Home loan repayments

For principal and interest home loans, you can change your repayment amount and frequency yourself in a few simple steps, as long as you’re debiting a Westpac account in your name.

Update your repayments here, or follow these instructions:

• Westpac App: Search home loan direct debits in the Smart Search bar > Tap your home loan > Follow the prompts
• Online Banking: Select your home loan > Select More and then Home loan direct debit in the dropdown > Select your account and follow the prompts
   

Good to know: You can’t adjust repayments on interest-only loans, but you can make separate additional repayments if you set up a recurring payment.

Instead of a direct debit, you can set up a recurring or repeat repayment. This is a fixed payment amount scheduled for a set number of times or frequency.

If your home loan repayment changes, you’ll need to update it yourself. This is different from a direct debit that automatically updates if changes occur. You can cancel, pause or adjust the amount up to one day before the payment date.
 

You can instantly see these by signing into the Westpac App or Online Banking and selecting your home loan account. You'll see your balance and repayments, including any extra repayments you’ve made.

Your fixed rate home loan will automatically roll onto our variable interest rate when your term ends, unless you re-fix beforehand. We’ll mail you a letter 6-8 weeks before your fixed rate ends, detailing your options and what your new repayments could look like.

You’ll also be able to view your options in the Westpac App or Online Banking: Sign in and select your home loan > Select Account details > Select View options.
 

If the interest rate on your home loan changes, we’ll send you a letter to inform you about your new repayment amount and when that repayment comes into effect. If you’ve opted to receive Digital Mail, your letter will be sent to your Online Banking inbox.

To find your Digital Mail:

• Westpac App: Tap Profile in the bar menu > Tap Inbox.
• Online Banking: Select the Notifications tab > Choose Messages from the drop-down list.

If the account you want to direct debit from isn’t with Westpac, you’ll need to send us one of the below forms:

• Principal and interest home loans - Direct debit request form
• Interest only home loans - Direct debit request form

Either:

Scan and email to: loanmaintenance@mortgage.westpac.com.au

Or drop it off at your local branch. 

You can apply for interest-only repayments on any of our variable or fixed rate loans. Owner-occupiers can apply for interest-only repayments on an existing home loan for up to 5 years over the life of the loan. For an investment property, interest-only repayments apply for up to 10 years over the life of the loan.

To change from principal and interest repayments to interest-only, you’ll need to contact us to apply. Your lender will want to make sure you can repay the loan at the interest-only rate, since it’s generally higher.

When your interest-only term ends, you’ll be automatically switched to principal and interest repayments. You might be able to apply for another interest-only term – get in touch with our home loan specialists to discuss.
 

If your circumstances have changed and you need to reduce your payments or pause them for some time, then we could help.

Repayment pause^{^} or parental leave

If you’ve made extra home loan repayments in the past and you’d like to take a break, you could consider a repayment pause. A handy option if you’re expecting a temporary reduction in income or an increase in expenses.
 

Reduced repayments^{^} for up to 6 months

If you've had your loan for at least 12 months and are looking for a short-term solution, a period of reduced repayments could get you back on track. This involves reducing your minimum repayment by 50% for up to 6 months.

If you're experiencing financial hardship, find out how Westpac Assist can help.