Westpac Home Loans & Rates Comparison

RATE OF THE DAY

Variable

5.74%

Comparison Rate*

5.75%

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Westpac’s best home loan rates

Compare some of Westpac's best variable and fixed home loan rates for owner occupiers and investors.

Lender

Variable

1-Year Fixed

2-Year Fixed

3-Year Fixed

4-Year Fixed

5-Year Fixed

5.74%

Interest Rate

5.75%

Comparison Rate

5.79%

Interest Rate

6.48%

Comparison Rate

5.89%

Interest Rate

6.47%

Comparison Rate

5.99%

Interest Rate

6.48%

Comparison Rate

6.09%

Interest Rate

6.50%

Comparison Rate

6.09%

Interest Rate

6.50%

Comparison Rate

Owner occupier loans with principal and interest repayments. Rates assume 70% LVR.

Lender

Variable

1-Year Fixed

2-Year Fixed

3-Year Fixed

4-Year Fixed

5-Year Fixed

5.89%

Interest Rate

5.90%

Comparison Rate

5.94%

Interest Rate

6.67%

Comparison Rate

6.04%

Interest Rate

6.66%

Comparison Rate

6.14%

Interest Rate

6.66%

Comparison Rate

6.29%

Interest Rate

6.70%

Comparison Rate

6.29%

Interest Rate

6.69%

Comparison Rate

Investment loans with principal and interest repayments. Rates assume 70% LVR.

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.

LVR band	Interest rate	Comparison rate
70%	5.49% p.a.	5.50% 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.

Product	LVR band	Interest rate	Comparison rate
Rocket Loan: Variable Home Loan	70%	8.23% p.a.	8.37% p.a.
Rocket Loan: Variable Home Loan with Offset	70%	5.89% p.a.	6.27% 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.

Duration	LVR band	Interest rate	Comparison rate
One Year	70%	6.09% p.a. (5.79% p.a. with Premier Advantage Package)	8.22% p.a. (6.26% p.a. with Premier Advantage Package)
Two Years	70%	6.19% p.a. (5.89% p.a. with Premier Advantage Package)	8.02% p.a. (6.27% p.a. with Premier Advantage Package)
Three Years	70%	6.29% p.a. (5.99% p.a. with Premier Advantage Package)	7.85% p.a. (6.30% p.a. with Premier Advantage Package)
Four Years	70%	6.39% p.a. (6.09% p.a. with Premier Advantage Package)	7.73% p.a. (6.34% p.a. with Premier Advantage Package)
Five Years	70%	6.39% p.a. (6.09% p.a. with Premier Advantage Package)	7.59% p.a. (6.36% p.a. with Premier Advantage Package)

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.

LVR band	Interest rate	Comparison rate
70%	5.64% p.a.	5.65% 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.

Product name	LVR band	Interest rate	Comparison rate
Rocket Loan: Variable Home Loan Investor	70%	8.78% p.a.	8.92% p.a.
Rocket Loan: Investor Variable Home Loan with Offset	70%	6.09% p.a.	6.47% 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

Duration	LVR band	Interest rate	Comparison rate
One Year	70%	6.24% p.a. (5.94% p.a. with Premier Advantage Package)	8.72% p.a. (6.45% p.a. with Premier Advantage Package)
Two Years	70%	6.34% p.a. (6.04% p.a. with Premier Advantage Package)	8.47% p.a. (6.46% p.a. with Premier Advantage Package)
Three Years	70%	6.44% p.a. (6.14% p.a. with Premier Advantage Package)	8.27% p.a. (6.48% p.a. with Premier Advantage Package)
Four Years	70%	6.59% p.a. (6.29% p.a. with Premier Advantage Package)	8.13% p.a. (6.54% p.a. with Premier Advantage Package)
Five Years	70%	6.59% p.a. (6.29% p.a. with Premier Advantage Package)	7.96% p.a. (6.56% p.a. with Premier Advantage Package)

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.

LVR band	Interest rate	Comparison rate
70%	6.18% p.a.	5.64% 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.

Product name	LVR band	Interest rate	Comparison rate
Rocket home loan with Interest Only repayments Standard Rate	70%	8.82% p.a.	8.63% p.a.
Rocket Home Loan with Interest Only repayments with Package and LVR Discount	70%	6.48% p.a.	6.50% 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	LVR band	Interest rate	Comparison rate
One Year	70%	6.54% p.a. (6.24% p.a. with Premier Advantage Package)	8.27% p.a. (6.30% p.a. with Premier Advantage Package)
Two Years	70%	6.64% p.a. (6.34% p.a. with Premier Advantage Package)	8.11% p.a. (6.35% p.a. with Premier Advantage Package)
Three Years	70%	6.74% p.a. (6.44% p.a. with Premier Advantage Package)	7.99% p.a. (6.41% p.a. with Premier Advantage Package)
Four Years	70%	6.89% p.a. (6.59% p.a. with Premier Advantage Package)	7.92% p.a. (6.50% p.a. with Premier Advantage Package)
Five Years	70%	6.89% p.a. (6.59% p.a. with Premier Advantage Package)	7.82% p.a. (6.54% p.a. with Premier Advantage Package)

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.

LVR band	Interest rate	Comparison rate
70%	5.89% p.a.	5.74% 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.

Product name	LVR band	Interest rate	Comparison rate
Rocket home loan with Interest Only repayments Standard Rate Investor	70%	9.04% p.a.	9.10% p.a.
Rocket home loan with Interest Only repayments with Package and LVR Discount Investor	70%	6.35% p.a.	6.60% 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

Fixed Options Home Loan with interest-only repayments for Investors

This home loan 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	LVR band	Interest rate	Comparison rate
One Year	70%	6.29% p.a. (5.99% p.a. with Premier Advantage Package)	8.72% p.a. (6.45% p.a. with Premier Advantage Package)
Two Years	70%	6.49% p.a. (6.19% p.a. with Premier Advantage Package)	8.51% p.a. (6.48% p.a. with Premier Advantage Package)
Three Years	70%	6.59% p.a. (6.29% p.a. with Premier Advantage Package)	8.32% p.a. (6.51% p.a. with Premier Advantage Package)
Four Years	70%	6.69% p.a. (6.39% p.a. with Premier Advantage Package)	8.18% p.a. (6.55% p.a. with Premier Advantage Package)
Five Years	70%	6.69% p.a. (6.39% p.a. with Premier Advantage Package)	8.03% p.a. (6.57% p.a. with Premier Advantage Package)

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	LVR band	Interest rate	Comparison rate
One Year	70%	5.99% p.a. (5.79% p.a. with Premier Advantage Package)	8.63% p.a. (6.45% p.a. with Premier Advantage Package)
Two Years	70%	6.19% p.a. (5.99% p.a. with Premier Advantage Package)	8.43% p.a. (6.48% p.a. with Premier Advantage Package)
Three Years	70%	6.29% p.a. (6.09% p.a. with Premier Advantage Package)	8.25% p.a. (6.51% p.a. with Premier Advantage Package)
Four Years	70%	6.39% p.a. (6.19% p.a. with Premier Advantage Package)	8.11% p.a. (6.56% p.a. with Premier Advantage Package)
Five Years	70%	6.39% p.a. (6.19% p.a. with Premier Advantage Package)	7.97% p.a. (6.58% p.a. with Premier Advantage Package)

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

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.

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.

Westpac home loan FAQ

Should I get a home loan with Westpac?

Westpac is a popular lender in Australia, both with borrowers who apply directly and those getting a loan via a mortgage broker.

As a major lender, it offers a comprehensive set of loan options, features and channels for applying for and managing your loan (online, app, phone and in-branch banking).

A lot of borrowers value the familiarity of banking with a large institution like Westpac, but these kinds of lenders are rarely known for having phenomenal customer service. Loan processing times can also be slow, and if you have a complex borrowing situation (e.g. if you’re self-employed or have bad credit) a bank like Westpac may not offer the flexibility you need.

But if you have a fairly standard application and want a well-known brand, Westpac’s rates are not bad. It also offers pretty much all the standard loan options, so you’re probably going to be able to find what you need with a Westpac home loan.

Is Westpac increasing its home loan rates in 2026?

Yes, along with pretty much every bank in Australia, Westpac is increasing its home loan rates in line with the cash rate increase we’ve seen so far in 2026. Westpac’s Chief Economist is predicting that interest rates will plateau in the second half of the year, with potential cuts kicking in towards the end of 2027.

What’s the best Westpac home loan?

In our opinion, Flexi First Option Home Loan is the best-value home loan offered by Westpac currently. The rate discount versus the package home loan is considerable, arguably making it worth the trade off of not having access to an offset account.

But ultimately, to decide which Westpac home loan is best you should consider your own needs and what you need in a loan. It’s also worth comparing Westpac’s home loans to other providers as you may find better options elsewhere.

How do I apply for a Westpac home loan?

You can apply for a Westpac home loan online, in a branch or over the phone. Whichever option you choose, Westpac offers support via its lending specialists.

When applying you’ll need to provide evidence of your income expenses, assets and other debts. You’ll also need to provide information about the property you are looking to buy, or your current property if you’re refinancing.

What are Westpac’s home loan eligibility criteria?

Westpac’s basic home loan eligibility criteria are that you must be an Australian citizen or permanent resident and 18 years of age or older, with a deposit or equity of at least 5%.

You’ll also need to demonstrate that you can service the loan, based on your income and existing expenses and other obligations. Like other lenders, Westpac may impose restrictions over which kinds of property can be used as security for a home loan. Common examples include certain rural properties and very small units.

Does Westpac offer home loans as part of the Home Guarantee Scheme?

Yes Westpac is one of the participating lenders in the Australian Governments Home Guarantee Scheme. If you’re applying for a Westpac home loan, mention to the lending specialist that you would like to apply via the scheme.

Can I get an offset account on a Westpac home loan?

Yes you can get an offset account with a Westpac home loan, but only on certain products offered by the lender. Specifically Westpac’s Rocket Repay Home Loan (for owner occupiers or investors) allows borrowers to link up to 10 offset accounts to their home loan to save on interest. Just bear in mind that this loan comes with a higher interest rate than Westpac’s basic variable product (Flexi First Option Home Loan).

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