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Westpac Home Loans & Rates Comparison
Today’s rates at a glance
Westpac best
5.99%
P.A. rate6.00%
Comparison*Flexi First Option Home Loan · Variable · P&I · ≤70% LVR
Market best
5.69%
P.A. rate5.71%
Comparison*Westpac is +0.30% higher
*Comparison rates based on a $150,000 loan over 25 years. Different terms, fees or loan amounts might result in a different comparison rate.
See if you can get a better rateWestpac home loan rates
Easily compare Westpac's home loan interest rates. Use the filters to find rates to suit your needs. To check Westpac rates versus the lenders in our panel, just click 'compare'.
| Product | Rate | Comparison* | Type | Monthly | Compare |
|---|---|---|---|---|---|
| Premier Advantage Rocket Repay Home Loan Fixed | |||||
| ≤70% LVR | 6.34%p.a. | 6.75%p.a. | Fixed 2yr | $3,729 Principal and interest | Compare Lowest |
| ≤70% LVR | 6.44%p.a. | 6.77%p.a. | Fixed 1yr | $3,769 Principal and interest | |
| ≤80% LVR | 6.44%p.a. | 6.85%p.a. | Fixed 2yr | $3,769 Principal and interest | |
| ≤70% LVR | 6.54%p.a. | 6.80%p.a. | Fixed 3yr | $3,808 Principal and interest | |
| ≤80% LVR | 6.54%p.a. | 6.86%p.a. | Fixed 1yr | $3,808 Principal and interest | |
| ≤80% LVR | 6.64%p.a. | 6.90%p.a. | Fixed 3yr | $3,848 Principal and interest | |
| ≤70% LVR | 6.69%p.a. | 6.87%p.a. | Fixed 4yr | $3,868 Principal and interest | |
| ≤70% LVR | 6.69%p.a. | 6.89%p.a. | Fixed 5yr | $3,868 Principal and interest | |
| ≤95% LVR | 6.74%p.a. | 7.15%p.a. | Fixed 2yr | $3,888 Principal and interest | |
| ≤80% LVR | 6.79%p.a. | 6.97%p.a. | Fixed 4yr | $3,908 Principal and interest | |
| ≤80% LVR | 6.79%p.a. | 6.99%p.a. | Fixed 5yr | $3,908 Principal and interest | |
| ≤95% LVR | 6.84%p.a. | 7.16%p.a. | Fixed 1yr | $3,928 Principal and interest | |
| ≤95% LVR | 6.94%p.a. | 7.20%p.a. | Fixed 3yr | $3,968 Principal and interest | |
| Premier Advantage Rocket Repay Home Loan | |||||
| ≤70% LVR | 6.39%p.a. | 6.76%p.a. | Variable | $3,749 Principal and interest | Compare Lowest |
| ≤80% LVR | 6.49%p.a. | 6.86%p.a. | Variable | $3,788 Principal and interest | |
| ≤95% LVR | 6.79%p.a. | 7.16%p.a. | Variable | $3,908 Principal and interest | |
| Flexi First Option Home Loan Special | |||||
| ≤70% LVR | 6.44%p.a. | 6.45%p.a. | Variable | $3,769 Principal and interest | Compare Lowest |
| ≤80% LVR | 6.54%p.a. | 6.55%p.a. | Variable | $3,808 Principal and interest | |
| ≤95% LVR | 6.84%p.a. | 6.85%p.a. | Variable | $3,928 Principal and interest | |
| Rocket Repay Home Loan Fixed | |||||
| ≤70% LVR | 6.54%p.a. | 8.39%p.a. | Fixed 2yr | $3,808 Principal and interest | Compare Lowest |
| ≤80% LVR | 6.64%p.a. | 8.49%p.a. | Fixed 2yr | $3,848 Principal and interest | |
| ≤70% LVR | 6.64%p.a. | 8.63%p.a. | Fixed 1yr | $3,848 Principal and interest | |
| ≤70% LVR | 6.74%p.a. | 8.26%p.a. | Fixed 3yr | $3,888 Principal and interest | |
| ≤80% LVR | 6.74%p.a. | 8.73%p.a. | Fixed 1yr | $3,888 Principal and interest | |
| ≤80% LVR | 6.84%p.a. | 8.35%p.a. | Fixed 3yr | $3,928 Principal and interest | |
| ≤70% LVR | 6.89%p.a. | 8.01%p.a. | Fixed 5yr | $3,948 Principal and interest | |
| ≤70% LVR | 6.89%p.a. | 8.15%p.a. | Fixed 4yr | $3,948 Principal and interest | |
| ≤95% LVR | 6.94%p.a. | 8.79%p.a. | Fixed 2yr | $3,968 Principal and interest | |
| ≤80% LVR | 6.99%p.a. | 8.11%p.a. | Fixed 5yr | $3,988 Principal and interest | |
| ≤80% LVR | 6.99%p.a. | 8.25%p.a. | Fixed 4yr | $3,988 Principal and interest | |
Westpac variable rate home loans
Westpac offers two different variable rate home loans, each offering different levels of inclusions and LVR options.
Flexi First Home Loan
The Flexi First Home Loan is Westpac’s most basic loan with no ongoing fees and a low interest rate. There’s no offset account, but it is possible to redraw extra payments.
| Rate tier | Interest rate | Comparison rate |
|---|---|---|
| Flexi First Home Loan up to 70% LVR | 5.99% p.a. | 6.00% p.a. |
| Flexi First Home Loan 70-80% LVR | 6.09% p.a. | 6.10% p.a. |
| Flexi First Home Loan 80%+ LVR | 6.84% p.a. | 6.85% p.a. |
It has lower fees than Westpac’s other loans, with the main fees to consider being:
$100 document processing fee
$350 loan discharge fee.
Rocket Repay Home Loan
Westpac’s Rocket Repay Home Loan is a package loan with a higher rate than the Flexi First Home Loan, but it features up to 10 optional offset accounts and capacity to redraw extra repayments.
| Rate tier | Interest rate | Comparison rate |
|---|---|---|
| Rocket Loan: Variable Home Loan up to 70% LVR | 8.73% p.a. | 8.87% p.a. |
| Rocket Loan: Variable Home Loan with Offset up to 70% LVR | 6.39% p.a. | 6.77% p.a. |
| Rocket Loan: Variable Home Loan with Offset 70-80% LVR | 6.49% p.a. | 6.86% p.a. |
| Rocket Loan: Variable Home Loan with Offset 80%+ LVR | 6.79% p.a. | 7.16% p.a. |
The main fees for the Rocket Loan include:
The $600 lending establishment fee
$100 document processing fee
$8 monthly loan account fee
$350 loan discharge fee
Westpac will waive most of these fees for people that purchase the Premier Advantage Package. For an annual fee of $395, it offers special rate discounts on both Rocket variable loans and fixed loans. To be eligible for the Premier Advantage Package, account holders must borrow at least $150,000 in either a Rocket Variable Loan or Fixed loan and have a Choice transaction bank account.
Westpac fixed home loan rates
Westpac offers owner occupier fixed rate home loans between one to five years. They also offer interest rate discounts on fixed home loans for borrowers that purchase the Premier Advantage Package (see Fixed Home Loan with Package and LVR Discount).
Fixed Options Home Loan
Westpac’s Fixed Home Loan enables borrowers to fix their interest rate for up to five years. Borrowers can repay up to $30,000 extra (with redraw) during the fixed-rate term. There’s no offset account but it can be split with a Westpac’s variable Rocket Repay loan which does offer offset.
| Rate tier | Interest rate | Comparison rate |
|---|---|---|
| Home loan - 1 Year up to 70% LVR | 6.74% p.a. (6.44% p.a. with Premier Advantage Package) | 8.73% p.a. (6.77% p.a. with Premier Advantage Package) |
| Home loan - 1 Year 70-80% LVR | 6.54% p.a. | 6.87% p.a. |
| Home loan - 1 Year 80%+ LVR | 6.84% p.a. | 7.17% p.a. |
| Home loan - 2 Years up to 70% LVR | 6.64% p.a. (6.34% p.a. with Premier Advantage Package) | 8.49% p.a. (6.76% p.a. with Premier Advantage Package) |
| Home loan - 2 Years 70-80% LVR | 6.44% p.a. | 6.85% p.a. |
| Home loan - 2 Years 80%+ LVR | 6.74% p.a. | 7.15% p.a. |
| Home loan - 3 Years up to 70% LVR | 6.84% p.a. (6.54% p.a. with Premier Advantage Package) | 8.36% p.a. (6.81% p.a. with Premier Advantage Package) |
| Home loan - 3 Years 70-80% LVR | 6.64% p.a. | 6.91% p.a. |
| Home loan - 3 Years 80%+ LVR | 6.94% p.a. | 7.20% p.a. |
| Home loan - 4 Years up to 70% LVR | 6.99% p.a. (6.69% p.a. with Premier Advantage Package) | 8.25% p.a. (6.88% p.a. with Premier Advantage Package) |
| Home loan - 4 Years 70-80% LVR | 6.79% p.a. | 6.97% p.a. |
| Home loan - 4 Years 80%+ LVR | 7.09% p.a. | 7.27% p.a. |
| Home loan - 5 Years up to 70% LVR | 6.99% p.a. (6.69% p.a. with Premier Advantage Package) | 8.12% p.a. (6.90% p.a. with Premier Advantage Package) |
| Home loan - 5 Years 70-80% LVR | 6.79% p.a. | 7.00% p.a. |
| Home loan - 5 Years 80%+ LVR | 7.09% p.a. | 7.29% p.a. |
Some of the key fees to consider for Westpac’s Fixed Home Loan include:
The $600 lending establishment fee
$100 document processing fee
$8 monthly loan account fee
Lock in fee is 0.10% of loan amount
$350 loan discharge fee
To access the Premier Advantage Package and be eligible for the discounted fixed home loan interest rates, borrowers must pay the $395 annual fee.
Westpac variable investment home loan rates
Westpac offers the same suite of variable home loans to investors, just with different rates.
Flexi First Investment Home Loan
The Flexi Variable Home Loan is Westpac’s most simple investment home loan with low fees, redraw capabilities and the potential to add a construction option. It also has Westpac’s lowest interest rate for an investment home loan.
| Rate tier | Interest rate | Comparison rate |
|---|---|---|
| Flexi First Home Loan up to 70% LVR | 6.14% p.a. | 6.15% p.a. |
| Flexi First Home Loan 70-80% LVR | 6.24% p.a. | 6.25% p.a. |
| Flexi First Home Loan 80%+ LVR | 7.14% p.a. | 7.15% p.a. |
The Flexi First Home Loan fees include:
$100 document processing fee
$350 loan discharge fee
Rocket Loan: Variable Home Loan Investor
Westpac’s Rocket Loan gives investors the opportunity to reduce their daily interest charges by using up to 10 offset accounts. Investors also have the option to make extra repayments with a redraw capacity.
| Rate tier | Interest rate | Comparison rate |
|---|---|---|
| Rocket Loan: Variable Home Loan Investor up to 70% LVR | 9.28% p.a. | 9.42% p.a. |
| Rocket Loan: Investor Variable Home Loan with Offset up to 70% LVR | 6.59% p.a. | 6.96% p.a. |
| Rocket Loan: Investor Variable Home Loan with Offset 70-80% LVR | 6.69% p.a. | 7.06% p.a. |
| Rocket Loan: Investor Variable Home Loan with Offset 80%+ LVR | 6.99% p.a. | 7.36% p.a. |
Fees include:
$600 lending establishment fee
$100 document processing fee
$8 monthly loan account fee
$350 loan discharge fee
Westpac will waive the lending establishment fee and loan account fee for borrowers that purchase the Premier Advantage Package for $395 annual fee.
Westpac fixed investment home loan rates
Westpac’s Investor Fixed Home Loan is available on terms from one to five years with additional repayments allowed up to a total of $30,000 over the fixed term. There’s no offset account but it can be added by splitting the fixed loan with a Rocket Loan which does have an offset. Investors can get a discounted interest rate and some fees waived through Westpac’s Premier Advantage Package.
Fixed Options Investment Home Loan
| Rate tier | Interest rate | Comparison rate |
|---|---|---|
| Home loan - 1 Year up to 70% LVR | 6.84% p.a. (9.22% p.a. with Premier Advantage Package) | 6.54% p.a. (6.96% p.a. with Premier Advantage Package) |
| Home loan - 1 Year 70-80% LVR | 6.64% p.a. | 7.06% p.a. |
| Home loan - 1 Year 80%+ LVR | 6.94% p.a. | 7.35% p.a. |
| Home loan - 2 Years up to 70% LVR | 6.74% p.a. (6.44% p.a. with Premier Advantage Package) | 8.94% p.a. (6.93% p.a. with Premier Advantage Package) |
| Home loan - 2 Years 70-80% LVR | 6.54% p.a. | 7.03% p.a. |
| Home loan - 2 Years 80%+ LVR | 6.84% p.a. | 7.33% p.a. |
| Home loan - 3 Years up to 70% LVR | 6.94% p.a. (6.64% p.a. with Premier Advantage Package) | 8.76% p.a. (6.98% p.a. with Premier Advantage Package) |
| Home loan - 3 Years 70-80% LVR | 6.74% p.a. | 7.08% p.a. |
| Home loan - 3 Years 80%+ LVR | 7.04% p.a. | 7.37% p.a. |
| Home loan - 4 Years up to 70% LVR | 7.14% p.a. (6.84% p.a. with Premier Advantage Package) | 8.63% p.a. (7.06% p.a. with Premier Advantage Package) |
| Home loan - 4 Years 70-80% LVR | 6.94% p.a. | 7.15% p.a. |
| Home loan - 4 Years 80%+ LVR | 7.24% p.a. | 7.45% p.a. |
| Home loan - 5 Years up to 70% LVR | 7.14% p.a. (6.84% p.a. with Premier Advantage Package) | 8.47% p.a. (7.07% p.a. with Premier Advantage Package) |
| Home loan - 5 Years 70-80% LVR | 6.94% p.a. | 7.17% p.a. |
| Home loan - 5 Years 80%+ LVR | 7.24% p.a. | 7.47% p.a. |
Some of the key fees to consider for Westpac’s Investor Fixed Home Loan include:
$600 lending establishment fee
$100 document processing fee
$8 monthly loan account fee
$350 loan discharge fee
To receive the discounted interest rate, borrowers must pay $395 annually for the Premier Advantage Package. Westpac also waives the fees for lending establishment and the monthly account fee under his package.
Westpac variable interest-only home loan rates for owner occupier
Interest only home loan repayments allow borrowers to pay just the interest and not the principal amount for the first few years of the loan. Once that period expires repayments will increase to include the principal amount. This will mean that borrowers will pay more interest over the life of their loan while still needing to pay the full principal amount in a shorter timeframe.
Westpac has two options for owner-occupier interest-only home loans, the first is their basic plan with Flexi First and then the Rocket Home Loan.
Flexi First home loan with interest-only repayments
Westpac’s interest only plan for Flexi First home loans lets owner-occupier borrowers pay just the interest on their loan for up to five years. The total loan term is up to 30 years and repayments can be paid either weekly, fortnightly or monthly. Extra repayments can be redrawn, but there is no offset account.
| Rate tier | Interest rate | Comparison rate |
|---|---|---|
| Flexi First Home Loan up to 70% LVR | 6.68% p.a. | 5.86% p.a. |
The Flexi First Home Loan fees include:
$100 document processing fee
$350 loan discharge fee
Rocket Home Loan with interest-only repayments
The Rocket home loan allows borrowers to pay just the interest on their loan for a maximum of up to five years with a total loan term of 30 years. There are up to ten offset accounts available per home loan and it has capacity for borrowers to redraw extra repayments.
| Rate tier | Interest rate | Comparison rate |
|---|---|---|
| Rocket Loan: Variable Home Loan Investor up to 70% LVR | 9.32% p.a. | 9.14% p.a. |
| Rocket Loan: Investor Variable Home Loan with Offset up to 70% LVR | 6.98% p.a. | 7.00% p.a. |
The fees for the Rocket Home Loan include:
$600 lending establishment fee
$100 document processing fee
$8 monthly loan account fee
$350 loan discharge fee
Westpac will waive some fees for borrowers that purchase the Premier Advantage Package for a $395 annual fee.
Westpac’s fixed interest only home loan rates for owner occupiers
Westpac also offers an interest-only option on its fixed rate home loans.
Fixed Options Home Loan with interest-only repayments
Westpac’s Fixed Options Home Loan interest-only option allows borrowers to pay just the interest for up to five years, then the principal amount will be added. Additional payments are permitted to a maximum of $30,000 over the fixed term with no fees or break costs, and extra repayments can be withdrawn.
| Duration | Interest rate | Comparison rate |
|---|---|---|
| One Year | 7.09% p.a. (6.79% p.a. with Premier Advantage Package) | 8.77% p.a. (6.80% p.a. with Premier Advantage Package) |
| Two Years | 6.99% p.a. (6.69% p.a. with Premier Advantage Package) | 8.57% p.a. (6.81% p.a. with Premier Advantage Package) |
| Three Years | 7.19% p.a. (6.89% p.a. with Premier Advantage Package) | 8.47% p.a. (6.89% p.a. with Premier Advantage Package) |
| Four Years | 7.39% p.a. (7.09% p.a. with Premier Advantage Package) | 8.41% p.a. (7.00% p.a. with Premier Advantage Package) |
| Five Years | 7.39% p.a. (7.09% p.a. with Premier Advantage Package) | 8.31% p.a. (7.04% p.a. with Premier Advantage Package) |
Rates shown are for LVRs up to 70%.
Westpac’s variable interest only home loan rates for investors
Interest only home loans lower borrowers repayments over a certain period of time by just paying the interest amount and not the principal loan total. At Westpac, the interest only duration for investors is up to 15 years, which is longer than the five year timeframe offered to owner-occupiers.
The two interest only home loan options that Westpac offers for a variable interest rate include the Flexi First home loan and the Rocket Home Loan.
Flexi First Home Loan with Interest only repayments
The Flexi First Home Loan is Westpac’s most basic model, with no ongoing fees and relatively low interest rates. For investors, the interest-only plan allows borrowers to focus on paying the interest for up to 15 years.
| Rate tier | Interest rate | Comparison rate |
|---|---|---|
| Flexi First Home Loan up to 70% LVR | 6.39% p.a. | 6.09% p.a. |
The Flexi First Home Loan fees include:
$100 document processing fee
$350 loan discharge fee
Rocket Repay Home Loan with interest-only repayments
Westpac offers an interest-only plan for their Rocket Repay Home Loan where investors can just pay the interest for 15 years, then the principal amount will be added to their repayments after. There are up to ten offset accounts available per loan and borrowers can redraw extra payments.
| Rate tier | Interest rate | Comparison rate |
|---|---|---|
| Rocket home loan IO Standard Rate Investor up to 70% LVR | 9.54% p.a. | 9.60% p.a. |
| Rocket home loan IO with Package and LVR Discount Investor (up to 70%) | 6.85% p.a. | 7.10% p.a. |
Fees include:
$600 lending establishment fee
$100 document processing fee
$8 monthly loan account fee
$350 loan discharge fee
Westpac will waive the lending establishment fee and loan account fee for borrowers that purchase the Premier Advantage Package for $395 annual fee.
Westpac’s fixed interest-only home loan rates for investors
The Fixed Options Home Loan with interest-only repayments for Investors offers an interest-only repayment plan for investors with fixed rates for up to 15 years. Additional repayments are allowed to a maximum of $30,000 with no fees or break costs and payments can be redrawn. There’s no offset account with the Fixed Options Home Loan, but it can be split with a variable interest Rocket Loan that does have an offset.
| Duration | Interest rate | Comparison rate |
|---|---|---|
| One Year | 6.94% p.a. (6.64% p.a. with Premier Advantage Package) | 9.23% p.a. (6.96% p.a. with Premier Advantage Package) |
| Two Years | 6.84% p.a. (6.54% p.a. with Premier Advantage Package) | 8.96% p.a. (6.94% p.a. with Premier Advantage Package) |
| Three Years | 7.04% p.a. (6.74% p.a. with Premier Advantage Package) | 8.79% p.a. (6.99% p.a. with Premier Advantage Package) |
| Four Years | 7.24% p.a. (6.94% p.a. with Premier Advantage Package) | 8.68% p.a. (7.07% p.a. with Premier Advantage Package) |
| Five Years | 7.24% p.a. (6.94% p.a. with Premier Advantage Package) | 8.53% p.a. (7.09% p.a. with Premier Advantage Package) |
Rates shown are for LVRs up to 70%
The fees on a Fixed Options Home Loan are:
$600 lending establishment fee
$100 document processing fee
$8 monthly loan account fee
Rate lock fee is 0.10% of the loan amount
$350 loan discharge fee
In order to get the discounted interest rates and have some fees waived, borrowers will need to purchase Westpac’s Premier Advantage Package for a $395 annual fee.
Fixed Home Loan with interest-only in Advance Repayments
Westpac’s interest-only in advance home loan allows investment borrowers to pay between three to twelve months of interest in advance, which generally lowers the interest rate. It has an additional repayment total of $30,000 with capacity for redraw, and an offset can be added when the loan is split with a Rocket Loan.
| Duration | Interest rate | Comparison rate |
|---|---|---|
| One Year | 6.74% p.a. (6.44% p.a. with Premier Advantage Package) | 9.25% p.a. (6.97% p.a. with Premier Advantage Package) |
| Two Years | 6.64% p.a. (6.34% p.a. with Premier Advantage Package) | 8.99% p.a. (6.95% p.a. with Premier Advantage Package) |
| Three Years | 6.84% p.a. (6.54% p.a. with Premier Advantage Package) | 8.83% p.a. (7.00% p.a. with Premier Advantage Package) |
| Four Years | 7.04% p.a. (6.74% p.a. with Premier Advantage Package) | 8.74% p.a. (7.09% p.a. with Premier Advantage Package) |
| Five Years | 7.04% p.a. (6.74% p.a. with Premier Advantage Package) | 8.59% p.a. (7.12% p.a. with Premier Advantage Package) |
Rates shown are for LVRs up to 70%
The fees are:
$600 lending establishment fee
$100 document processing fee
$8 monthly loan account fee
Rate lock fee is 0.10% of the loan amount
$350 loan discharge fee
To receive the discounted interest rate, borrowers must pay $395 annually for the Premier Advantage Package. Westpac also waives the fees for lending establishment and the monthly account fee under his package.
How competitive are Westpac’s home loan rates?
Relative to the other major banks in Australia, Westpac’s home loan rates are pretty competitive, with its Flexi First Option Home Loan generally offering one of the lowest mortgage rates among the big four for a basic variable rate loan.
Westpac’s fixed rates also compare reasonably well to the other major banks, although they generally do not have the lowest fixed rates.
But when you compare Westpac’s home loan rates among a wider set of lenders, you’ll often be able to find lower rates elsewhere. Smaller lenders tend to have sharper rates compared to the majors.
That said, Westpac's subsidiaries, St.George Bank, Bank of Melbourne and BankSA, actually have less attractive rates than the parent brand currently, despite being less well known than Westpac.
Compare Westpac's home loan rates to the other major lenders:
What are Westpac’s lowest home loan rates?
Currently Westpac’s lowest home loan rate is available on its Flexi First Option Home Loan for owner occupiers. This is a basic variable rate loan which allows unlimited extra repayments and has a redraw facility. To get the absolute lowest interest rate on a Westpac home loan, you’ll need an LVR of 70 or lower, or in other words, a deposit of 30% or more.
What kind of rate is best: Variable, fixed or split rate?
Non-Major banks
Think ING, HSBC, Bendigo, Suncorp Bank etc. In terms of products and processes, these will be very similar to the big 4 banks who lead the trends in banking in Australia. But non-major banks often have lower rates and special offers (e.g. refinance cashback) in order to be competitive versus the bigger lenders. The non-major banks are still well-known brands with high-quality online tools systems.
Customer-owned
There are dozens of small member-owned banks and credit unions in Australia. Many are focussed on customers in a particular regional area, or even workers in a certain profession. These lenders often have the lowest rates in the market and personalised customer service, but the eligibility criteria may be more limited and the application process can be slow.
Non-bank lenders
Australian borrowers also have plenty of choice among non-bank home loan providers. Some are mainstream lenders (often online only) offering loans to your typical home loan borrowers. Others specialise in offering loans to cater for specific borrowers and scenarios, such as self-employed borrowers, bad credit borrowers or SMSF loans.