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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#).



Easy access to your money

Our offset account has all the benefits of our Choice everyday account, like a Debit Mastercard, ATM access, Apple Pay and Google Pay.

 

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: 

 

$450K

Home loan balance

-

$50K

Offset balance

=

$400K

Balance you pay interest on

 

Refinance your home loan with Westpac

Switch your home loan to Westpac and you could lower your repayments, or pay off your loan faster.

$3K cashback when you refinance with us **

Apply by 31st May 2022, settle by 31st August 2022. Owner Occupier loans (P&I repayments) and Investment Property Loans, with LVR+ up to 80% and min $250k loan. Flexi First Option or packaged# home loans only ($395 annual package fee). Only one cashback offer available per primary applicant within a 12 month period. Excludes refinances within Westpac Group.

Featured rate

3.54% p.a.

Variable rate

|

3.94% p.a.

Comparison rate*

Owner Occupier home loan with Principal and Interest repayments on the Premier Advantage Package# ($395 annual package fee applies). Credit criteria and T&Cs Apply.

Rates

Extra discount for new home loans

If you are taking out a new home loan, and borrowing less than 70% of the bank's valuation of the property, you could be eligible to get an extra 0.10% p.a. discount off the standard interest rate. This LVR+ discount is available to new lending only.

 

LVR stands for the initial loan to value ratio at loan approval. 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. 

 

A $395 annual package fee applies to loans on the Premier Advantage Package.#

 

View our Owner Occupier rates:

 

  Annual rate Comparison rate*
With Premier Advantage Package# 3.54% p.a. 3.94% p.a.
Without Package 4.83% p.a. 4.97% p.a.

 

 

  Annual rate Comparison rate*
With Premier Advantage Package# 4.13% p.a. 4.52% p.a.
Without Package 5.42% p.a. 5.56% p.a.

View our investor rates:

 

  Annual rate Comparison rate*
With Premier Advantage Package# 4.09% p.a. 4.48% p.a.
Without Package 5.38% p.a. 5.52% p.a.

 

 

  Annual rate Comparison rate*
With Premier Advantage Package# 4.35% p.a. 4.73% p.a.
Without Package 5.64% p.a. 5.78% p.a.

Loan details

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#.

Your home loan pathway

Get started

Start your application online – let us know what you’re looking for and some details about your finances.

 

What we’ll do

We’ll show you how much you could borrow before you submit the form. Once you submit, we’ll send you an email with your lender’s details.

Talk to us

Your lender will call you to discuss your application, make any changes, and take you through everything.

 

What we’ll do

After speaking to you we’ll run a credit check and, if everything checks out, give you conditional approval, so you know exactly how much you can borrow.

Make your offer

Make an offer or bid on the property you want, then let us know when it’s been accepted.

 

What we'll do

We’ll value your potential new home, and give you final approval.

Already started an application? Retrieve your application

Get started

Start your application online – tell us about your property, how much you’d like to borrow and your finances.

 

What we take care of

We’ll show you how much you could borrow before you submit the form. Once you submit, we’ll send you an email with your lender’s details.

Talk to us

Your lender will call you to answer any questions, discuss your application and talk you through the process.

 

What we take care of

After speaking to you, we'll run a credit check, value your property, complete other verifications and let you know when your application is approved.

All done

Accept our loan offer and that’s it. Congratulations and welcome to Westpac!

 

What we take care of

We’ll ask your current lender to prepare a discharge of mortgage for your existing home loan – then welcome you to Westpac.

Already started an application? Retrieve your application

Looking for something else?

Basic variable rate home loan

A low rate variable 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

Yes. Money in an offset account offsets against the total balance of your home loan, so the more there is in your offset account, the more interest you’ll save and the less your home loan repayments will be. Or you could choose to keep your repayments the same and pay down your principal faster and reduce the term of your loan.


Not quite ready to apply?

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 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 don’t change because of changes to the LVR during the life of the loan.


#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)

 

*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: Conditions, credit criteria, fees, charges, eligibility criteria and exclusions apply. Apply between 1st December 2021 to 31st May 2022 and settle by 31st August 2022 for refinance applications. Offer may be varied or withdrawn at any time. Min Loan amount $250k and LVR up to 80%. Offer available for Owner Occupier with Principal & Interest repayments and Investment Property Loans (Principal and Interest & Interest Only repayments). Premier Advantage Package ($395 annual package fee and T&Cs apply) and Flexi First Option Loans. Limit of one $3,000 cashback payment regardless of the number of applications, applicants, properties or loans involved per 12 month period. For joint applications, only one cashback payment will be paid to the primary applicant. Excludes Owner Occupier Interest Only, residential lending originated under family or company trusts and refinances within Westpac Group (Westpac, St.George, Bank of Melbourne, BankSA and RAMS). The cashback will be paid into an open Westpac Choice transaction account within 60 days of settlement. This account must be in the same name as the home loan account and linked to the home loan at settlement. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters.