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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 term.

Make additional repayments

Get ahead on your variable rate loan with no cap on extra repayments and no associated break costs.

Save interest with an offset

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

Use extra funds if you need to

You can treat your offset as a transaction account or redraw extra variable loan repayments if needed.


How to split your Westpac home loan

New home loan

Apply online and one of our home lending specialists will phone to talk you through how a split loan works, and what it means for you.

Existing home loan

You can choose to fix part of all of your variable rate loan balance in Westpac Live online banking. Sign in, open the drop-down menu (next to your variable rate loan on your dashboard) and select 'Switch to fixed rate loan'.

4.39% p.a. (4.09% p.a. comparison rate*)

Featured 2 year fixed rate^^ on the Fixed Options Home Loan

Applies to owner occupier home loans with principal and interest repayments with a Premier Advantage Package# ($395 annual package fee applies). Available with new fixed rate loans or to existing variable rate loan customers looking to fix all or part of their loan.  These rates do not apply to existing fixed rate loans.

Credit criteria and T&Cs apply.

What else do you need to know?

You can split your Westpac home loan balance into 2 accounts - one with a fixed rate and one with a variable rate.

This lets you take advantage of both the flexibility of a variable rate loan and the repayment certainty that comes with a fixed rate loan.

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 88KB)

*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 88KB)