Fixed Rate Home Loan
Featured fixed rate
For a property to live in, with LVR up to 70%
5.59% p.a. |
6.21% p.a. |
|
|---|---|---|
2-yr fixed rate^^ |
Comparison rate* |
Rate includes 0.10% p.a. discount for LVR+ up to 70%. Available on new 2-year Fixed Owner Occupier packaged# home loans, on P&I repayments. $150k min loan. $395 annual package fee and T&Cs apply.
Key benefits of a fixed rate home loan
Certainty
Managing your money is easier, because you lock in the same rate and repayments for up to 5 years.
Repay faster and save interest
You can make and redraw up to $30,000 in extra repayments, with no fees or break costs.
Take your home loan with you
Selling a property and buying a new one? Your existing home loan could go with you at the same rate with no break fees. Conditions apply.
Lock in your home loan rate2
Fix your home loan rate and you’ll guarantee your rate won’t change before settlement. (A 0.1% fee of the loan balance applies).
Other rates and fees
| Fixed rate terms | 1-5 years | |
| Total loan term | Up to 30 years | |
| Repayment frequencies | Weekly, fortnightly, monthly | |
| Repayment types | Principal and Interest, Interest Only, or Interest Only in Advance | |
| Additional repayments | A total of $30,000 over the fixed term with no fees or break costs1 | |
| Split with a variable loan | Yes | |
| Redraw extra repayments | Yes | |
| Offset account | No. But you can split with a Rocket loan, which has offset. |
Extra discount for new home loans
If you are taking out a new home loan, and borrowing up to 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. 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.
For a new home loan, with LVR+ up to 70%.
View our Owner Occupier fixed rates:
Our Premier Advantage Package offers a 0.20% p.a. interest rate discount and other product savings, for one $395 annual package fee#. Available on loans over $150,000.
The below rates include our Premier Advantage Package discount, plus our 0.10% p.a. discount for LVRs+ up to 70%:
| 1 year fixed term | Fixed rate | Comparison rate* |
|---|---|---|
Standard rate |
5.99% p.a. | 8.20% p.a. |
With Package# and |
5.69% p.a. | 6.24% p.a. |
| 2 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
5.89% p.a. | 7.95% p.a. |
With Package# and |
5.59% p.a. | 6.21% p.a. |
| 3 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
6.19% p.a. | 7.82% p.a. |
With Package# and |
5.89% p.a. | 6.27% p.a. |
| 4 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
6.19% p.a. | 7.65% p.a. |
With Package# and |
5.89% p.a. | 6.27% p.a. |
| 5 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
6.19% p.a. | 7.49% p.a. |
With Package# and |
5.89% p.a. | 6.27% p.a. |
With Principal & Interest repayments:
- You will be repaying both principal loan amount and the interest
- Your interest rate may be lower compared to Interest Only.
Our Premier Advantage Package offers a 0.20% p.a. interest rate discount and other product savings, for one $395 annual package fee#. Available on loans over $150,000.
The below rates include our Premier Advantage Package discount, plus our 0.10% p.a. discount for LVRs+ up to 70%:
| 1 year fixed term | Fixed rate | Comparison rate* |
|---|---|---|
Standard rate |
6.29% p.a. | 8.23% p.a. |
With Package# and |
5.99% p.a. | 6.27% p.a. |
| 2 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
6.19% p.a. | 8.01% p.a. |
With Package# and |
5.89% p.a. | 6.25% p.a. |
| 3 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
6.49% p.a. | 7.91% p.a. |
With Package# and |
6.19% p.a. | 6.33% p.a. |
| 4 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
6.69% p.a. | 7.84% p.a. |
With Package# and |
6.39% p.a. | 6.42% p.a. |
| 5 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
6.69% p.a. | 7.72% p.a. |
With Package# and |
6.39% p.a. | 6.45% p.a. |
By repaying Interest Only during a 1-5 year term:
- Your repayments will be lower (and then increase at the end of your Interest Only term, as your loan balance needs to be paid back in a shorter timeframe)
- Your interest rate may be higher for a set period compared to Principal & Interest.
Extra discount for new home loans
If you are taking out a new home loan, and borrowing up to 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. 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.
For a new home loan, with LVR+ up to 70%.
View our investor fixed rates:
Our Premier Advantage Package offers a 0.20% p.a. interest rate discount and other product savings, for one $395 annual package fee#. Available on loans over $150,000.
The below rates include our Premier Advantage Package discount, plus our 0.10% p.a. discount for LVRs+ up to 70%:
| 1 year fixed term |
Fixed rate | Comparison rate* |
|---|---|---|
Standard rate |
6.19% p.a. | 8.70% p.a. |
With Package# and |
5.89% p.a. | 6.44% p.a. |
| 2 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
6.09% p.a. | 8.41% p.a. |
With Package# and |
5.79% p.a. | 6.40% p.a. |
| 3 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
6.39% p.a. | 8.25% p.a. |
With Package# and |
6.09% p.a. | 6.46% p.a. |
| 4 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
6.39% p.a. | 8.05% p.a. |
With Package# and |
6.09% p.a. | 6.46% p.a. |
| 5 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
6.39% p.a. | 7.87% p.a. |
With Package# and |
6.09% p.a. | 6.46% p.a. |
With Principal & Interest repayments:
- You will be repaying both principal loan amount and the interest
- Your interest rate may be lower compared to Interest Only.
Our Premier Advantage Package offers a 0.20% p.a. interest rate discount and other product savings, for one $395 annual package fee#. Available on loans over $150,000.
The below rates include our Premier Advantage Package discount, plus our 0.10% p.a. discount for LVRs+ up to 70%:
| 1 year fixed term | Fixed rate | Comparison rate* |
|---|---|---|
Standard rate |
6.39% p.a. | 8.72% p.a. |
With Package# and |
6.09% p.a. | 6.46% p.a. |
| 2 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
6.29% p.a. | 8.46% p.a. |
With Package# and |
5.99% p.a. | 6.43% p.a. |
| 3 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
6.49% p.a. | 8.29% p.a. |
With Package# and |
6.19% p.a. | 6.47% p.a. |
| 4 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
6.49% p.a. | 8.10% p.a. |
With Package# and |
6.19% p.a. | 6.48% p.a. |
| 5 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
6.49% p.a. | 7.94% p.a. |
With Package# and |
6.19% p.a. | 6.48% p.a. |
By repaying Interest Only during a 1-5 year term:
- Your repayments will be lower (and then increase at the end of your Interest Only term, as your loan balance needs to be paid back in a shorter timeframe)
- Your interest rate may be higher for a set period compared to Principal & Interest.
The below rates include a 0.20% p.a. discount for repaying Interest Only in Advance3.
Our Premier Advantage Package offers a 0.20% p.a. interest rate discount and other product savings, for one $395 annual package fee#. Available on loans over $150,000.
The below rates include our Premier Advantage Package discount, plus our 0.10% p.a. discount for LVRs+ up to 70%:
| 1 year fixed term | Fixed rate | Comparison rate* |
|---|---|---|
Standard rate |
6.19% | 8.74% |
With Package# and |
5.89% | 6.46% |
| 2 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
6.09% | 8.47% |
With Package# and |
5.79% | 6.43% |
| 3 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
6.29% | 8.31% |
With Package# and |
5.99% | 6.48% |
| 4 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
6.29% | 8.13% |
With Package# and |
5.99% | 6.48% |
| 5 year fixed term | Fixed rate |
Comparison rate* |
Standard rate |
6.29% | 7.97% |
With Package# and |
5.99% | 6.48% |
By repaying Interest Only in Advance during a 1-5 year term:
- Interest Only in Advance is a repayment option that offers Fixed Rate Investment Property Loan customers an additional interest rate discount for paying 12 months interest in advance.
- By prepaying interest, you may potentially reduce your tax liability for the coming financial year and conveniently consolidate interest repayments into one lump sum payment.
This is not financial or tax advice: we recommend that you consult your financial adviser to determine the benefits which may be applicable.
| Fee | Cost |
|---|---|
| Annual package fee | $395 |
| Lending establishment fee | $600 ($0 with Premier Advantage Package#) |
| Loan account fee | $8/month ($0 with Premier Advantage Package#) |
| Fees for Extras | Cost |
|---|---|
| Fixed rate - lock-in fee2 | 0.10% of the loan amount |
Save big when you bundle:
- Get 0.20% p.a. fixed home loan interest rate package discount
- Plus no ongoing home loan fees
- Plus savings on a Credit Card and Home Insurance
- For an all-in-one $395 annual package fee #.
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
Already have a home loan with us?
Frequently asked questions
You may need to pay break costs if you close a fixed rate mortgage account before the fixed rate term has ended. Paying your loan down completely before the end of the fixed term, switching to a variable rate or making more than the maximum amount in extra weekly, fortnightly or monthly repayments are all things that could incur break costs.
Break costs vary depending on the remaining term and balance on your loan. If you want to know what the break costs could be on your current Westpac fixed rate loan, request a call back and one of our home finance managers will give you a break cost figure.
A split home loan is when you separate your home loan balance into two different accounts, one with a variable interest rate and one with a fixed interest rate.
Splitting your loan balance with a variable and fixed home loan rate allows you to get the best of both worlds. With the fixed portion of your home loan, you can lock in your interest rate and be certain that your loan repayments won’t change for the duration of the fixed rate term.
The variable rate portion of your loan lets you take advantage of any interest rate decreases and get ahead with no limit on the amount of extra repayments you can make. Learn how it works.
If you have a current fixed rate home loan, your current fixed rate will apply for the fixed rate term. You may choose to break and re-fix part or all of your home loan, however this may incur break costs1 if you are making the change before the end of the fixed rate term.
If you have a current variable rate home loan, you may choose to switch all or part of your home loan to a fixed rate. Break costs1 don’t apply when switching from variable to fixed, although you may need to pay other fees.
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.
For example, a loan of $400,000 to buy a property worth $500,000 results in a loan to value ratio of 80%. The interest rates below are for new loans. Home loan rates are set based on the initial LVR+ and don’t change because of changes to the LVR+ during the life of the loan.
If you are taking out a new home loan, and borrowing less than 70% of the bank's valuation of the property, you'll get an extra 0.10% p.a. discount off the standard interest rate.
The extra 0.10% p.a. discount is available for new home loans when the LVR+ is below 70%. This LVR+ discount is based on the initial LVR+ at loan approval and does not change during the life of the loan. If you are looking to fix an existing home loan, the standard fixed rates will apply unless you already have the discount.
With our lock-in feature on fixed rate loans (rate lock), you can lock in the current fixed interest rate. This guarantees you'll get the current fixed interest rate before loan drawdown, irrespective of whether the current rate rises or falls. Your fixed rate - lock-in will hold the current fixed rate for up to 90 days after you've locked in the rate for a fee of 0.10% of the loan amount.
To apply for our fixed rate - lock-in feature, you can speak directly with your home finance manager or broker.
If your entire home loan is on a fixed interest rate, no, an offset account isn’t offered with your loan. However, what you can do is split your home loan, and have part of it as a variable rate Rocket loan, which has offset.
When your fixed rate home loan term expires, review your personal and financial circumstances before re-fixing or switching to a variable.
Not quite ready to apply for a home loan?
Things you should know
Conditions, credit criteria, fees and charges apply. Residential lending is not available for Non-Australian Resident borrowers.
This information is general in nature and has been prepared without taking your personal objectives, circumstances and needs into account. You should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.
The taxation position described is a general statement and should only be used as a guide. It does not constitute tax advice and is based on current tax laws and their interpretation.
*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.
***Westpac Choice Account: Discretionary fees, such as, but not limited to foreign transaction fees, may apply.
#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 295KB)
^Flexi First Option Home Loans and Investment Loans: Life-of-loan discount is available for new Owner Occupier and Investment Property loans. This includes both Principal & Interest and Interest Only repayments. Offer does not apply to product switches. Interest rates are subject to change. Offer may be varied or withdrawn at any time.
Online Refinance Offer: This online refinance offer is available for new refinance Flexi First Option Home Loans and Investment Property Loans. This includes both Principal & Interest and Interest Only repayments. Includes a special life-of-loan discount for online applications only with a loan-to-value ratio up to 80%. Not available for trust or company borrowers, internal refinances or refinances from Westpac, St.George, Bank of Melbourne and BankSA. Interest rates are subject to change. Offer may be varied or withdrawn at any time.
+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.
‡Package Savings: This is an estimate of potential savings; actual savings may differ depending on your situation. Estimated savings amount calculated on a $400,000 home loan receiving 2.34% p.a. discount on a packaged Rocket Repay owner occupier variable rate home loan compared to an unpackaged Rocket Repay variable rate home loan. Premier Advantage Package Conditions of Use $395 annual package fee applies.
1Break costs on fixed loan prepayments and switching: customers can make total prepayments of up to $30,000 (cumulative) for fixed loans, without costs or fees applying. You may incur a break cost and administration fee if your prepayments exceed this threshold, or if at any time before the end of a fixed rate period you switch to another product, interest rate (fixed or variable) or repayment type.
2Rate 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.
3Interest Only in Advance: Interest must be paid in advance annually for each chosen fixed rate term to receive this rate. If after the first year of a fixed rate term interest is no longer paid in advance the Interest Only in Advance discount will be removed for subsequent years.
Interest Only in Advance interest rates are available on Fixed Rate Investment Property Loans with fixed rate terms of 1, 2, 3, 4 or 5 years.
Interest Only in Advance interest rates and discounts apply to new Fixed Rate Investment Property Loan and loans which have been switched into Interest Only in Advance products. Existing fixed loans are not eligible unless the loan is re-fixed. Interest Only in Advance discounts are subject to change. Subject to Bank's approval. Normal lending criteria apply. Other conditions, fees and charges apply.
4Home and Contents Insurance: Premier Advantage Package customers may be eligible for an ongoing premium discount of up to 10% on their Westpac Home and Landlord Insurance policies. If you are also eligible for a combined or other policy discount, Allianz will apply the Package discount to the already discounted premium. This means the effect will be reduced. If you purchase your policy online, the Package discount will be applied after purchase and Allianz will inform you of your revised premium (this may take up to 3 months). Allianz will then provide a refund for premium paid annually or provide a pro rata refund and reduce your remaining monthly instalments. If you take out a Premier Advantage Package after your policy has been issued, then the Package discount will apply from your next renewal. Discounts do not apply to optional covers for Domestic/Landlord workers’ compensation (if available and selected). Any discounts may be subject to rounding and do not apply to taxes or government charges.
Home and Contents and Landlord Insurance are issued by Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708 (Allianz). Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714 arranges the initial issue of the insurance under a distribution arrangement with Allianz, but does not guarantee the insurance. This information does not take into account your personal circumstances. Before making a decision, please consider the relevant Product Disclosure Statement. For more information call Westpac on 1300 650 255.
If you take out Home and Contents or Landlord Insurance with Allianz the Bank will receive a commission of up to 12% of the premium (exclusive of GST).