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 am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 1.89%

Total interest payable

$0

Total loan repayments

$0

Pros and cons

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

Westpac home loans rates

Advertised Rate

2.19

% p.a

Intro 24 months

Total estimated upfront fees
$0
Comparison Rate*

2.62

% p.a

comparison rate

Ongoing fee
$0 monthly
Go to site
More details
Advertised Rate

2.29

% p.a

Intro 24 months

Total estimated upfront fees
$0
Comparison Rate*

2.72

% p.a

comparison rate

Ongoing fee
$0 monthly
Go to site
More details
Advertised Rate

2.49

% p.a

Intro 24 months

Total estimated upfront fees
$0
Comparison Rate*

3.00

% p.a

comparison rate

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.59

% p.a

Intro 12 months

Total estimated upfront fees
$0
Comparison Rate*

3.10

% p.a

comparison rate

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.19

% p.a

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

3.28

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

1.98

% p.a

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

3.30

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.29

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.30

% p.a

comparison rate

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.49

% p.a

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

3.33

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

1.89

% p.a

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

3.38

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.29

% p.a

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

3.38

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.08

% p.a

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

3.40

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.39

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.40

% p.a

comparison rate

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.59

% p.a

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

3.43

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

1.99

% p.a

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

3.48

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

1.99

% p.a

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

3.50

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.09

% p.a

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

3.59

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.19

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.60

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.29

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.70

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.69

% p.a

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

3.73

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.39

% p.a

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

3.80

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.69

% p.a

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

3.80

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.79

% p.a

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

3.82

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.19

% p.a

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

3.87

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.83

% p.a

Variable

Total estimated upfront fees
$600
Comparison Rate*

3.88

% p.a

comparison rate

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.49

% p.a

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

3.89

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.79

% p.a

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

3.89

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.69

% p.a

Fixed - 5 years

Total estimated upfront fees
$600
Comparison Rate*

3.90

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

3.89

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.90

% p.a

comparison rate

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.79

% p.a

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

3.91

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.39

% p.a

Fixed - 4 years

Total estimated upfront fees
$600
Comparison Rate*

3.92

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.29

% p.a

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

3.97

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.93

% p.a

Variable

Total estimated upfront fees
$600
Comparison Rate*

3.98

% p.a

comparison rate

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.79

% p.a

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

3.99

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.79

% p.a

Fixed - 5 years

Total estimated upfront fees
$600
Comparison Rate*

4.00

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

3.99

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.00

% p.a

comparison rate

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.49

% p.a

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

4.01

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.89

% p.a

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

4.01

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.18

% p.a

Fixed - 3 years

Total estimated upfront fees
$600
Comparison Rate*

4.02

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.49

% p.a

Fixed - 4 years

Total estimated upfront fees
$600
Comparison Rate*

4.02

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.49

% p.a

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

4.03

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.89

% p.a

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

4.09

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.59

% p.a

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

4.10

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.39

% p.a

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

4.11

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.28

% p.a

Fixed - 3 years

Total estimated upfront fees
$600
Comparison Rate*

4.12

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.59

% p.a

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

4.12

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.59

% p.a

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

4.13

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.59

% p.a

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

4.14

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.74

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.14

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.59

% p.a

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

4.16

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.09

% p.a

Fixed - 2 years

Total estimated upfront fees
$600
Comparison Rate*

4.19

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.49

% p.a

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

4.21

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.89

% p.a

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

4.21

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.89

% p.a

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

4.22

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.69

% p.a

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

4.23

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.69

% p.a

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

4.24

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.84

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.24

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.59

% p.a

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

4.26

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.69

% p.a

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

4.26

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.88

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.28

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.19

% p.a

Fixed - 2 years

Total estimated upfront fees
$600
Comparison Rate*

4.29

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.89

% p.a

Fixed - 5 years

Total estimated upfront fees
$600
Comparison Rate*

4.30

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

3.99

% p.a

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

4.31

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.99

% p.a

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

4.32

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.69

% p.a

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

4.36

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.99

% p.a

Fixed - 5 years

Total estimated upfront fees
$600
Comparison Rate*

4.39

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

4.00

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.39

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.19

% p.a

Fixed - 1 year

Total estimated upfront fees
$600
Comparison Rate*

4.41

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

4.38

% p.a

Variable

Total estimated upfront fees
$600
Comparison Rate*

4.43

% p.a

comparison rate

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.89

% p.a

Fixed - 4 years

Total estimated upfront fees
$600
Comparison Rate*

4.44

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

4.42

% p.a

Variable

Total estimated upfront fees
$600
Comparison Rate*

4.47

% p.a

comparison rate

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.99

% p.a

Fixed - 5 years

Total estimated upfront fees
$600
Comparison Rate*

4.48

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

4.10

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.49

% p.a

comparison rate

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.29

% p.a

Fixed - 1 year

Total estimated upfront fees
$600
Comparison Rate*

4.50

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.59

% p.a

Fixed - 3 years

Total estimated upfront fees
$600
Comparison Rate*

4.52

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

4.48

% p.a

Variable

Total estimated upfront fees
$600
Comparison Rate*

4.53

% p.a

comparison rate

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.99

% p.a

Fixed - 4 years

Total estimated upfront fees
$600
Comparison Rate*

4.54

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

4.52

% p.a

Variable

Total estimated upfront fees
$600
Comparison Rate*

4.57

% p.a

comparison rate

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.09

% p.a

Fixed - 5 years

Total estimated upfront fees
$600
Comparison Rate*

4.58

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.69

% p.a

Fixed - 3 years

Total estimated upfront fees
$600
Comparison Rate*

4.62

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

4.48

% p.a

Variable

Total estimated upfront fees
$600
Comparison Rate*

4.62

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.99

% p.a

Fixed - 4 years

Total estimated upfront fees
$600
Comparison Rate*

4.64

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.39

% p.a

Fixed - 2 years

Total estimated upfront fees
$600
Comparison Rate*

4.68

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

4.64

% p.a

Variable

Total estimated upfront fees
$600
Comparison Rate*

4.69

% p.a

comparison rate

Ongoing fee
$0
Go to site
More details
Advertised Rate

4.58

% p.a

Variable

Total estimated upfront fees
$600
Comparison Rate*

4.72

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.69

% p.a

Fixed - 3 years

Total estimated upfront fees
$600
Comparison Rate*

4.74

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

3.09

% p.a

Fixed - 4 years

Total estimated upfront fees
$600
Comparison Rate*

4.74

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.49

% p.a

Fixed - 2 years

Total estimated upfront fees
$600
Comparison Rate*

4.78

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

4.74

% p.a

Variable

Total estimated upfront fees
$600
Comparison Rate*

4.79

% p.a

comparison rate

Ongoing fee
$0
Go to site
More details
Advertised Rate

4.09

% p.a

Fixed - 5 years

Total estimated upfront fees
$600
Comparison Rate*

4.80

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.79

% p.a

Fixed - 3 years

Total estimated upfront fees
$600
Comparison Rate*

4.83

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

3.79

% p.a

Fixed - 3 years

Total estimated upfront fees
$600
Comparison Rate*

4.86

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

4.09

% p.a

Fixed - 4 years

Total estimated upfront fees
$600
Comparison Rate*

4.87

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

4.19

% p.a

Fixed - 5 years

Total estimated upfront fees
$600
Comparison Rate*

4.90

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.59

% p.a

Fixed - 2 years

Total estimated upfront fees
$600
Comparison Rate*

4.93

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.69

% p.a

Fixed - 1 year

Total estimated upfront fees
$600
Comparison Rate*

4.94

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

3.89

% p.a

Fixed - 3 years

Total estimated upfront fees
$600
Comparison Rate*

4.96

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

3.79

% p.a

Fixed - 2 years

Total estimated upfront fees
$600
Comparison Rate*

4.97

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

4.19

% p.a

Fixed - 4 years

Total estimated upfront fees
$600
Comparison Rate*

4.97

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.69

% p.a

Fixed - 2 years

Total estimated upfront fees
$600
Comparison Rate*

5.02

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.79

% p.a

Fixed - 1 year

Total estimated upfront fees
$600
Comparison Rate*

5.04

% p.a

comparison rate

Ongoing fee
$8 monthly
Go to site
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.

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Why does Westpac charge an early termination fee for home loans?

The Westpac home loan early termination fee or break cost is applicable if you have a fixed rate home loan and repay part of or the whole outstanding amount before the fixed period ends. If you’re switching between products before the fixed period ends, you’ll pay a switching break cost and an administrative fee. 

The Westpac home loan early termination fee may not apply if you repay an amount below the prepayment threshold. The prepayment threshold is the amount Westpac allows you to repay during the fixed period outside your regular repayments.

Westpac charges this fee because when you take out a home loan, the bank borrows the funds with wholesale rates available to banks and lenders. Westpac will then work out your interest rate based on you making regular repayments for a fixed period. If you repay before this period ends, the lender may incur a loss if there is any change in the wholesale rate of interest.

How do I apply for Westpac’s first home buyer loan?

If you’re a first home buyer looking to apply for a home loan with Westpac, they offer an online home loan application. They suggest the application can be completed in about 20 minutes. Based on the information you provide, Westpac will advise you the amount you can borrow and the costs associated with any possible home loan. 

You can use Westpac’s online mortgage calculators to estimate your borrowing power. You can also work out the time it might take to save up for the deposit, and the size of your home loan repayments

When applying for a home loan with Westpac, you’re assigned a home finance manager who can address your concerns and provide information. The manager will also offer guidance on any government grants you may be eligible for. 

What are the features of home loans for expats from Westpac?

If you’re an Australian citizen living and working abroad, you can borrow to buy a property in Australia. With a Westpac non-resident home loan, you can borrow up to 80 per cent of the property value to purchase a property whilst living overseas. The minimum loan amount for these loans is $25,000, with a maximum loan term of 30 years.

The interest rates and other fees for Westpac non-resident home loans are the same as regular home loans offered to borrowers living in Australia. You’ll have to submit proof of income, six-month bank statements, an employment letter, and your last two payslips. You may also be required to submit a copy of your passport and visa that shows you’re allowed to live and work abroad.

What are the different types of home loan interest rates?

A home loan interest rate is used to calculate how much you’ll pay the lender, usually annually, above the amount you borrow. It’s what the lenders charge you for them lending you money and will impact the total amount you’ll pay over the life of your home loan. 

Having understood what are home loan rates in general, here are the two types you usually have with a home loan:

Fixed rates

These interest rates remain constant for a specific period and are a good option if you’re a first-time buyer or if you’re looking for a fixed monthly repayment. One possible downside of a fixed rate is that it may be higher than a variable rate. Also, you don’t benefit from any lowering of interest rates in the market. On the flip side, if rates go up, your rate won’t change, possibly saving you money.

Variable rates

With variable interest rates, the lender can change them at any time. This change can be based on economic conditions or other reasons. Changes in interest rates could be beneficial if your monthly repayment decreases but can be a problem if it increases. Variable interest rates offer several other benefits often not available with fixed rate home loans like redraw and offset facilities and free extra repayments. 

Does the Home Loan Rate Promise apply to discounted interest rate offers, such as honeymoon rates?

No. Temporary discounts to home loan interest rates will expire after a limited time, so they aren’t valid for comparing home loans as part of the Home Loan Rate Promise.

However, if your home loan has been discounted from the lender’s standard rate on a permanent basis, you can check if we can find an even lower rate that could apply to you.

How long does Westpac take to approve a home loan?

Applying for a home loan at Westpac is fairly simple. The process from initial application to settlement varies in its time frame. Some customers receive in-principle approval within a couple of days. 

You can initiate the process by filling out the bank’s home loan form and requesting a callback. A Westpac representative will get in touch with you within 24 hours. You will need to provide the following information to the representative during the call: 

  • Total income
  • Total expenses
  • Details about all your liabilities and debts
  • Information and value of all your assets. 

The Westpac representative will then share with you information about the types of home loans you may qualify for, along with an estimate of interest rates and applicable fees. 

Once Westpac has received all your details, loan preferences, and documents, the representative will assess all the information. If everything is in order, you may receive an Approval in Principle (AIP) within 2 working days. This specifies the amount Westpac is willing to offer for your home loan. 

Your Approval in Principle will often remain valid for only 90 days and if you don’t find a suitable property within that time frame, you need to apply for a renewal on your Approval in Principle. In this circumstance, if the Westpac representative confirms that there are no changes in your financial circumstances, your Approval can be extended for another 90 days. 

After you have found a home that matches the Approval in Principle, you will need a confirmed contract of sale before Westpac initiates the loan settlement. This process takes about 4-12 weeks or 2-5 days if you’re refinancing. 

Cash or mortgage – which is more suitable to buy an investment property?

Deciding whether to buy an investment property with cash or a mortgage is a matter or personal choice and will often depend on your financial situation. Using cash may seem logical if you have the money in reserve and it can allow you to later use the equity in your home. However, there may be other factors to think about, such as whether there are other debts to pay down and whether it will tie up all of your spare cash. Again, it’s a personal choice and may be worth seeking personal advice.

A mortgage is a popular option for people who don’t have enough cash in the bank to pay for an investment property. Sometimes when you take out a mortgage you can offset your loan interest against the rental income you may earn. The rental income can also help to pay down the loan.

When do mortgage payments start after settlement?

Generally speaking, your first mortgage payment falls due one month after the settlement date. However, this may vary based on your mortgage terms. You can check the exact date by contacting your lender.

Usually your settlement agent will meet the seller’s representatives to exchange documents at an agreed place and time. The balance purchase price is paid to the seller. The lender will register a mortgage against your title and give you the funds to purchase the new home.

Once the settlement process is complete, the lender allows you to draw down the loan. The loan amount is debited from your loan account. As soon as the settlement paperwork is sorted, you can collect the keys to your new home and work your way through the moving-in checklist.

When does Commonwealth Bank charge an early exit fee?

When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.

The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:

  • If you switch your loan from fixed interest to variable rate
  • When you apply for a top-up home loan
  • If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
  • When you prepay the entire outstanding loan balance before the end of the fixed interest duration.

The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay. 

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.

How do I apply for a home improvement loan?

When you want to renovate your home, you may need to take out a loan to cover the costs. You could apply for a home improvement loan, which is a personal loan that you use to cover the costs of your home renovations. There is no difference between applying for this type of home improvement loan and applying for a standard personal loan. It would be best to check and compare the features, fees and details of the loan before applying. 

Besides taking out a home improvement loan, you could also:

  1. Use the equity in your house: Equity is the difference between your property’s value and the amount you still owe on your home loan. You may be able to access this equity by refinancing your home loan and then using it to finance your home improvement.  Speak with your lender or a mortgage broker about accessing your equity.
  2. Utilise the redraw facility of your home loan: Check whether the existing home loan has a redraw facility. A redraw facility allows you to access additional funds you’ve repaid into your home loan. Some lenders offer this on variable rate home loans but not on fixed. If this option is available to you, contact your lender to discuss how to access it.
  3. Apply for a construction loan: A construction loan is typically used when constructing a new property but can also be used as a home renovation loan. You may find that a construction loan is a suitable option as it enables you to draw funds as your renovation project progresses. You can compare construction home loans online or speak to a mortgage broker about taking out such a loan.
  4. Look into government grants: Check whether there are any government grants offered when you need the funds and whether you qualify. Initiatives like the HomeBuilder Grant were offered by the Federal Government for a limited period until April 2021. They could help fund your renovations either in full or just partially.  

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.

How do you determine which home loan rates/products I’m shown?

When you check your home loan rate, you’ll supply some basic information about your current loan, including the amount owing on your mortgage and your current interest rate.

We’ll compare this information to the home loan options in the RateCity database and show you which home loan products you may be eligible to apply for.

 

Can first home buyers apply for an ING home loan?

First home buyers can apply for an ING home loan, but first, they need to select the most suitable home loan product and calculate the initial deposit on their home loan. 

First-time buyers can also use ING’s online tool to estimate the amount they can borrow. ING offers home loan applicants a free property report to look up property value estimates. 

First home loan applicants struggling to understand the terms used may consider looking up ING’s first home buyer guide. Once the home buyer is ready to apply for the loan, they can complete an online application or call ING at 1800 100 258 during regular business hours.

Does Westpac offer loan maternity leave options?

Having a baby or planning for one can bring about a lot of changes in your life, including to the hip pocket. You may need to re-do the budget to make sure you can afford the upcoming expenses, especially if one partner is taking parental leave to look after the little one. 

Some families find it difficult to meet their home loan repayment obligations during this period. Flexible options, such as the Westpac home loan maternity leave offerings, have been put together to help reduce the pressure of repayments during parental leave.

Westpac offers a couple of choices, depending on your circumstances:

  • Parental Leave Mortgage Repayment Reduction: You could get your home loan repayments reduced for up to 12 months for home loans with a term longer than a year. 
  • Mortgage Repayment Pause: You can pause repayments while on maternity leave, provided you’ve made additional repayments earlier.

When applying for a home loan while pregnant, Westpac has said it will recognise paid maternity leave and back-to-work salaries. All you need is a letter from your employer verifying your return-to-work date and the nature of your employment. Your partner’s income, government entitlements, savings and investments will may help your application.