on this, and you could be eligible if:
- It’s a variable rate home loan
- You’re repaying the principal and interest
- You haven’t missed more than two repayments in the last 12 months
- Your loan isn’t tied to Lenders Mortgage Insurance
- You can pay at least 50% of the minimum repayment amount during your Reduced Repayment period
- Your projected ‘repayment reduction’limit doesn’t exceed your approved borrowing limit.
If you’ve been enjoying the discounts of packaging your home loan, or you’ve been saving on interest through your variable loan’s offset account , you can see how much you've saved so far. Sign in > Click on your home loan account > Click the ‘Details’ tab > Click ‘Loan’ > It’s under ‘Amount saved to date’.
Variable to fixed
Fixing lets you lock in a rate for 1-5 years, with the certainty of knowing what your repayments will be. You may be able to fix all your current variable rate home loan, or a portion (see ‘Splitting your home loan’). Compare our interest rates.
Important things to consider with fixed loans:
- Your variable offset benefits don’t apply to your fixed loan
- You can only make up to $30,000 in extra repayments, or you’ll incur
- If you plan to sell your property, refinance or change products, fixing might not be right for you as you may incur .
One of our home lending specialists will call and talk you through what it means for you.
Fixed to variable: break costs
Splitting your variable home loan
Get the best of both worlds – flexibility and certainty – by opening a new fixed rate home loan, and splitting your current variable home loan balance across the 2 accounts. Here’s how it works:
- Compare rates and repayments with our calculator
- Lock in a good fixed term rate, knowing exactly what those repayments will be
- Choose how much of your variable loan balance you'd like to split into fixed
- Set your fixed loan to repay principal & interest or interest only
- Keep all your flexible variable account features, like unlimited extra repayments, redraw and less interest with your offset facility
- Packaging your loans will waive the loan split fee (see ‘Package your home loan’).
Important things to consider with fixed loans:
- Your variable offset benefits don’t apply to a fixed loan
- You can only make up to $30,000 in extra repayments, or you’ll incur
- If you plan to sell your property, refinance, change products or repay lots of your loan, fixing might not be right for you as you may incur large .
Important things to consider with variable loans:
- Interest rates will move up and down with changes to financial market rates which may impact your repayment amount
One of our home lending specialists will call and talk you through what fixing means for you.
Splitting your fixed home loan
A few weeks before the end of your fixed rate term, you may have a 'refix' offer waiting for you in online banking, which you can accept in a few clicks.
To check when your fixed term ends, just sign in and click on your home loan.
Accepting a refix offer online
Just sign in shortly before your fixed term matures > Click on your home loan account > (on desktop, click ‘Account details’) > Click the ‘Your fixed rate period expires on...’ blue banner > Select your refix offer > Review, confirm and read the summary > Any co-borrowers will receive a confirmation message.
- Your final fixed rate is determined 2 days before your fixed term matures
- If you don’t refix, your matured fixed loan automatically rolls into our Rocket Repay variable rate loan.
Ending your fixed term early
Pay only interest for a while
You can apply to pay just the interest component of your repayments for an approved interest only term, if:
- You have a variable rate home loan
- You're currently repaying principal & interest
- You’ve had your loan more than one year
- You haven’t exceeded the maximum interest only term allowed for your loan
- Your loan wouldn’t mature within 2 months of your interest only expiry.
Bear in mind:
- Interest only rates are actually higher than principal & interest: compare rates.
- Your repayments will increase at the end of your interest only period, because the amount you’ve borrowed will need to be paid back in a shorter timeframe. Also, the longer your interest only period, the higher your jump in repayments will be.
- You’ll pay more interest over the life of the loan, because there won’t be any reduction in the amount you’ve borrowed during the interest only period.
- Alternatively, you could open an interest only fixed home loan (see ‘Splitting my loan’).
Pay the principal & interest
If you have a variable home loan, you can apply to switch to principal & interest anytime.
One of our home lending specialists will call to talk you through your application, and what switching means for you.
Your variable home loan comes with a 100% interest offset facility – designed to save you thousands in interest, and reduce the life of your loan. That’s because every dollar in a linked Choice account, counts towards paying off your home loan. You just need:
- A Westpac Choice account in the same name(s). You can open one in less than 3 minutes online, with no account-keeping fees if your home loan’s packaged (see ‘Packaging my loan’).
Linking your offset account
Just sign in and navigate to ‘Services & Preferences’ (‘Services & security’ in the app) > Click ‘Services’, ‘Home loan offset’ and follow the prompts.
Premier Advantage Package savings
Did you know you could save thousands by adding a Premier Advantage Packaged# to your new or existing Westpac home loan? Here's how you could save:
- An interest rate discount (unavailable on existing fixed home loans)
- No home loan fees for maintenance, increase, portability or switching
- No annual fee on any Westpac credit card, other fees and charges may apply
- No monthly service fee on a Westpac Choice account
- Discounts on selected insurance products
- All for a $395 annual package fee.
One of our home lending specialists will call and talk you through what packaging means for you.
The journey to buying your next home is an exciting one. So first of all, congrats on getting to this point. As it may have been a while since you last bought somewhere, we’ve created to refresh you on the process, and make things simpler.
Next move calculator
Estimate the amount of usable equity in your current place, and understand your options for buying your next one. This handy calculator factors in the funds you'll have after the sale of your current place, plus some upfront costs you might need to pay when you buy. You’ll also get an estimate of the required loan and monthly repayments.
One of our home lending specialists will call to talk you through what it all means for you.
Life changes and time passes. Here are our forms and FAQs if you’re:
- Selling your home
- Changing your property, but keeping your loan
- Requesting your land title – congratulations!
- Switching properties on the same loan
- Refinancing to another lender
- Closing a term deposit linked to your loan
- Removing a guarantor
Thinking of leaving? Request a call back
Accessing extra money
Whether you’re renovating, moving home or just need some extra funds, your home loan can help you get there.
For many, a ‘top up’ is a more economical way to pay for things like a well-deserved holiday, new car or renovations, because home loan interest rates are often lower than personal loans and credit cards.
Before you apply
- Check out these top up pros & cons, repayments tips and calculators
- Estimate your equity with this calculator
- Comparing interest rates with a personal or car loan? Plan to repay your top up over a similar term, or you could pay more interest over the life of your home loan.
- An increase in your loan amount will also mean your repayments and interest charges will be higher. Before you apply, consider potential changes to your financial situation in the future and make sure your budget can accommodate higher repayments
- Loan increases are subject to formal approval
Ready to apply?
Read up on what you’ll need, the approval steps and fees. Then have a home lending specialist call you back.
If you’ve had your place for a while, chances are you may have built up some equity - there is the difference between your current home loan balance and your property’s current market value. You could use your equity for things like investing, moving or renovating.
Access your equity
If you’re in the fortunate position to have some equity, and you’d like to use it, you’ll need to get your property revalued by us (our Bank Valuation’s start from a few hundred dollars).
Request a call back for a Bank Valuation
Then, we can give you a clearer picture of the usable equity in your home. From there, the next steps are up to you.
Tools and support
Things you should know
Read the following terms and conditions before making a decision and consider whether the product is right for you:
#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. The cashback will be automatically deposited into this account within 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.
* Reduced loan repayments: It is important to understand that at the end of the reduced repayment period, the repayment amount will increase to adjust for the reduced repayments. This ensures that the loan is still repaid within its original term. Read the disclosure documents for your selected product or service before deciding if this option is right for you.