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How to get ahead with a basic variable rate home loan

Make extra repayments

Pay down your loan balance faster with no cap on extra repayments and no associated break costs.

Don’t pay for redraw

Pay no fee to redraw additional repayments if you need extra cash for things like renovation (subject to approval).

Waive your account fee

Open a Choice account with your home loan and pay no monthly service fee, saving you up to $60 per year.

Pay no setup fee

Choose principal and interest repayments and we’ll waive your home loan establishment fee, saving you $600.


Variable rate for Owner Occupiers

2.29% p.a.^ (2.72% p.a. comparison rate*) on the Flexi First Option Home Loan

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. Interest rates are subject to change.

Credit criteria and T&Cs apply.

Key home loan fees

See all fees

 

Set Up Fees Cost
Establishment fee $0 ($600 with interest only repayments)
Maintenance fee $0
Redraw fee $0
Loan increase $350
Switch loan or split balance $350
Portability (taking your loan with you) $350
Discharge settlement fee $350
Parental leave activation $95
Reduced repayment activation $95
Progress draw set up $95

 


What else can you do with a Westpac Home Loan?

Parental leave

You can apply to reduce your repayments by up to 50% for up to 12 months when you go on parental leave. You may be eligible to apply if you’ve had a Flexi First Option home loan for more than 12 months and have a job to return to once your parental leave ends. Subject to approval, terms, conditions and fees apply. To determine if this feature is right for you, please visit our Parental Leave page.

Increase your home loan

Apply to access more funds using our "top up / loan increase" facility if you have equity in your loan and need access to extra cash. A $350 fee applies when you set up a top up/loan increase. 

An increase in your loan amount will also mean your repayments and interest charges will be higher. Before you apply, consider potential changes to your financial situation in the future and make sure your budget can accommodate higher repayments. Loan increases are subject to formal approval. Read more about loan increases.

Switch to interest only repayments

Choose to pay principal and interest or interest only. Interest only available for up to 5 years to keep your repayments to a minimum. Conditions apply.

Waive your monthly Choice account service fee 

Each customer is eligible for one fee waiver with a Flexi First Option loan that has a direct debit set up from a Choice account or a Choice account under the same name.#


What could your loan look like?

Use our calculators to research repayments, borrowing power, stamp duty and more.

Estimate borrowing power

Find out how much you could be able to borrow with a Westpac Home Loan.

Get a sense of repayments

Use our calculator as a guide to what repayments could be on your new home loan.


We can help make each step of your home loan journey simpler.
 

Ask us to call you

Request a call back from one of our home loan specialists. We’ll be in touch to learn what you need from your loan.
 

See what you could borrow

Tell us your financial details and we’ll show you how much you could borrow to buy your home.
 

Go house hunting

Once you get approval in principal, you can start to search for your new home with confidence.
 

Tell us about your new place

When you’ve found the one, let us know. We’ll evaluate it and confirm all the details with you.3
 

Settle your loan

Give us your final documents, then sit back – we’ll settle the loan and make sure the funds go where they need to.
 


What else do you need to know?

Save a little more before you buy

If you're already saving, you may start looking at buying once you have around 10% of the purchase price. However, if you have less than 20% of the purchase price, you may need to pay Lenders Mortgage Insurance. It may mean waiting a little longer, but if you can save a 20% deposit on your new home, you could avoid paying Lenders Mortgage Insurance.

 

Pay fortnightly versus monthly

Paying fortnightly means that there are 26 fortnightly repayments each year which adds up to the equivalent of 13 monthly repayments. That's one extra monthly repayment every year to help you own your home sooner. This could work well if you’re paid fortnightly.

 

Benefit from extra and lump sum repayments

Any extra payments you make will reduce the balance of your loan and the interest charged. Lump sums such as a tax return, a bonus from work, a gift or an inheritance can help you save on interest and shorten the life of your loan. Even paying a little bit extra on a regular basis can make a difference in the longer term.

 

Rounding up your home loan repayment just a small amount can make a dent on your home loan interest. For example, consider a loan amount of $300,000 at 5% over 25 years. If the monthly repayments of $1754 were rounded up to $2000 per month and continued until the end of the loan term, the loan would be repaid around 5 years early, and the interest owed reduced by around $54,000.

 

Regularly review your home loan

Over time, your personal situation or financial needs may change. It makes sense to review your loan regularly to ensure you're only paying for the features or benefits you actually use or need. We can help to assess your requirements and ensure you’ve got the products and services that are right for you at each stage of your life.

All our home and investment property loan applications are completed with the help of one of our home loan experts, either over the phone or at a branch. Our expert will first talk with you about what you need, then give you information to help you choose a home loan that suits you.

 

If you want to get started before this discussion, you can:

  • Fill out an enquiry form and a home loan expert will call you back
  • Call 131 900 and talk to a home loan expert (8am-8pm, 7 days a week).


We’ve put together this checklist of what you’re likely to need when you apply. Having this information ready before you start could help speed up the process.

Standard information

  • Details of monthly expenses (including loans and credit card debts)
  • Lists of assets (what you own) and liabilities (what you owe)
  • Income confirmation (including trusts and investments)
  • Superannuation balances
  • Proof of savings (statements)
  • Property contract of sale (if you’ve chosen a property you’d like to purchase and if available)


Identification Checklist for Individual Customers (PDF 768KB) 

If you’re a PAYG employee

  • Your 2 most recent payslips
  • Your most recent payment summary or tax return.
  • If you’re self-employed:
  • Your business/company tax returns for the last 2 years
  • Your personal tax returns and assessment notices for the last 2 years.

If you’re refinancing

  • Loan statements for the last 6 months
  • Property details

If you’re building a home

  • Plans, specifications, council approval and builders contract
  • Owner Builder Independent Adviser’s Report (if you’re the builder).
Things you should know

Credit criteria, fees and charges apply. Terms and conditions available on request. Based on Westpac's credit criteria, residential lending is not available for Non-Australian Resident borrowers. This information has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice. This includes any tax consequences arising from any promotions 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. 


Variable rate subject to change (and margins may apply). Credit criteria, fees and charges, terms & conditions apply. Based on Westpac's credit criteria, residential lending is not available for Non-Australian Resident borrowers.
 

^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.

 

#Before deciding to acquire a Westpac Choice account, read the terms and conditions, and consider whether the product is right for you.

 

2While the RP Data property reports are offered to Westpac customers with the permission of RP Data Pty Ltd t/a CoreLogic Asia Pacific ABN 67 087 759 171, Westpac accepts no responsibility for their accuracy or completeness. We recommend you seek independent advice before making a decision based on this information. While CoreLogic uses commercially reasonable efforts to ensure the CoreLogic Data is current, CoreLogic does not warrant the accuracy, currency or completeness of the CoreLogic Data and to the full extent permitted by law excludes all loss or damage howsoever arising (including through negligence) in connection with the CoreLogic Data.

 

3Valuation is valid for 90 days. Your upfront bank valuation assessment may require further valuation assessment if your property does not fit lending guidelines.