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Why choose a Westpac Variable Rate Investment Home Loan?

Make extra repayments

Pay down your investment 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.

Interest only repayments

You can apply to pay interest only for a total of up to 5 years over the life of the loan (a higher rate will apply for the interest only period).

Pay no setup fee

Choose this loan to fund your investment and we’ll waive your establishment fee, saving you $600 (offer may be varied or withdrawn at any time).


Variable rates for investors

Available on new investment property loans

Principal & Interest - 2.59% p.a.^ (Comparison Rate 3.10% p.a.*)

Variable rate includes a 1.89% p.a. discount for two years from loan settlement date reverting to a 1.29 % p.a. discount for the life of the loan^. Available on new Flexi First Option Investment Loans with Principal & Interest repayments. Excludes existing loans and internal refinances or switches within the Westpac Group. Interest rates are subject to change.

Interest only - 3.39% p.a.^^ (Comparison Rate 3.40% p.a.*)

Flexi First Option Investment Property Loan variable rate includes a 1.35% p.a. discount for life of the loan on new loans with Interest Only repayments. Excludes internal refinances within Westpac Group. Interest rates are subject to change.


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

$2k per refinanced property and a bonus $1k for your first application.

Owner Occupier loans (P&I repayments) and Investment loans, with LVR+ up to 80% and min $250k loan per property. Flexi First Option or packaged# home loans only ($395 annual package fee). Apply by 31 January 2021, settle by 31 March 2021. Excludes refinances within Westpac Group.


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
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.

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.


Applying is simple, get started online
 

Get started online

Apply for a new home loan, conditional approval or switch from another bank. It should only take around 20 minutes to apply.

Learn how much you could borrow

We’ll show you what you could afford to spend on a property and estimated costs involved.

One point of contact

You’ll be assigned a home finance manager who’ll answer all your questions.

Track your progress

Follow your application all the way to settlement and get notifications so you know what’s coming next.


 

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.
 

*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 refinance 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 & 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. 

 

^Offer commences 18/09/2020. This offer is only available on new Flexi First Option Investment Property Loans with Principal & Interest repayments. Rate Includes a 1.89% p.a. discount off our Flexi First Option Investment Property Loan Principal & Interest Variable Rate for two years from the loan settlement date, at the end of the period it will revert to a 1.29% 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. Offer may be varied or withdrawn at any time. Interest rates are subject to change.

 

^^Offer commences 5/06/2020. This offer is only available on new Flexi First Option Investment Property loans with Interest Only. Includes a 1.35% p.a. discount off our Flexi First Option Investment Property Loan Interest Only Variable Rate for the life of 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. Offer may be varied or withdrawn at any time. Interest rates are subject to change.

 

#Some existing accounts already receiving a benefit will not be eligible for this fee waiver. 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.