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The choice is yours

Although interest rates can be unpredictable, the good news is your Westpac home loan gives you the power of choice. When you initially fixed your home loan, you chose to take advantage of payment certainty. Having the choice, yet again, at the end of your current fixed term puts you in the driver's seat. There's no extra paperwork, no wait times, and no applications. Just make your choice.

Your 3 options

Option 1: roll onto our discounted variable home loan

When your fixed term ends, your Westpac fixed rate home loan will automatically roll onto our variable interest rate (with a special discount^ and optional offset) unless you re-fix beforehand.

We’ll mail you a letter 6-8 weeks before your fixed rate ends, detailing your options. You’ll also be able to view your variable rate with the discount^ in Online Banking. Select your home loan, then the View options link, and scroll down to the variable rate section.

More options

Once your loan’s rolled onto variable, you can link an offset account++ – maintaining a balance in the account could help reduce the interest on your new variable rate home loan.

Book a callback to:

  • Request an Interest Only term on lower repayments** (you may end up paying more interest over the life of your loan)
  • Package your loan ($395 annual package fee)#
  • Review your new variable loan features and interest rate, up to 2 weeks before your fixed loan expires.


Compare your options

Variable loan with offset


  • Freedom to make unlimited extra repayments, no redraw 3 fee
  • Offset account option ++
  • Ability to reduce your min repayments if your interest rate falls
  • Interest Only option**
  • Package option ($395 annual fee) #

  • Interest rate could rise or fall
  • Your minimum repayments will likely fluctuate
  • If your loan isn’t packaged there may be an offset account keeping fee++

Fixed home loan


  • Break cost2 may apply if you sell your home, prepay over $30k or adjust your loan within your fixed term
  • If interest rates fall, your rate and repayments won’t change
  • No offset option

Split home loan


  • Best of both worlds
  • Ability to move extra repayments into whichever fixed or variable loan has the higher interest rate at the time (a break cost+ applies for fixed loan prepayments over $30k).
  • Package option #

  • You can only link an offset account to your variable loan
  • See considerations for both fixed and variable
  • You can compare fixed with variable using our split loan calculator

Help me choose

Use our selector to find the home loan that best fits.

Let’s begin

Review your situation

Loan affordability

Tip: a rule of thumb is minimum monthly repayments less than 1/3 of your pre-tax monthly income.


Your plans

Think about the short and long-term. 


Review my loan and rate

Whenever life changes, we’re here to review your home loan interest rate and options.


Estimate your new repayments

Ways to lower mortgage stress

Lowering your repayments

Did you know you may be able to:

  • Lower your minimum repayments
  • Pause your repayments
  • Change to Interest Only repayments**.

If eligible, you may end up paying more interest over the life of your loan. 


Relief & financial hardship

Genuine support and practical options – like financial hardship assistance, tweaking your minimum repayments, and free independent financial counselling.

Unsure what to do?

Don't worry, if you do nothing by the end of your fixed rate term, your rate will automatically roll onto our variable rate (with offset option). Then, if you choose, you can switch all or a portion of your loan back to our fixed home loan anytime – with no switching fee.

Book a callback or speak with your broker.


2-6 months out

6-8 weeks out

  • We’ll send you a letter in the mail so you can review your fixed expiry options.
  • Run the numbers again
  • You can re-fix or view your variable rate options online up to 6-8 weeks before your fixed expiry.

2 weeks out

  • Book a callback if you’d like to review your options or re-fix over the phone.


While you can’t make changes before expiry without breaking your fixed rate term, we can walk you through your options anytime. Book a callback or contact your broker.


Things you should know

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

This information is general in nature and 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, professional tax advice on any taxation matters before making a decision based on this information.

Key Fact Sheet for Home Loans

This information is general in nature and 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 to your own circumstances and, if necessary, seek appropriate professional advice.

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.

**Interest Only repayments: Conditions apply. It’s important to understand that interest rates for loans with Interest Only repayments are higher. Your repayments will increase at the end of the Interest Only term as the amount you’ve borrowed will need to be paid back in a shorter timeframe. This also means you’ll pay more interest over the life of the loan with an Interest Only repayment term, than if you’d opted to continue paying principal and interest. There’s a maximum of 5 years for Owner Occupied loans and 10 years for Investment loans on Interest Only repayments over the life of the loan. If you’ve had less than this, you may be able to extend the Interest Only repayment term, subject to conditions and a new assessment. You’ll need to start the process well in advance of your expiry date and provide details of your income, expenses and liabilities.

***Interest Only in Advance: Interest must be paid in advance annually for each chosen fixed rate term to receive this rate. If after the first year of a fixed rate term interest is no longer paid in advance the Interest Only in Advance discount will be removed for subsequent years.

Interest Only in Advance interest rates are available on Fixed Rate Investment Property Loans with fixed rate terms of 1, 2, 3, 4 or 5 years.

Interest Only in Advance interest rates and discounts apply to new Fixed Rate Investment Property Loan and loans which have been switched into Interest Only in Advance products.  Existing fixed loans are not eligible unless the loan is re-fixed.  Interest Only in Advance discounts are subject to change. Subject to Bank's approval. Normal lending criteria apply. Other conditions, fees and charges apply.

++Offset is available on a Rocket Repay Home Loan or a Rocket Investment Loan. The same offset transaction account cannot be linked to multiple Rocket Loans. The linked offset transaction account must be in the same name(s) as the loan. Only one offset transaction account can be linked to each Rocket Loan.

^Available for Owner Occupier and Investment Property Loans with Principal & Interest and Interest only repayments. Excludes Line of Credit, Equity Access Loans.

Monthly $5 offset Westpac Choice account-keeping fee waivers:

  • The account’s linked to our packaged Rocket Repay Home Loan
  • You deposit at least $2,000 each month
  • You're under 30 years old, or a full-time tertiary student
  • You have an Australian Pensioner Concession Card or Health Care Card
  • You’re new to Australia, or an expatriate customer (for the first 12 months).

1Rate Lock: We’ll apply the fixed rate available on the loan settlement date or the date your fixed rate term starts, unless you lock a fixed rate on your loan using our Rate Lock feature. The fixed rate lock-in fee is 0.10% of your loan amount. At the end of the fixed rate term, the interest rate will roll onto our standard variable home loan interest rate, unless a new fixed rate term’s selected and then the fixed rate is determined two business days before the end of the fixed term.

2Break 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.


3Redraw facility: if you have ‘available funds’ (you’ve made extra home loan repayments) and you’ve activated your redraw facility, you’re free to redraw them with no redraw fee. Up to $100k will be available to redraw from your variable loan online or over the phone each day (unlimited in-branch). For fixed loans you can redraw up to your prepayment threshold during your fixed term. Read our Redraw Authority form (PDF 66KB) (PDF 66KB) for full details.

The interest rates used in the calculator: 

  • are current, as indicated on our home loan interest rate pages;
  • are Westpac's standard interest rates and include any package or promotional discounts; and
  • are subject to change.


The output or result of these calculators: 

  • is subject to the assumptions which are subject to change;
  • is prepared without knowing your personal financial circumstances. Before you act on the output of the calculators, please consider if it’s right for you. If you need more information, please call 1300 786 029.  We recommend that you consult your financial adviser before taking out a loan;
  • does not represent either a quote or pre-qualification for a loan;
  • may not be taken into account if you apply for a loan with us as we will make our own calculations. When assessing ability to service a loan, Westpac may use an interest rate that is higher than the current interest rate for the loan requested

Credit provided by Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.