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Why refinance with Westpac?

Revise your rate

Refinancing could help you secure a better interest rate. Lock in a lower fixed rate for a set period or split your loan between variable and fixed.

Consolidate debt

Make your short-term debts easier to manage by consolidating credit cards and personal loans into your home loan when you refinance.

Use your equity

Depending on your property value, you may be looking to refinance to access your usable equity for renovations or an investment property.

Get better features

Refinance and get features to suit your lifestyle. Save interest with an offset account, make extra repayments to get ahead and redraw them if you need to.


2.29%^ p.a. variable rate (2.72% p.a. comparison rate*)

2-year introductory rate on new Flexi First Option Home Loans

Rate includes a 1.64% p.a. discount for two years from loan settlement date reverting to a 1.14% p.a. discount for the life of the loan^. Applies to new owner occupier home loans with principal and interest repayments. These rates do not apply to existing Westpac Home Loans, internal refinances or switches within the Westpac Group.

Credit criteria and T&Cs apply.

Get $3k cashback when you refinance to us**

You’ll get $2k per property you refinance and a bonus $1k for your first application.

For new Owner Occupier loans on Principal & Interest repayments, and Investment loans. Available on our Flexi First Option Home Loan, and our packaged# home loans ($395 annual package fee). Minimum $250k loan on each property refinanced. To be eligible for the bonus $1k for your first refinance application you must have an LVR+ up to 80% at time of approval. Apply by 31 January 2021, settle by 31 March 2021. Excludes refinances from within the Westpac Group. Request a call back


Want to refinance in less than a week?

Westpac Priority Refinance Process lets you refinance your home loan within 2-5 business days after we receive your documentation. It gives you a way to fast track your home loan refinance without the need for a conventional settlement.

Talk to a home lending specialist about priority refinance today.


Things you should know

^Offer commences 18/09/2020 and may be varied or withdrawn at any time. This offer is only available on new Flexi First Option Home Loans with Principal & Interest repayments. Rate includes a 1.64% p.a. discount off our Flexi First Option Home Loan Variable Rate for two years from the loan settlement date, at the end of the period it will revert to a 1.14% p.a. discount for the remainder of the life of the loan. Excludes internal refinances or switches within the Westpac Group, which includes refinances from Westpac, St.George, Bank of Melbourne, BankSA and RAMS. Not available to company and trust account holders. Interest rate is subject to change.

 

*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.

 

**$3k cashback offer: Credit criteria, fees and charges apply. Terms and conditions available at Westpac. $2000 Refinance Cashback per property for new refinance applications received between 23 September 2019 to 31 January 2021 and settle by 31 March 2021. Offer current as at 23 September 2019. Only 1 cashback per property refinance will be paid regardless of the number of loans involved. One $1,000 Bonus Refinance Cashback for a new refinance application submitted between 18 September 2020 to 31 January 2021 and settle by 31 March 2021 with maximum LVR of 80%. Offer current as at 18 September 2020. Only 1 bonus cashback will be paid regardless of the numbers of customers, properties or applications involved. Offers available for Owner Occupier with Principal and Interest repayments and investment loans. Offers available on the Premier Advantage Package and Flexi First Option Home Loans. Offers may be varied or withdrawn at any time. $250K min loan per property refinanced applies for the $2000 and $1000 bonus Refinance Cashback. Excludes Portfolio Loans, switches and refinances of home loans within the Westpac Group which include St.George, Westpac, Bank of Melbourne, BankSA and RAMS. Offer not available for Owner Occupier Interest Only loans or residential lending originated under family or company trusts. The cashback(s) will be paid into a Westpac Choice transaction account within 60 days of settlement. The transaction account must be linked to the home loan at the time of settlement, and kept open for 60 days after settlement. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters. 

 

+LVR stands for the initial loan to value ratio at loan approval. LVR is the amount of your loan compared to the banks 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 don’t change because of changes to the LVR during the life of the loan. 

 

#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 1MB)

 

*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.

*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.