Westpac home loan repayment calculator

Thinking about taking out a home loan with Westpac? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Westpac home loans compare with other options.

I'd like to borrow

$

I am an

Loan term

With a repayment type

Your estimated repayments

at interest rate 2.19 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

Pros
  • Variety of home loan products to choose from
  • Loans can be packaged with other financial products
  • Extensive branch and customer service offering
Cons
  • Some loans have annual packaging fees
  • Higher rates for some types of customers

Westpac home loans rates

Product
Advertised Rate
Total estimated upfront fees
Company
Comparison Rate*
Ongoing fee
Go to site

2.19%

Intro 24 months

$0
Westpac

2.62%

$0
More details

2.29%

Intro 24 months

$0
Westpac

2.72%

$0
More details

2.49%

Intro 12 months

$0
Westpac

3.00%

$0
More details

2.59%

Intro 12 months

$0
Westpac

3.10%

$0
More details

3.29%

Variable

$0
Westpac

3.30%

$0
More details

2.19%

Fixed - 3 years

$0
Westpac

3.36%

$395 annually
More details

3.39%

Variable

$0
Westpac

3.40%

$0
More details

2.69%

Fixed - 5 years

$0
Westpac

3.41%

$395 annually
More details

2.19%

Fixed - 2 years

$0
Westpac

3.43%

$395 annually
More details

2.69%

Fixed - 4 years

$0
Westpac

3.44%

$395 annually
More details

2.29%

Fixed - 3 years

$0
Westpac

3.45%

$395 annually
More details

2.79%

Fixed - 5 years

$0
Westpac

3.51%

$395 annually
More details

2.19%

Fixed - 1 year

$0
Westpac

3.52%

$395 annually
More details

2.29%

Fixed - 2 years

$0
Westpac

3.53%

$395 annually
More details

2.79%

Fixed - 4 years

$0
Westpac

3.54%

$395 annually
More details

3.19%

Variable

$0
Westpac

3.60%

$395 annually
More details

2.29%

Fixed - 1 year

$0
Westpac

3.61%

$395 annually
More details

3.29%

Variable

$0
Westpac

3.70%

$395 annually
More details

2.49%

Fixed - 3 years

$0
Westpac

3.82%

$395 annually
More details

2.99%

Fixed - 5 years

$0
Westpac

3.84%

$395 annually
More details

3.83%

Variable

$600
Westpac

3.88%

$0
More details

2.99%

Fixed - 4 years

$0
Westpac

3.89%

$395 annually
More details

3.89%

Variable

$0
Westpac

3.90%

$0
More details

2.49%

Fixed - 2 years

$0
Westpac

3.92%

$395 annually
More details

2.59%

Fixed - 3 years

$0
Westpac

3.92%

$395 annually
More details

3.09%

Fixed - 5 years

$0
Westpac

3.94%

$395 annually
More details

2.89%

Fixed - 5 years

$600
Westpac

3.98%

$8 monthly
More details

3.93%

Variable

$600
Westpac

3.98%

$0
More details

3.09%

Fixed - 4 years

$0
Westpac

3.99%

$395 annually
More details

3.99%

Variable

$0
Westpac

4.00%

$0
More details

2.59%

Fixed - 2 years

$0
Westpac

4.02%

$395 annually
More details

2.69%

Fixed - 1 year

$0
Westpac

4.04%

$395 annually
More details

2.69%

Fixed - 3 years

$0
Westpac

4.06%

$395 annually
More details

3.19%

Fixed - 5 years

$0
Westpac

4.07%

$395 annually
More details

2.39%

Fixed - 3 years

$600
Westpac

4.08%

$8 monthly
More details

2.99%

Fixed - 5 years

$600
Westpac

4.08%

$8 monthly
More details

2.89%

Fixed - 4 years

$600
Westpac

4.09%

$8 monthly
More details

3.19%

Fixed - 4 years

$0
Westpac

4.12%

$395 annually
More details

3.59%

Fixed - 3 years

$0
Westpac

4.13%

$395 annually
More details

2.79%

Fixed - 1 year

$0
Westpac

4.14%

$395 annually
More details

3.59%

Fixed - 2 years

$0
Westpac

4.14%

$395 annually
More details

3.74%

Variable

$0
Westpac

4.14%

$395 annually
More details

2.79%

Fixed - 3 years

$0
Westpac

4.15%

$395 annually
More details

2.69%

Fixed - 2 years

$0
Westpac

4.16%

$395 annually
More details

3.59%

Fixed - 1 year

$0
Westpac

4.16%

$395 annually
More details

3.29%

Fixed - 5 years

$0
Westpac

4.17%

$395 annually
More details

2.49%

Fixed - 3 years

$600
Westpac

4.18%

$8 monthly
More details

2.99%

Fixed - 4 years

$600
Westpac

4.19%

$8 monthly
More details

3.89%

Fixed - 4 years

$0
Westpac

4.21%

$395 annually
More details

3.29%

Fixed - 4 years

$0
Westpac

4.22%

$395 annually
More details

3.89%

Fixed - 5 years

$0
Westpac

4.22%

$395 annually
More details

3.69%

Fixed - 3 years

$0
Westpac

4.23%

$395 annually
More details

2.39%

Fixed - 2 years

$600
Westpac

4.24%

$8 monthly
More details

3.69%

Fixed - 2 years

$0
Westpac

4.24%

$395 annually
More details

3.84%

Variable

$0
Westpac

4.24%

$395 annually
More details

2.79%

Fixed - 2 years

$0
Westpac

4.26%

$395 annually
More details

3.69%

Fixed - 1 year

$0
Westpac

4.26%

$395 annually
More details

2.89%

Fixed - 1 year

$0
Westpac

4.29%

$395 annually
More details

3.99%

Fixed - 4 years

$0
Westpac

4.31%

$395 annually
More details

3.99%

Fixed - 5 years

$0
Westpac

4.32%

$395 annually
More details

2.49%

Fixed - 2 years

$600
Westpac

4.34%

$8 monthly
More details

2.99%

Fixed - 1 year

$0
Westpac

4.39%

$395 annually
More details

4.00%

Variable

$0
Westpac

4.39%

$395 annually
More details

3.19%

Fixed - 5 years

$600
Westpac

4.41%

$8 monthly
More details

2.39%

Fixed - 1 year

$600
Westpac

4.42%

$8 monthly
More details

4.38%

Variable

$600
Westpac

4.43%

$0
More details

4.42%

Variable

$600
Westpac

4.47%

$0
More details

4.10%

Variable

$0
Westpac

4.49%

$395 annually
More details

3.29%

Fixed - 5 years

$600
Westpac

4.51%

$8 monthly
More details

2.49%

Fixed - 1 year

$600
Westpac

4.52%

$8 monthly
More details

4.48%

Variable

$600
Westpac

4.53%

$0
More details

3.19%

Fixed - 4 years

$600
Westpac

4.54%

$8 monthly
More details

2.69%

Fixed - 3 years

$600
Westpac

4.55%

$8 monthly
More details

4.52%

Variable

$600
Westpac

4.57%

$0
More details

4.48%

Variable

$600
Westpac

4.62%

$8 monthly
More details

3.29%

Fixed - 4 years

$600
Westpac

4.64%

$8 monthly
More details

3.39%

Fixed - 5 years

$600
Westpac

4.64%

$8 monthly
More details

2.79%

Fixed - 3 years

$600
Westpac

4.65%

$8 monthly
More details

4.64%

Variable

$600
Westpac

4.69%

$0
More details

4.58%

Variable

$600
Westpac

4.72%

$8 monthly
More details

2.69%

Fixed - 2 years

$600
Westpac

4.74%

$8 monthly
More details

3.49%

Fixed - 5 years

$600
Westpac

4.74%

$8 monthly
More details

3.39%

Fixed - 4 years

$600
Westpac

4.77%

$8 monthly
More details

2.89%

Fixed - 3 years

$600
Westpac

4.79%

$8 monthly
More details

4.74%

Variable

$600
Westpac

4.79%

$0
More details

4.09%

Fixed - 5 years

$600
Westpac

4.80%

$8 monthly
More details

2.79%

Fixed - 2 years

$600
Westpac

4.84%

$8 monthly
More details

3.79%

Fixed - 3 years

$600
Westpac

4.86%

$8 monthly
More details

3.49%

Fixed - 4 years

$600
Westpac

4.87%

$8 monthly
More details

4.09%

Fixed - 4 years

$600
Westpac

4.87%

$8 monthly
More details

2.99%

Fixed - 3 years

$600
Westpac

4.88%

$8 monthly
More details

4.19%

Fixed - 5 years

$600
Westpac

4.90%

$8 monthly
More details

2.89%

Fixed - 1 year

$600
Westpac

4.96%

$8 monthly
More details

3.89%

Fixed - 3 years

$600
Westpac

4.96%

$8 monthly
More details

3.79%

Fixed - 2 years

$600
Westpac

4.97%

$8 monthly
More details

4.19%

Fixed - 4 years

$600
Westpac

4.97%

$8 monthly
More details

2.89%

Fixed - 2 years

$600
Westpac

4.98%

$8 monthly
More details

2.99%

Fixed - 1 year

$600
Westpac

5.06%

$8 monthly
More details

3.89%

Fixed - 2 years

$600
Westpac

5.07%

$8 monthly
More details

4.67%

Variable

$0
Westpac

5.07%

$395 annually
More details

Westpac customer service

Home loan customers at Westpac can contact the bank by calling the customer service centre 7 days a week. In addition, home loan customers can pop into a local branch or arrange a call back through the online enquiry form.

  • Customer service centre (phone, email, branch)
  • Mobile app
  • Online banking
  • Mobile banking staff

How to apply for a Westpac home loan

Customers wanting to apply for a Westpac Home Loan can start their application by giving the bank a call or requesting a call back. 

Before applying for a home loan it’s important to consider how much money you can afford to borrow and comfortably repay in your current financial situation. 

You will also need to provide documentation when applying for a home loan, including:

  • Proof of identity
  • Proof of income and employment details e.g. payslips
  • Details of household expenses and other debts, including credit cards, personal loans and car loans.
  • Self-employed borrowers will need the last two years of company and personal tax returns.

About Westpac home loans

Westpac offers a vast range of home loans, with options suited to almost every type of mortgage borrower in Australia, including:

  • First-time home buyers
  • Upgraders
  • Investors
  • Renovators
  • Refinancers
  • Self-employed (low-doc loans)

Borrowers who take out Westpac home loans can choose to make principal and interest or interest-only repayments. Westpac home loans can have variable or fixed interest rates, or customers can choose to split their loan between fixed and variable rates.

Westpac offers special benefits to customers when they package their home loan and bank account. Borrowers can enjoy interest rate discounts and savings on other Westpac products.

Westpac does not always offer the lowest mortgage interest rates on the market, but it can be an attractive option for many Australians because of its extensive branch network and respected reputation.

Westpac home loan rates

Westpac home loan rates tend to be on the higher end of the spectrum, though they’re not generally the highest on the market. Westpac home loan interest rates vary from mortgage to mortgage, and borrowers can choose between fixed, variable, and split rate home loans.

Owner-occupiers are generally offered lower rates than investors, and borrowers who make principal and interest repayments more often get lower rates than those who make interest-only repayments.

Interest rates can also vary between variable rate and fixed rate mortgages, and also with the length of a fixed rate term. Westpac home loans can be fixed from one to five years. As a general rule, the interest rate goes up the longer you want to fix, meaning a five-year fixed term has a higher interest rate than a one-year fixed term.

Westpac home loans review

Westpac has a strong reputation for home loans within Australia, which can make it a popular choice with many borrowers. Because it is an established brand with millions of customers, a Westpac mortgage can feel like a straightforward choice in a confusing mortgage market. Plus, Westpac can offer access and convenience to Australian borrowers, as unlike online-only lenders, Westpac has an extensive branch network that operates beyond the capital cities.

Westpac’s home loans may be suited to almost any type of borrower. Westpac offers standard loans for first home buyers, renovators, owner-occupiers, and investors, but it also has products for more specialist clients, such as those who are self-employed.

Although Westpac can be a more convenient option when it comes to home loans, it’s not always the most affordable option. Westpac home loan rates tend to be moderate or moderately high.

Learn more about Westpac

What is the difference between fixed, variable and split rates?

Fixed rate

A fixed rate home loan is a loan where the interest rate is set for a certain amount of time, usually between one and 15 years. The advantage of a fixed rate is that you know exactly how much your repayments will be for the duration of the fixed term. There are some disadvantages to fixing that you need to be aware of. Some products won’t let you make extra repayments, or offer tools such as an offset account to help you reduce your interest, while others will charge a significant break fee if you decide to terminate the loan before the fixed period finishes.

Variable rate

A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.

Split rates home loans

A split loan lets you fix a portion of your loan, and leave the remainder on a variable rate so you get a bet each way on fixed and variable rates. A split loan is a good option for someone who wants the peace of mind that regular repayments can provide but still wants to retain some of the additional features variable loans typically provide such as an offset account. Of course, with most things in life, split loans are still a trade-off. If the variable rate goes down, for example, the lower interest rates will only apply to the section that you didn’t fix.

What happens to my home loan when interest rates rise?

If you are on a variable rate home loan, every so often your rate will be subject to increases and decreases. Rate changes are determined by your lender, not the Reserve Bank of Australia, however often when the RBA changes the cash rate, a number of banks will follow suit, at least to some extent. You can use RateCity cash rate to check how the latest interest rate change affected your mortgage interest rate.

When your rate rises, you will be required to pay your bank more each month in mortgage repayments. Similarly, if your interest rate is cut, then your monthly repayments will decrease. Your lender will notify you of what your new repayments will be, although you can do the calculations yourself, and compare other home loan rates using our mortgage calculator.

There is no way of conclusively predicting when interest rates will go up or down on home loans so if you prefer a more stable approach consider opting for a fixed rate loan.

Do the big four banks have guarantor home loans?

Yes, ANZ, Commonwealth Bank, NAB and Westpac all offer guarantor home loans. These mortgages are also offered by many other banks, credit unions and building societies.

What is a fixed home loan?

A fixed rate home loan is a loan where the interest rate is set for a certain amount of time, usually between one and 15 years. The advantage of a fixed rate is that you know exactly how much your repayments will be for the duration of the fixed term. There are some disadvantages to fixing that you need to be aware of. Some products won’t let you make extra repayments, or offer tools such as an offset account to help you reduce your interest, while others will charge a significant break fee if you decide to terminate the loan before the fixed period finishes.

Are bad credit home loans dangerous?

Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.

Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).

That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.

What is 'principal and interest'?

‘Principal and interest’ loans are the most common type of home loans on the market. The principal part of the loan is the initial sum lent to the customer and the interest is the money paid on top of this, at the agreed interest rate, until the end of the loan.

By reducing the principal amount, the total of interest charged will also become smaller until eventually the debt is paid off in full.

Who offers 40 year mortgages?

Home loans spanning 40 years are offered by select lenders, though the loan period is much longer than a standard 30-year home loan. You're more likely to find a maximum of 35 years, such as is the case with Teacher’s Mutual Bank

Currently, 40 year home loan lenders in Australia include AlphaBeta Money, BCU, G&C Mutual Bank, Pepper, and Sydney Mutual Bank.

Even though these lengthier loans 35 to 40 year loans do exist on the market, they are not overwhelmingly popular, as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.

What is a variable home loan?

A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.

How can I get a home loan with bad credit?

If you want to get a home loan with bad credit, you need to convince a lender that your problems are behind you and that you will, indeed, be able to repay a mortgage.

One step you might want to take is to visit a mortgage broker who specialises in bad credit home loans (also known as ‘non-conforming home loans’ or ‘sub-prime home loans’). An experienced broker will know which lenders to approach, and how to plead your case with each of them.

Two points to bear in mind are:

  • Many home loan lenders don’t provide bad credit mortgages
  • Each lender has its own policies, and therefore favours different things

If you’d prefer to directly approach the lender yourself, you’re more likely to find success with smaller non-bank lenders that specialise in bad credit home loans (as opposed to bigger banks that prefer ‘vanilla’ mortgages). That’s because these smaller lenders are more likely to treat you as a unique individual rather than judge you according to a one-size-fits-all policy.

Lenders try to minimise their risk, so if you want to get a home loan with bad credit, you need to do everything you can to convince lenders that you’re safer than your credit history might suggest. If possible, provide paperwork that shows:

  • You have a secure job
  • You have a steady income
  • You’ve been reducing your debts
  • You’ve been increasing your savings

What is a comparison rate?

The comparison rate is a more inclusive way of comparing home loans that factors in not only on the interest rate but also the majority of upfront and ongoing charges that add to the total cost of a home loan.

The rate is calculated using an industry-wide formula based on a $150,000 loan over a 25-year period and includes things like revert rates after an introductory or fixed rate period, application fees and monthly account keeping fees.

In Australia, all lenders are required by law to publish the comparison rate alongside their advertised rate so people can compare products easily.

What is a bad credit home loan?

A bad credit home loan is a mortgage for people with a low credit score. Lenders regard bad credit borrowers as riskier than ‘vanilla’ borrowers, so they tend to charge higher interest rates for bad credit home loans.

If you want a bad credit home loan, you’re more likely to get approved by a small non-bank lender than by a big four bank or another mainstream lender.

How do I know if I have to pay LMI?

Each lender has its own policies, but as a general rule you will have to pay lender’s mortgage insurance (LMI) if your loan-to-value ratio (LVR) exceeds 80 per cent. This applies whether you’re taking out a new home loan or you’re refinancing.

If you’re looking to buy a property, you can use this LMI calculator to work out how much you’re likely to be charged in LMI.

What happens when you default on your mortgage?

A mortgage default occurs when you are 90 days or more behind on your mortgage repayments. Late repayments will often incur a late fee on top of the amount owed which will continue to gather interest along with the remaining principal amount.

If you do default on a mortgage repayment you should try and catch up in next month’s payment. If this isn’t possible, and missing payments is going to become a regular issue, you need to contact your lender as soon as possible to organise an alternative payment schedule and discuss further options.

You may also want to talk to a financial counsellor. 

How personalised is my rating?

Real Time Ratings produces instant scores for loan products and updates them based what you tell us about what you’re looking for in a loan. In that sense, we believe the ratings are as close as you get to personalised; the more you tell us, the more we customise to ratings to your needs. Some borrowers value flexibility, while others want the lowest cost loan. Your preferences will be reflected in the rating. 

We also take a shorter term, more realistic view of how long borrowers hold onto their loan, which gives you a better idea about the true borrowing costs. We take your loan details and calculate how much each of the relevent loans would cost you on average each month over the next five years. We assess the overall flexibility of each loan and give you an easy indication of which ones are likely to adjust to your needs over time. 

How often is your data updated?

We work closely with lenders to get updates as quick as possible, with updates made the same day wherever possible.