Refinancing your home loan? Switch & save online
Apply to refinance online in as little as 20 minutes for our basic variable home loan Online Offer. Read on to find out how.
Online Offer: our lowest online variable rate
Flexi First Option home loan, on P&I repayments:
- Rates include: Online Offer life-of-loan 2.09% p.a. discount on a Flexi First home loan on P&I repayments (Owner Occupier) or 2.49% p.a. discount (Investor); and 0.10% p.a. discount for LVR up to 70%.
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.
How to qualify for the Online Offer:
- Apply to refinance online, and select a Flexi First Option Home Loan or Investment Loan
- Have an LVR 80% or less (LVR+ up to 70% includes a 0.10% p.a. rate discount)
- Excludes internal refinances within the Westpac Group
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.
Flexi First Option Home Loans and Investment Loans: Life-of-loan discount is available for new Owner Occupier and Investment Property loans. This includes both Principal & Interest and Interest Only repayments. Offer does not apply to product switches. Interest rates are subject to change. Offer may be varied or withdrawn at any time.
Why refinance your home loan to Westpac?
Settle in no time
Apply online and you could get approval within days and settle within a week (conditions apply).
Sweet variable rates
Your lender will call you about our lowest online variable home loan rate, or a tailored rate with offset.
Flexible loan options
Fixed, variable, or split rate home loan with features to match your lifestyle and financial goals.
Award winning App
Upload and accept documents in the Westpac App1, plus manage your home loan, all in one place.
Calculate how much you could save by refinancing
Compare your loan with ours for a savings estimate.
View & get estimated values of properties securing your Westpac home loans
Special interest rate discounts, plus savings on credit cards and insurance
What to know before and after you apply
Your eligibility
You must be:
- An Australian citizen or permanent resident
- Employed or self-employed
- 18 years or over.
Buying property with one other. To speed up the process, the first applicant submits the application for both of you. A lender then calls you both to finalise your application.
Refinancing with one other. The first applicant starts the application and submits their part. The second then gets an email inviting them to submit their part. A lender then calls both of you to finalise your application.
Applications with 3 to 8 borrowers. You won’t be able to apply online. Book an appointment with a lender who can work out your combined maximum loan amount. Remember to talk with your tax adviser and legal agent about the complexities of structuring ownership this way.
Switching your home loan to us?
If you qualify for Priority Refinance (PDF 2MB), you may be able to settle within a week. We may be able to:
- Securely verify your ID online
- Auto-verify your income, when it’s paid to other financial institutions.
Priority Refinance: Only available: on eligible new Westpac home loans; on eligible home loans with your current lender; if your other lender is on the Priority Refinance process list of eligible financial institutions. Your other lender may charge you an additional settlement agent fee, as well as fixed rate home loan break costs. Loan suitability for the Priority Refinance product is determined by Westpac in conjunction with the insurance product guidelines. Priority Refinance is provided by First American Title Insurance Company of Australia Pty Limited ABN 64 075 279 908 Australian Financial Services Licence 263876, trading as First Title, an Australian general insurance company authorised by the Australian Prudential Regulation Authority. Conditions, fees and charges apply. Lending criteria apply to approval of credit products. This info doesn't take your personal objectives, circumstances or needs into account, so please consider Priority Refinance's appropriateness and read the disclosure documents for your selected loan, including the Terms & Conditions, before deciding.
Your lender will be in touch
Once you submit your application, we'll match you with a lender and email you their details. They’ll then call to:
- Finalise your interest rate (you may be able to negotiate)
- Review your documents and info
- Answer questions
- Match you with the right loan deal
- Walk you through your next steps
- Help you apply for any applicable government grants or schemes.
Documents you may need
We'll let you know what home loan documents to share with your lender. You can upload your supporting documents online anytime. They may include:
- Bank statements
- Living expenses and tax returns
- Proof of income (self-employed? See what you'll need)
- Existing property details, if you have one
- New to Westpac? You’ll need 2 types of ID: passport, driver licence, Medicare card, birth certificate.
Full approval and settlement
- We’ll value your property and make some final checks
- If offered full (unconditional) approval, you can accept the home loan contract online
- Then sit back, be guided through loan settlement, and pick up the keys on settlement day.
Your loan offer and contract will usually include:
- Details of the security (e.g. the property held as security against the loan)
- The loan amount
- Repayments, including: repayment type (Interest Only or Principal & Interest), repayment amount, frequency and any charges or fees payable
- Interest rate and type
- The loan terms and conditions.
Like any legal document, we recommend that you get independent professional advice. Check for errors and ensure you understand the details before you accept and sign.
Talk to a home lending specialist
Book an appointment and a home loan specialist will call you back, answer questions or match you with a Westpac lender. They’ll arrange a meeting by phone, video, in branch, or at a venue of your choosing.
Save time, apply online
Frequently asked questions
Watch the video for our steps to switch.
You can switch loans at any time, but consider a few things:
- Refinancing too soon might affect your credit score, so it's best to wait 1-2 years after buying.
- Paying down more of your loan lowers your loan-to-value ratio, which can lower your interest rate when you switch.
- If you have a fixed-rate loan, wait until the fixed term ends to avoid break costs.
Weigh up the perks, costs and your personal situation.
- Interest savings. Refinancing can cut your monthly repayments, when the new interest rate is lower than your current rate. A lender can talk you through our rates, including a variable rate with offset tailored just for you.
- RBA cash rate changes. When the Reserve Bank of Australia updates the official cash rate it could affect the interest rate of your new loan. Latest rate news
- Accessing your equity. If you’ve been paying down your home loan, or your home’s increased in value, refinancing can allow you to access equity in your home for other plans, like renovations or debt consolidation. Estimate your equity – if you have less than 20% equity you may need to pay lenders mortgage insurance.
- Better features and terms. Refinancing allows you to change the terms and conditions of your loan. For example, not all banks allow redraw from a fixed rate loan during the fixed term (we do).
- Selling soon? Factor in how long how long you plan to keep the property, as the refinancing costs might not be worth it in the short-term.
- Costs. Make sure you’re saving you more than it costs to refinancing – factor in any application fees, valuation fees and other costs.
Generally, as often as you like, though it may not be realistic or financially worth your while. Refinancing too often can affect your credit score and loan approval chances. There's also potential exit fees and fixed loan break costs to consider.
There may be other Westpac home loan fees, like an establishment fee and ongoing fees.
Potential non-Westpac fees
- State Government Mortgage Registration fee
- Existing lender exit fees, and fixed loan contract break costs
- If needed, a property value fee – chat with your lender
- LMI if your equity's under 20% – estimate yours
| Extra repayment | Redraw | |
|---|---|---|
| Variable loan limit | Unlimited | Unlimited (daily withdrawal limit $100k, no limit in-branch) |
| Fixed loan limit | $30k total during your fixed term (if exceeded, break cost may apply) | $30k total during your fixed term |
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.
Help when you need it
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 personal objectives, circumstances and needs into account. You should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.
Taxation considerations contained in this article (on this page) are general in nature. They do not take into account your personal circumstances and they should not be interpreted or used as tax advice or a tax guide. You should seek independent tax advice to determine the appropriate tax consequences relevant to your circumstances before making any decision based on this information.
*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.
Refinance calculator: This calculation is not an offer of credit but an estimate only of what you may be able to borrow based on the information provided and does not include all applicable fees (except for monthly fees). Your borrowing power amount may be different when you complete a full application and we capture all details relevant to our lending criteria. Our lending criteria and basis upon which we assess what you can afford may change at any time without notice. Before acting on this calculation you should seek professional advice.
All interest rates referred to in the calculators are current, as indicated on westpac.com.au. The interest rates represented on this page may include promotional discounts and are subject to change. 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.
The output of each calculator is subject to the assumptions provided under each calculator and are subject to change. The calculator does not take into account any future refinancing options which may be available. The calculator does not take into account any product features, grants or any applicable bank fees. For details on fees and charges, please go to westpac.com.au.
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.
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.
+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.
++ Potential savings: gives an indication of the amount you could save on new repayments if you switched to the Westpac home loan example, with calculations based on monthly repayments, in respect to the original amount, annual interest rate and term you entered. Potential savings over the life of your loan are based on the difference between estimated total interest on your current home loan and the Westpac home loan. Loan term reduction amount is based on the time you could save by paying off the Westpac home loan if you increased your repayments. Extra interest you could save calculation is based on increasing your repayments on the Westpac home loan.
^Flexi First Option Home Loans and Investment Loans: Life-of-loan discount is available for new Owner Occupier and Investment Property loans. This includes both Principal & Interest and Interest Only repayments. Offer does not apply to product switches. Interest rates are subject to change. Offer may be varied or withdrawn at any time.
Online Offer. Only available for online applications for new Flexi First Option Owner Occupier and Investment loans with Principal & Interest and Interest Only repayments. Rate includes a special life-of-loan discount with a loan-to-value ratio up to 80%. Excludes company and trust borrowers, bridging loans, construction loans and internal refinances within the Westpac Group.
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, then a break cost may apply.
#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 293KB)
1This claim is based on The Forrester Digital Experience Review™ of 4 Australian mobile banking apps in Q3 2025. Future findings are subject to change. Forrester does not endorse any company or brand, nor their products or services, nor advise anyone to select them based on this review. If you want to learn more, go to the Forrester website.