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Manage your home loan online

Check your rate, change your repayments, redraw, download statements and more in Online Banking and the Westpac App.

Repayments

Principal and interest loans

If you pay by direct debit, you can change the amount and frequency of your loan in Online Banking or the Westpac App:

  • Pay only the minimum amount – a short-term solution to free up extra cash
  • Pay more – you could pay off your loan sooner over time
  • Change the frequency – monthly, fortnightly or weekly


Westpac App - select the home loan, tap the (i) icon, tap Switch to fixed rate and follow the prompts.

Online Banking – select the home loan, select Adjust home loan repayment and follow the prompts. Select (i) for more information.


You can also print and return a completed form (PDF 1017KB) (PDF 1017KB) or request a call back.

Interest only loans

While you can’t change the repayment amount or frequency of an Interest only loan, you can make extra, one-off or repeat payments or transfers from a transaction account.

 


Note: Your fixed home loan lets you make up to $30,000 in extra repayments. Prepaying more could attract break costs which may run into the thousands. 

 

To set up a direct debit or change your BSB and account number, complete a Principal and interest home loan (PDF 1017KB) (PDF 1017KB) or Interest only home loan (PDF 384KB) (PDF 384KB) form, then:


Allow 7 business days prior to the next scheduled payment to:

  • Stop an individual repayment
  • Defer a repayment
  • Suspend future repayments
  • Cancel your repayments completely


If you’ve scheduled a repeat or recurring payment, you can update, suspend or delete it in Online Banking or the Westpac App.

  • Westpac App – Search Upcoming payments in the Smart Search bar
  • Online Banking - Go to Payments > Upcoming payments

  

Your loan

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.

Need some breathing space? If you’ve already made extra payments towards your loan, a home loan repayment pause could be a great solution.

You could be eligible if
  • You have a variable rate home loan
  • Your repayments are principal and interest
  • You’re ahead on your scheduled repayments
What you need to know
  • You’ll continue to accrue interest while your repayments are paused
  • Loans must be Fully Drawn and have more than the scheduled repayments as available funds
  • The duration of the pause is determined by the amount of additional funds available in your variable home loan account
  • Once you resume repayments, your minimum repayment amount will increase to adjust for the paused repayments. This ensures your loan is paid within the original term
  • No formal approval process is required


For more information or to apply, contact us through the Westpac App or call 132 558.

 

Want a short-term solution? A home loan repayment reduction lets you reduce your repayments by 50% for up to 6 months.


You could be eligible if

  • You have a variable rate home loan
  • Your repayments are principal and interest
  • You’ve had your loan for more than 12 months
  • Your loan isn’t subject to Lenders Mortgage Insurance
  • You’re able to pay at least 50% of the minimum repayment amount during your Reduced Repayment period
  • Your protected repayment reduction limit doesn’t exceed your approved borrowing limit
What you need to know
  • Interest is capitalised. This means whatever interest you would’ve normally paid during the reduced payment period will continue to accrue and be added to the balance. As a result, your outstanding balance will increase and you’ll pay more interest over the life of the loan.
  • Once you resume repayments, your minimum repayment amount will increase to adjust for the paused repayments. This ensures your loan is paid within the original term
  •  A formal approval process is required to assess your eligibility


For more information or to apply, contact us through the Westpac App or call us on 132 558.

You can do this in Online Banking or the Westpac App.


Westpac App – tap your home loan account and tap the (i) icon to find your rate

Online Banking – select your home loan account and select Account details, then General to find your rate

Split your variable home loan

Get flexibility and certainty when you split your home loan into variable and fixed rate accounts. Packaging your loans will waive the split loan fee.

How it works
  • Compare rates and repayments using our calculators
  • Lock in a fixed term rate, knowing exactly what your repayments will be
  • Choose how much of your variable loan balance to split into fixed
  • Set your fixed loan to repay principal and interest or interest only
  • Keep your flexible variable account features, such as unlimited extra repayments, redraw and less interest with your offset facility


Westpac App – tap your variable home loan, tap Switch to a fixed rate home loan and follow the prompts

Online Banking – select your variable home loan, select Switch to a fixed rate home loan and follow the prompts

What you need to know


Fixed loans

  • Your variable offset benefits don’t apply to your fixed loan
  • You can only make up to $30,000 in extra repayments without incurring break costs
  • A fixed rate incurs break costs and may not be right if you plan to sell your property, refinance or change home loan products


Variable loans

  • Interest rates can fluctuate according to financial market rates and this may impact your repayment amount.

Split your fixed home loan

Ending your fixed rate term early could attract break costs that run into the thousands. Weigh up the costs before deciding if switching to a variable rate home loan is right for you.

 

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

This can attract break costs that may run into the thousands, meaning an early exit from your fixed contract might not be worth your while. 

 

Pay only interest short-term

You can apply to pay only the interest part of your repayments for an approved interest only term.

You could be eligible if
  • You have a variable rate home loan
  • Your repayments are principal and 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 won’t mature within 2 months of your interest only expiry.
What you need to know
  • Interest only rates are higher than principal and interest rates
  • Your repayment amount will increase at the end of the Interest Only period. This ensures your loan is paid within the original term. The longer the Interest Only period, the higher your repayments.
  • You’ll pay more interest over the life of the loan. This is because the principal amount borrowed isn’t being reduced
  • A formal approval process is required to assess your eligibility
  • Alternatively, split the loan and open an interest only fixed home loan

Pay the principal & interest

If you have a variable home loan, you can apply to switch to principal & interest.

One of our home lending specialists can talk you through your application and what switching means for you.

 

Your variable home loan has a 100% interest offset Choice account, designed to save you thousands in interest and reduce the life of your loan. Every dollar in the account counts towards paying off your home loan.


You’ll need to open a new Choice transaction account in the same name (or names) as your home loan and link it to the account. You can do this in Online Banking or the Westpac App. There are no account-keeping fees for packaged home loans.


Westpac App - Search Home loan offset in the Smart Search bar

Online Banking - Go to Service > Services > Account services and select Home loan offset settings

Premier Advantage Package


You could save thousands by adding a Premier Advantage Package# to your new or existing Westpac home loan. The $395 package fee includes:

  • 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


Our home lending specialists can talk you through what packaging means for you.
 

The journey to buying your next home is an exciting one. To help make things simpler, we’ve created a next home buyer’s guide (PDF 4MB) (PDF 4MB).

Next move calculator

Use our calculator to estimate the amount of usable equity in your current place and your options for buying the next one. It factors in the funds you'll have after the sale of your current property, plus possible upfront costs when you buy. You’ll also get an estimate of the required loan and monthly repayments.


Our home lending specialists can talk you through what it means for you.
 

Home loan security is the asset used to secure your mortgage. Get started if you need to change or sell your security due to:

  • Selling your home
  • Requesting your land title
  • Changing your property, but keeping your loan
  • Switching properties on the same loan
  • Switching to another lender (we’ll do our best to change your mind)
  • Closing a term deposit linked to your loan
  • Removing a guarantor.

  

Accessing extra money

Whether you’re renovating, moving home or just need some extra funds, your home loan can help get you there.

A top up is sometimes a more economical way to pay for things like a holiday, a new car or renovations. That’s because interest rates are often lower than personal loans and credit cards.

Before you apply
  • Check out our top up pros and cons, repayment tips and calculators
  • Estimate your equity using our calculator
  • Compare interest rates with a personal loan or car loan. If you plan to repay your top up over a similar term, 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?

Find what you’ll need, approval steps and fees. Our home lending specialists can help.
 

If you’ve had your place for a while, chances are you’ve built up some equity – the difference between your current home loan balance and your property’s current market value. You can use this equity to invest, move or renovate.

Accessing equity

Estimate your equity

Using equity (PDF 4MB) (PDF 4MB)

Access your equity

To access your equity, we’ll need to revalue your property to determine the usable equity in your home. Our bank valuations start from a few hundred dollars. 
 

  

Tools and support

Getting back on your feet financially

Explore our resources and tools aimed at helping you recover and get back on track after tough times.

Find out more

Things you should know

Credit criteria, fees and charges apply. Terms and conditions available on request. Based on Westpac's credit criteria, residential lending is not available for non-Australian resident borrowers.  


Read the following terms and conditions before making a decision and consider whether the product is right for you:

Online Banking Terms and Conditions effective as at 26 August 2018 (PDF 341KB).
 

#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 461KB)

* 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.