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Why choose our variable home loan with offset

Save interest with 100% offset

Every dollar in your offset account counts towards reducing the interest on your linked home loan.

Flexible features

Split your loan across variable and fixed rate, redraw anytime with no fees, and enjoy unlimited extra repayments on the variable portion.

Save by packaging

Package your loan to save on fees, get a home loan rate discount, and pay no annual fee on a Westpac credit card ($395 annual package fee applies#).

Tailored discounted rates

Discounted variable rates tailored to your situation and needs. Discuss your rate with a dedicated lender.

What is an offset account?

An offset account is an everyday bank account that’s linked to your home loan. You can deposit or withdraw from it as often as you like.


Every dollar in your account reduces, or offsets, the interest you pay on your home loan. For example: 



Home loan balance



Offset balance



Balance you pay interest on


Featured rate

For a property to live in, with LVR up to 70%

7.44% p.a.

Variable rate


7.77% p.a.

Comparison rate*

Rate includes a 0.10% p.a. discount for LVR+ up to 70%. Available on new Owner Occupier packaged# home loan with Principal & Interest repayments. $150k min loan. $395 annual package fee and T&Cs apply.

Other rates and fees

Total loan term   Up to 30 years
Repayment   Weekly, fortnightly, monthly
Repayment types   Principal and interest, Interest only.
Extra repayments   Yes
Split with a fixed interest rate loan   Yes
Redraw extra repayments   Yes
Offset account   Yes
Increase loan   Yes, (subject to formal approval. Read more about loan increases.)
Parental Leave repayment reduction   Up to 50% for 12 months (T&Cs apply)

Extra benefits with the Premier Advantage Package#

  • Get 1.29% p.a. off the rate for loans above $150,000
  • Pay no Lending establishment or monthly fees
  • Pay no Card fee on Westpac credit cards (other fees and charges may apply).


Get all this for an annual package fee of $395#.

Applying is simple, get started online

1. Apply for your home loan now

Apply in around 10-20 mins, or save and come back later. Tell us about you and see how much you could borrow. And don't worry, we'll let you know before the credit check. Need help? You can live chat with us to help you complete the application.

2. Fast approval

You could get unconditional refinance approval the same day you apply. Or conditional approval within 1 business day to help you confidently bid or make an offer for up to 90 days. 

3. Discuss your rate and features with a lender

A dedicated lender will be in touch to go over the finer points of your loan. You’ll have an opportunity to negotiate your rate, as there’s no obligation until you accept your rate and loan offer.

4. On to settlement

Your lender will finalise your loan through to settlement. Accept our loan offer, and that’s it.

Already started an application? Retrieve your application


Looking for something else?

Basic variable rate home loan

Our flexi variable rate home loan with lots of flexibility and no loan account fees or lending establishment fees.


Lock in certainty with a fixed rate

Lock in the same rate and repayments for up to 5 years. Want more flexibility? You can split your loan to be part fixed, part variable.


Frequently asked questions

Principal & Interest. Your minimum monthly P&I repayments aren’t affected by your offset balance. Instead, all the funds in your offset account work to reduce your home loan interest, as you only pay interest on the difference between the loan amount and the amount in your offset account. And because your interest may be lower if you maintain your offset balance or grow it, you could pay off your home loan sooner.

Interest Only. If your interest rate doesn’t change and you have funds in your offset, your daily interest will reduce, and so will your monthly minimum IO repayments.

Not quite ready to apply?

Things you should know

Conditions, credit criteria, fees and charges apply. 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.

Key Fact Sheet for Home Loans

+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. 

#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 89KB)

^^Rate Lock: We’ll apply the fixed rate available on the loan settlement date or the date your fixed rate term starts, unless you lock a fixed rate on your loan using our Rate Lock feature. The fixed rate lock-in fee is 0.10% of your loan amount. At the end of the fixed rate term, the interest rate will roll onto our standard variable home loan interest rate, unless a new fixed rate term’s selected and then the fixed rate is determined two business days before the end of the fixed term.

*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.

**Available for Owner Occupier and Investment Property Loans with Principal & Interest and Interest only repayments. Excludes Line of Credit, Equity Access Loans.