Westpac Fixed Loan


The Westpac Fixed Rate Loan offers owner occupiers fixed rates for up to five years, and up to 12 years for investors. The fixed interest rates offered range significantly depending on the length of the fixed term and whether you are an owner-occupier or an investor, with the lowest rates going to people who intend to live in their home. You can lock in your fixed rate from your application date which saves you from paying a higher interest rate if it rises before your settlement process is completed, but you will be charged a fee for this rate lock feature.

One feature of the Fixed Rate Loan that will particularly appeal to investors is the option to make interest-only repayments for up to five years, which means you only have to pay the interest due on your loan during this time frame, subject to approval from the bank.

The Westpac Fixed Rate Loan lets you make limited additional repayments during the fixed period however if you go over the maximum amount allowed during the fixed term, you will be charged a break cost fee.

Once you are on the variable rate, you can make unlimited repayments without being charged any penalty fees. There is a fee-free redraw facility offered with the Fixed Rate Loan and if you’ve made early repayments you are allowed to take a full or partial repayment holiday.

If you move homes within your loan term or want to switch securities, the Fixed Rate Loan offers a loan portability option, but you will pay a fee for taking this loan with you. Or, if you want to build a new home, the Fixed Rate Loan has a progressive drawdown feature that allows you to access funds through your loan only when you need them, reducing your interest costs.

At the end of your fixed term you can choose another fixed period, otherwise your rate will revert to Westpac’s variable home loan rate, which is high.

Who is the Westpac Fixed Loan good for?

The Westpac Fixed Rate Loan is suitable for a range of owner-occupiers and investors, however it might best suit an investor since it offers benefits such as long fixed terms and an interest-only repayment period.

On the other hand, owner-occupiers might equally enjoy these benefits since you can reduce the cost of your loan within the first few years or decide to build your dream home using the construction facility.

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If you like the peace of mind that borrowing from one of Australia’s biggest lender’s at a fixed rate provides, then the Westpac Fixed Rate Loan could be an option for you should the features suit your needs.

However, as with many fixed loans, there are some restrictions on paying it off early which can be a drawback if this is a priority for you.

In order to determine if this is the most suitable fixed rate loan option for you, it’s best to prioritise your needs and stack them up against the pros and cons of the Fixed Rate Loan, as well as against the total cost throughout the life of your loan.

Westpac Fixed Loan Options

Westpac’s Fixed Loan has different options for owner-occupiers and investors. Find out more about each of these options at the links below.

Fixed Rates from


Advertised rate


Comparison rate
  • Long fixed terms available.
  • Progressive drawdown for construction.
  • Loan portability.
  • Moderate upfront cost.
  • Ongoing and discharge fees.
  • No 100 per cent offset account.

Must be able to provide proof of income.

Must be 18 years or older.

Must meet serviceability criteria.

Suitable For
  • Owner-Occupiers
  • First Home Buyers
  • Refinancers
  • Investors
  • Estimated upfront fees: $0 - $600.00
  • Discharge fees: $350
  • Ongoing fees: $0 - $8 monthly

Westpac’s Fixed Rate Loan has moderate upfront fees and a moderate discharge fee. There is also a low monthly ongoing fee, and while this fee is low, it will accumulate throughout the life of your loan so make sure you factor in this cost in.

If you take advantage of the loan portability option, progressive drawdown or rate lock, you will have to pay fees for each.

  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Westpac

Westpac is one of Australia’s largest banks, with branches Australia-wide, a call centre that is open seven days a week, an online chat portal and separate phone numbers to call for personalised service depending on your banking needs.

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