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Why split your home loan into fixed and variable accounts?

Lock in some certainty

Know what your interest rate and repayments will be on your fixed loan for the full 1-5 year fixed term.

Get ahead

Make unlimited additional repayments on your variable rate. And up to $30k on your fixed rate during your fixed term – with no break cost1.

Save on interest with an offset

Keep funds in an offset account to reduce the amount of interest on your variable loan balance.

Use extra funds if you need to

If you’ve made extra repayments, you can redraw extra fixed and variable loan repayments2.

 Split loan tip #1

Unlike some other lenders, with Westpac you can redraw2 your fixed loan extra repayments. So you've got the freedom to shift your ‘available’ funds into whichever fixed or variable account has the higher interest rate at the time... to pay less interest!

  • No redraw fee
  • No min redraw on available funds, and if you stay under your $30k fixed loan prepayment threshold, you avoid the break cost1.

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.

Help me decide how much to split

Split loan calculator

See what splitting your loan might look like. Simply slide the scale for an idea of your variable and fixed repayment portions.


Help me choose a loan

Use our selector tool to find the right home loan or loan combination that best fits.


Compare interest rates

Get a snapshot of our fixed or variable interest rates and compare home loan features.


How to split your Westpac home loan

New home loan

Buying or refinancing to us? Start applying online and one of our home loan specialists will call and chat through what a split loan means for you. Or if you have a question now, you've got plenty of ways to video chat, call or meet with a lender.


Current home loan

You can fix any portion of your variable rate loan balance anytime, in the Westpac App or Online Banking. How to split your variable rate. There may be a break cost1 if you split your fixed rate loan before your fixed term ends. Book an appointment for a break cost quote. Our home loan selector can also help you decide.

What else do you need to know?

What's a split home loan?

You can split your Westpac home loan balance into multiple separate accounts – with separate fixed rate and variable rate account numbers, statements and, potentially, repayment dates.


Split loans can help you manage repayments, and take advantage of the flexibility of a variable interest rate and the repayment certainty of a fixed interest rate.


Read more

Things you should know

Key Fact Sheet for Home Loans

Applying for a Westpac Home Loan (PDF 403KB)

Premier  Advantage Package Conditions of Use (PDF 120KB)

1Break 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.

2Redraw 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.

*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.

^^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)

++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.