based on 22874 Westpac banking product reviews as rated by Mozo community

Westpac home loans

With a history spanning almost two hundred years, Westpac is Australia’s first and oldest bank. As one of Australia's big four banks, Westpac provides services to approximately 14 million customers across both consumer, commercial and business banking divisions. 

If you value a lender with heaps of experience and an extensive branch network, a home loan with Westpac could be one to consider – especially as the big bank has just taken out an award in the First Home Buyer category of the 2021 Mozo Experts Choice Home Loan Awards

On this page you’ll find tonnes of useful information on the home loans Westpac offers, including fixed, variable and package home loans.

What home loans do Westpac offer?

Rates and fees verified as correct at 20 September, 2021. Other information correct at the time of writing. Advertiser disclosure.

Fixed Rate Home Loans

Whether you’re an owner occupier or an investor, Westpac has a fixed home loan option that may suit your borrowing needs. The Fixed Options Home Loan is available to owner occupiers on loans starting from $15,000, with the option of borrowing up to 95% of the property’s value for those willing to make principal and interest repayments on 1-5 year fixed terms. Investors, on the other hand, can choose the dedicated Fixed Rate Investment Loan which comes with a minimum loan amount of $10,000 and allows borrowing up to 90% of the property's value. Both loans offer flexible features including an extra repayments facility (up to a maximum of $30,000 during the fixed rate period), free redraws, repayment holidays when you’re ahead of your payments and the option of making either principal and interest or interest-only repayments. There are some costs to consider though, including a monthly service fee. 

Home loan repayments calculator

years

Product Fixed 3 year rate Comparison Rate Service fee Upfront fee Monthly repayments

3.89% p.a.

4.96% p.a.

$8.00 monthly

$600

2.28% p.a.

4.12% p.a.

$8.00 monthly

$600

3.79% p.a.

4.86% p.a.

$8.00 monthly

$600

2.18% p.a.

4.02% p.a.

$8.00 monthly

$600

2.79% p.a.

4.83% p.a.

$8.00 monthly

$600

2.69% p.a.

4.62% p.a.

$8.00 monthly

$600

2.69% p.a.

4.74% p.a.

$8.00 monthly

$600

2.59% p.a.

4.52% p.a.

$8.00 monthly

$600

Variable Rate Home Loans

Westpac has an even greater selection of variable home loans tailored to various types of borrowers. Owner occupiers will be able to choose between the relatively low cost Flexi First Option Home Loan and the full-feature Rocket Repay Home Loan, both of which offer borrowers the opportunity to borrow up to 95% of the property’s value. Investors looking for a loan of $25,000 or more up to 90% of the property's value have two similar options available to them: the Flexi First Option Investment Loan or the Rocket Investment Loan. Depending on the variable rate loan you choose, there may be a number of useful features available to you, including extra repayments, redraws, repayment holidays and an offset account. There are also some fees to watch out for, but for more details on those check out the linked reviews in the table below.

Home loan repayments calculator

years

Product Rate Comparison Rate Service fee Upfront fee Monthly repayments

2.09% p.a.variable for 24 months and then 2.59% p.a.

2.52% p.a.

$0.00

$0

1.99% p.a.variable for 24 months and then 2.49% p.a.

2.42% p.a.

$0.00

$0

3.99% p.a.

4.00% p.a.

$0.00

$0

3.89% p.a.

3.90% p.a.

$0.00

$0

3.93% p.a.

3.94% p.a.

$0.00

$0

2.59% p.a.

2.60% p.a.

$0.00

$0

2.49% p.a.

2.50% p.a.

$0.00

$0

5.17% p.a.

5.31% p.a.

$8.00 monthly

$600

4.58% p.a.

4.72% p.a.

$8.00 monthly

$600

5.07% p.a.

5.21% p.a.

$8.00 monthly

$600

4.48% p.a.

4.62% p.a.

$8.00 monthly

$600

2.39% p.a.variable for 24 months and then 2.99% p.a.

2.90% p.a.

$0.00

$0

2.29% p.a.variable for 24 months and then 2.89% p.a.

2.80% p.a.

$0.00

$0

4.74% p.a.

4.75% p.a.

$0.00

$0

4.64% p.a.

4.65% p.a.

$0.00

$0

4.48% p.a.

4.49% p.a.

$0.00

$0

4.38% p.a.

4.39% p.a.

$0.00

$0

3.39% p.a.

3.40% p.a.

$0.00

$0

2.99% p.a.

3.00% p.a.

$0.00

$0

2.89% p.a.

2.90% p.a.

$0.00

$0

3.29% p.a.

3.30% p.a.

$0.00

$0

5.39% p.a.

5.53% p.a.

$8.00 monthly

$600

5.13% p.a.

5.23% p.a.

$8.00 monthly

$0

5.29% p.a.

5.43% p.a.

$8.00 monthly

$600

5.03% p.a.

5.13% p.a.

$8.00 monthly

$0

Fixed Package Home Loan

If you’re want to lock in a rate on a loan of $150,000 or more on a 1-5 year term and you're interested in some additional perks with your mortgage, one of Westpac's fixed package deals may be the option for you. The Fixed Options Home Loan (Premier Advantage Package) is available to owner occupiers while the Fixed Rate Investment Loan (Premier Advantage Package) is available to investors, but both offer features such as extra repayments (capped at $30,000), redraws and repayment holidays. You’ll be charged an annual fee for either package deal, but this cost could be offset by the package’s perks which include interest rate discounts and waived fees on your home loan, fee waivers on select bank accounts and credit cards, and even discounts on your insurance products.

Home loan repayments calculator

years

Product Fixed 3 year rate Comparison Rate Service fee Upfront fee Monthly repayments

3.69% p.a.

4.23% p.a.

$395.00 yearly

$0

3.59% p.a.

4.13% p.a.

$395.00 yearly

$0

2.08% p.a.

3.40% p.a.

$395.00 yearly

$0

1.98% p.a.

3.30% p.a.

$395.00 yearly

$0

2.59% p.a.

4.11% p.a.

$395.00 yearly

$0

2.49% p.a.

4.02% p.a.

$395.00 yearly

$0

2.49% p.a.

3.90% p.a.

$395.00 yearly

$0

2.39% p.a.

3.80% p.a.

$395.00 yearly

$0

Variable Package Home Loan

Like Westpac's fixed packages above, the bank also offers a number of variable package options: the Rocket Repay Home Loan (Premier Advantage Package) for owner occupiers and the Rocket Investment Loan (Premier Advantage Package) for investors. Both are available on home loans starting from $150,000 and you’ll get all the same features and perks as with the fixed rate alternative, but with some added flexibility in the form of unlimited free repayments. Borrowers also have a choice of repayment frequency - weekly, fortnightly or monthly - and the option to split the loan between a variable and fixed term. This is a package deal though, so you'll need to balance the loan features and additional perks against the $395 annual fee. 

Home loan repayments calculator

years

Product Rate Comparison Rate Service fee Upfront fee Monthly repayments

3.88% p.a.

4.28% p.a.

$395.00 yearly

$0

3.29% p.a.

3.70% p.a.

$395.00 yearly

$0

3.19% p.a.

3.61% p.a.

$395.00 yearly

$0

3.78% p.a.

4.19% p.a.

$395.00 yearly

$0

4.10% p.a.

4.50% p.a.

$395.00 yearly

$0

4.00% p.a.

4.40% p.a.

$395.00 yearly

$0

3.84% p.a.

4.24% p.a.

$395.00 yearly

$0

3.74% p.a.

4.15% p.a.

$395.00 yearly

$0

Line of Credit

Need an injection of funds to complete your home renovation, invest in a new property or buy some shares? Westpac’s Equity Access is a flexible line of credit which is secured against your property and available on loans starting from $25,000. You can borrow up to 80% of your property’s value and, like other line of credit loans, you’ll only pay interest on the amount of available credit you've actually drawn down on.

Product Rate Comparison Rate Service fee Upfront fee

5.96% p.a.

n/a

$10.00 monthly

$600

Westpac home loan features in a glance

Image of coins

Offset account

A number of Westpac’s variable and package home loans come with a 100% offset account which could be a useful feature to help you reduce your interest payments over the life of your loan.

Repayment Icon

Extra repayment facility

You can make additional repayments towards you loan balance whenever you like with most of Westpac's home loans, though these are capped at a maximum of $30,000 in when you choose a fixed home loan.

Image of coins

Package options

Westpac gives owner occupiers and investors the opportunity to sign up to a package home loan deal which includes additional perks such as insurance discounts, home loan rate and fees discounts and fee waivers on credit card and bank account products.    

How are Westpac home loans rated?

Mozo users have rated Westpac home loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of home-loans
Westpac home loans
Overall
Price
Features
Customer service
Convenience
Trust

3303 Reviews

Recent Westpac home loan reviews

Westpac Home Loan
Overall 7/10
Great for offset accounts

Always helpful.

Read full review

Always helpful.

Price
5/10
Features
10/10
Customer service
9/10
Convenience
10/10
Trust
10/10
Less
Scott, New South Wales, reviewed 21 days ago
Westpac Home Loan
Overall 1/10
Highly NOT Recommended

I have 4 investment accounts with Westpac and a Share broking account for few decades. I was also working for Westpac International and institutional Bank before. Westpac is now no longer a Bank for Australia sadly! Last few weeks and up to now I am trying to transfer my property ownership to my son, discharging the mortgage to ING. I was calling to Westpac Mortgage Centre in Adelaide several times, each time Westpac excused for the reason 10 days processing the paper works and keep delaying again and again. I am so tired and frustrated, there is only an option is to move all my mortgages and trading accounts to the other lender or bank. This lesson I have learned too deep with Westpac not with a particular staff but the Westpac system and its Mortgage Centre. Westpac provided a complaint reference CS13740177 and confirmed 100% the discharge will be on next Monday 23rd/August. I hope they may keep their promise not another excuse, too powerful this lender for the victims under their control, Westpac makes you cried out if you want to discharge or escape Monday 23/08/2021, Westpac Mortgage Centre misleading again to avoid today settlement and wanted to postpone until Wednesday 25/08/2021 due to the payout figure not ready yet There is no other option, I will lodge a complaint to AFCA.

Read full review

I have 4 investment accounts with Westpac and a Share broking account for few decades. I was also working for Westpac International and institutional Bank before. Westpac is now no longer a Bank for Australia sadly! Last few weeks and up to now I am trying to transfer my property ownership to my son, discharging the mortgage to ING. I was calling to Westpac Mortgage Centre in Adelaide several times, each time Westpac excused for the reason 10 days processing the paper works and keep delaying again and again. I am so tired and frustrated, there is only an option is to move all my mortgages and trading accounts to the other lender or bank. This lesson I have learned too deep with Westpac not with a particular staff but the Westpac system and its Mortgage Centre. Westpac provided a complaint reference CS13740177 and confirmed 100% the discharge will be on next Monday 23rd/August. I hope they may keep their promise not another excuse, too powerful this lender for the victims under their control, Westpac makes you cried out if you want to discharge or escape Monday 23/08/2021, Westpac Mortgage Centre misleading again to avoid today settlement and wanted to postpone until Wednesday 25/08/2021 due to the payout figure not ready yet There is no other option, I will lodge a complaint to AFCA.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Kim, New South Wales, reviewed 26 days ago
Westpac Home Loan
Overall 1/10
Better options available

Would not give me a loan because I wouldn't state whether I was married or not -it was like going back to the dark ages - very behind the times as I have the independent capacity to make my own financial decisions as a female and don't need a male to be part of my home loan. I could prove I had more than the capacity to repay the loan but they were not interested.

Read full review

Would not give me a loan because I wouldn't state whether I was married or not -it was like going back to the dark ages - very behind the times as I have the independent capacity to make my own financial decisions as a female and don't need a male to be part of my home loan. I could prove I had more than the capacity to repay the loan but they were not interested.

Price
6/10
Features
2/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Gaye, Victoria, reviewed 2 months ago
Westpac Fixed Options Home Loan
Overall 10/10
Westpac do have very low interest rate.

Westpac's service with our home loan is very good. With the fix rate we got, helps a lot with repayments. They call monthly to check on us and see if we need any other products. They customer service is excellent and would recommend to others. Our extended family members are also with Westpac after them asking about their service.

Read full review

Westpac's service with our home loan is very good. With the fix rate we got, helps a lot with repayments. They call monthly to check on us and see if we need any other products. They customer service is excellent and would recommend to others. Our extended family members are also with Westpac after them asking about their service.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Emma, Queensland, reviewed 2 months ago
Westpac Home Loan
Overall 1/10
Poor customer dealing saying wrong things

Initially took all our financial status and came to house to get the paperwork which is not legal though we said that we would come to the branch on Saturday when it is open. After taking all our information she refused the refinancing by wasting our time. She is very sweet to talk but not trustworthy person. I am really suspicious about her dealings for having taken all my information. Would never recommend for having loans with Westpac as there is no genuinity in it.

Read full review

Initially took all our financial status and came to house to get the paperwork which is not legal though we said that we would come to the branch on Saturday when it is open. After taking all our information she refused the refinancing by wasting our time. She is very sweet to talk but not trustworthy person. I am really suspicious about her dealings for having taken all my information. Would never recommend for having loans with Westpac as there is no genuinity in it.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Dj, Victoria, reviewed 2 months ago

What do you need to apply for a Westpac home loan?

To apply for a Westpac home loan, you’ll need to supply the following documentation: 

  • Proof of identity such as driver’s licence or Medicare card
  • Income documents including latest payslips, payment summary or tax return and assessments if you are a PAYG employee. Applicants who are self-employed will need to provide business as well as personal tax returns for the last two years and balance sheet and profit and loss statements.
  • Confirmation of other income (i.e. rent, trust)
  • Account statements showing proof of savings
  • Record of assets and liabilities
  • Latest superannuation statement
  • Full copy of Contract of Sale for the property you plan to purchase
  • Monthly expenses including existing loan repayments, credit card limits and ATO assessment notices and records of other expenses (i.e. child support payments).

If you are refinancing from another lender, Westpac requires you to provide loan statements for the last 6 months.

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