Home loan repayments
Online updates you could make now
Get ahead by paying more frequently
By switching your repayment frequency^ from monthly to fortnightly or weekly, you could reduce your total loan term and interest costs, shaving years off your mortgage.
Supercharge your loan repayments
Pay an extra lump sum or make regular loan repayments above the minimum required, with no limits on variable loans and a prepayment threshold of up to $30,000+ on fixed loans.
Start using offset on your Rocket loan
Linking a transaction account to a variable Rocket loan^^ could reduce the interest you'll pay, as the linked account is ‘offset’ against your loan balance when the loan interest is calculated.
Fix your rate for added certainty
If your fixed term is ending, or you’re on variable and want to switch, a fixed rate loan could give you peace of mind, knowing what your repayments will be for up to 5 years.
To update your repayment frequency or amount, make extra repayments, set up an offset account or fix your loan, sign into Online Banking or the Westpac App, go to your home loan account, and make your change.
Estimate your new repayments
Interest-only home loan repayments
Switching from principal and interest to interest-only repayments for up to 5 years on an owner-occupied or up to 10 years on an investment loan may be a useful strategy, but remember, you'll pay more over the entire loan term.
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, reducing your minimum repayment by 50% for up to 6 months.
Call us on 132 558, 8am-8pm, Mon-Fri (Sydney time) or request a callback, and we’ll get back to you with helpful solutions to reach your home loan goals
Financial hardship and getting help
If you're concerned about meeting your repayments or are in a difficult financial situation, we're here to help. Our team can provide tailored support aimed at helping you recover and get back on track after tough times.
Call 8:30am-7:30pm, Mon-Fri and 9:30am-6:00pm, Sat (Sydney time).
Frequently asked questions
When you make interest-only repayments on your home loan, you’re repaying the interest portion of the mortgage, which is only the minimum amount payable. You’re not repaying the actual amount that you’ve borrowed. While with principal and interest repayments, you’re repaying both the interest and the home loan balance.
Tools and support
Things you should know
Conditions, credit criteria, fees and charges apply. Based on Westpac's credit criteria, residential lending is not available for Non-Australian Resident borrowers.
* Loan repayment options: Conditions apply for all the options listed. Please be aware that:
- 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.
- Mortgage repayment pause: It is important to understand that you’ll continue to accrue interest while your repayments are paused. The length of your pause is determined by the amount of extra funds you have in your loan. Read the disclosure documents for your selected product or service before deciding if this option is right for you.
- Switching to interest-only repayments: It is 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 period 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 on interest-only repayments than if you’d opted to continue paying principal and interest.
^ Changing repayment amount or frequency: Cannot be performed on an interest-only loan. However, you may make extra repayments. For more details on interest-only home loans.
+ Prepayment threshold: Customers can make total prepayments of up to $15,000 (cumulative) for loans fixed prior to 21 March 2009, $25,000 (cumulative) for loans fixed between 21 March 2009 and 16 March 2012 or $30,000 (cumulative) for loans fixed on or after 17 March 2012, without costs or fees applying. Prepayments exceeding this threshold may incur a break cost and administration fee.
^^ 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.
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