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What's a break cost?

A break cost+ or break fee is only charged if you pay out all or part of your fixed rate loan, make a change to the interest rate, payment or loan type before the end of your fixed rate period. If you break a fixed rate period then break fees will apply, otherwise, they won’t affect you in any way. If you’re uncertain, request a break cost quote or learn more from our break costs article.

Selling or using portability

When selling before your fixed period expires, avoid break costs+ by porting your home loan.

Fixing and early repayments

Switch from variable to fixed or apply for a new fixed loan, and prepay up to $30,000, fee-free.

Pay off or moving on

Paying off your home loan or thinking of moving banks before your fixed interest rate period ends?

Let’s talk break costs

We can help you with all your break cost+ questions and give you a break cost quote if you’re thinking of ending your fixed period early. Call now or request a callback, and we’ll be back in touch within 2 business days.

Call 8am-8pm, 7 days (Sydney time)

Our featured fixed rates

For a property to live in, with LVR up to 70%


6.49% p.a.^

2-yr fixed rate 


7.57% p.a.

comparison rate*

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.

For an investment property, with LVR up to 70%


6.49% p.a.^

2-yr fixed rate   


8.00% p.a.

comparison rate*

Rate includes 0.10% p.a. discount for LVR++ up to 70%. Available on new 2-year Fixed packaged# Investment home loans, on P&I repayments. $150k min loan. $395 annual package fee and T&Cs apply.

Frequently asked questions

The break costs+ formula that we use to provide break cost quotes is a complex one, which is the reason we don’t provide a break cost calculator for customers to use. However, put simply, it’s the difference between the wholesale interest rate applicable for your remaining fixed rate period, should you wish to switch or pay out all or part of your loan, and the wholesale interest rate applicable when you began your fixed rate period. We refer to this as the ‘difference in wholesale interest rates’.


Please call 132 558, 8am-8pm, 7 days a week (Sydney time), or request a callback if you’d like us to provide you with a break cost+ quote.


Options to tailor your loan

Package and save

By taking out a Premier Advantage Package# you could save up to $3,981 in your first year on a $250,000 loan.

Offset with variable

Not ready to fix? A variable loan with an offset account and unlimited extra repayments may be the answer.

Split for flexibility

Split your loan and have it all. The certainty of a fixed rate, an offset account and unlimited extra repayments.


Home loan calculators

From repayments to equity and borrowing power, find out where you stand with our award-winning calculators.

Things you should know

Conditions, credit criteria, fees and charges apply. Residential lending is not available for Non-Australian Resident borrowers.

This information has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice. This includes any tax consequences arising from any promotions for investors and customers should seek independent advice on any taxation matters.

Key Fact Sheet for Home Loans

^Fixed rate home loan: 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 120KB)


*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.

+Break 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.

++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.