Why choose a Westpac home loan?
Simple to get started
You could get conditional approval in 1 business day to bid. Or unconditional same-day approval to refinance to us.
A local lender
Your home loan specialist will help you from start to settlement. Choose how you connect: phone, video, a visit, or in-branch.
Options & discounts
You’ll get the opportunity to negotiate your rate, redraw extra repayments, package# your loan ($395 annual package fee applies), and more.
Best banking app
Accept and upload documents all in one place, in Australia’s #1 banking app1.
What kind of home loan are you looking for?
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Basic variable rate
- Tick - Flexi variable rate loan with unlimited extra repayments, minus the ongoing fees.
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1-5 YEAR FIXED RATE
- Tick - Lock in your rate, know exactly what your repayments will be.
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VARIABLE RATE WITH OFFSET
- Tick - Up to 10 full offset accounts, unlimited extra repayments, option to fix a portion.
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SUSTAINABLE UPGRADES
- Tick - A 2nd loan designed to help you make energy-efficient or climate-resilient home upgrades.
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BRIDGING LOAN
- Tick - Helps bridge the gap between buying a home and settling your current one.
Special Online Refinance Offer
Online basic variable refinance rate
Comparison rate*
Apply to switch online
You could save around $9k interest in the first year++
- Package interest rate discounts on Rocket Repay variable loans and Fixed Options loans
- Plus no ongoing fees
- Plus savings on a credit card and home/landlord insurance
All for a $395 annual package fee# on a loan over $150k. Based on a $400k loan.
More offsets, less home loan
Got a Rocket loan? Link up to 10 offset accounts.
- Every dollar in your linked offset reduces your home loan interest.
- Easier budgeting: distribute funds into buckets, like income and expenses.
- To link: sign in, select Manage offset accounts and follow prompts.
Get started
Frequently asked questions
What is a mortgage?
A mortgage is a home loan from the bank to help you buy a property. You pay the loan back with interest over time. To get the loan, you usually save some money first, called a deposit. We keep the home ownership papers (known as the title or deed) until you finish repaying. And if you don’t repay, we could sell the property to recover our losses.
Most loans take can 15 to 30 years to repay, with regular repayments that include the borrowed amount (principal) and interest.
How much can I borrow for a home loan?
When we decide how much money you can borrow, we look at how much you earn, spend, save, and owe, plus what you already own. That’s because we want to make sure you can pay comfortably and not struggle.
How much money you can could borrow depends on things like your income, spending, and debts. Use our borrowing power calculator to check.
How much deposit do I need for a home loan?
The deposit you need depends on how much you want to borrow. Usually, you need 20% of the property’s value for your deposit, also known as an 80% loan-to-value ratio (LVR+). For example, if the home’s worth $600k you'd need $120k.
What if you don’t quite have 20%?
If you have between 5% and 20% of the property value you may have a few options.
- Check if you qualify for any government grants and schemes.
- Pay Lenders Mortgage Insurance (LMI). You can pay it upfront or add it to your loan, but adding it means it will attract interest charges. Estimate your LMI upfront costs.
- Consider our Family Security Guarantee^, allowing a family member to save you from paying LMI.
Defending you against scams and fraud
We take your security seriously, really seriously. That's why we protect you and your money with our layers and layers of scam and fraud defence.
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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.
+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.
#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)
1Westpac received the highest score in Digital experience review among Multi-Channel banks in Forrester’s proprietary 2024 Forrester Digital Experience Review of Australian Mobile Banking Apps conducted between June and July 2024. Forrester reviewed 4 banks’ mobile apps across 18 customer scenarios and combined this with a mobile banking app performance score from Forrester’s proprietary Customer Index Survey in Australia. These findings were then combined with findings from unmoderated usability testing with 40 customers of the included brands. Forrester Research does not endorse any company included in any Digital Experience Review and does not advise any person to select the products or services of any particular company based on the ratings included in such reports.
*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.
^ Family Security Guarantee: The guarantor should consider the risks associated with the Family Security Guarantee, primarily that if the borrower defaults on their loan, the guarantor is liable to pay up to the maximum of the portion of security they have put forward as a guarantee. You will be required to seek independent legal advice before offering to guarantee a loan. Credit criteria apply to the assessment of the adequacy of any proposed guarantee limit.
Offer available on all loans eligible under the Family Security Guarantee, for purchase or refinance of owner occupier or investment property. Note that for investment properties, the borrower must not have ownership of any other properties at the time of application, and for owner occupied properties a maximum of one other property may be owned which does not have sufficient equity to provide a security. For new Family Security Guarantee Home Loan applications received from 23 October 2020. Family Security Guarantee can be provided by parents or legal guardians, siblings, and children. Equity access, owner builder applications, Line of Credit and Bridging Loan products are not eligible under the Family Security Guarantee. Other Exclusions may apply. Not available for the purposes of debt consolidation, owner builder construction, cash out, or addition of a security guarantee to an existing loan. $150k minimum loan size applies. Credit criteria, fees and charges apply. Offer may be varied or withdrawn at any time. Full eligibility criteria on the Family Security Guarantee is available on request.