Image of home miniatures stacked on top of coins

Home loan interest rates: October 2021

 

While cuts to short-term fixed rates continue to flow through, the majority of changes we’ve recorded in the past few months have been increases to long-term options. Currently, the average 4-year fixed rate in our database sits at 2.59% p.a. (up from 2.37% in March), while the average 5-year rate is slightly higher at 2.81% p.a. (up from 2.62% in March).

That said, there is still value to be found among long-term rates, and locking one in now could work out in borrowers’ favour when official interest rates do eventually go up. Among lenders we track, the top fixed rate home loan offers are:

• 1-year: Greater Bank Fixed Rate | 1.59% p.a. (2.16% p.a. comparison rate*)

• 2-year: Greater Bank Fixed Rate | 1.59% p.a. (2.11% p.a. comparison rate*)

• 3-year: UBank UHomeLoan | 1.85% p.a. (2.24% p.a. comparison rate*)

• 4-year: Teachers Mutual Fixed Rate | 2.14% p.a. (2.91% p.a. comparison rate*)

• 5-year: FreedomLend Fixed Rate | 2.47% p.a. (2.25% p.a. comparison rate*)

As for variable rate loans, Reduce Home Loans currently offers the lowest rates for owner occupiers at 1.88% p.a. (1.97% p.a. comparison rate*), while the best value investor loan comes courtesy of Queensland Country Bank, which offers a 1.99% p.a. variable rate (2.39% p.a. comparison rate*).

At the time of writing, the average 2-year fixed rate in our database is 2.23% p.a., while the average variable rate sits nearly a full percentage point higher at 3.14% p.a. While still trailing behind fixed rates, cuts to variable rates have become much more common in recent months as lenders look to retain their competitive edge. Many have also begun sharpening interest only and investor rates, however this has mostly been on loans with lower LVRs.

To find out how interest rates are tracking in other banking products for October, check out our snapshots for Personal Loan Interest Rates, Car Loan Interest Rates, Savings Account Interest Rates and Term Deposit Interest Rates.

Picture of Peter Marshall
Peter Marshall
Banking expert

Peter has been working in the Australian banking and finance industry for over 20 years and oversees Mozo’s extensive product database. He is regularly sought out for his expert commentary and analysis on banking and interest rates trends by print, radio and TV media.

Latest home loan interest rates on Mozo - last updated 23 October 2021

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure.
  • placeholder
    Mozo Experts Choice 2021
    Smart Booster Home Loan

    2 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    1.85% p.a.variable for 24 months and then 2.25% p.a. variable
    2.21% p.a.

    New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.

    Compare
    Go to site
    Details
  • Hot DealFor a chance to win $100K towards your home loan, apply with Athena before Oct 31 & approved by Dec 15 (Please read the full T&C's)
    placeholder
    Mozo Experts Choice 2021
    Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a. variable
    1.99% p.a.

    Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required. Winner of three Mozo Expert's Choice Awards for 2021.

    Compare
    Go to site
    Details
  • placeholder
    Variable Home Loan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a. variable
    1.99% p.a.

    Refinance only. Super-fast digital application process. Zero upfront fees. No on-going service fees. Free 100% offset sub account. Minimum 25% deposit required.

    Compare
    Go to site
    Details
  • placeholder
    Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    2.09% p.a.
    fixed 3 years
    2.32% p.a.

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.

    Compare
    Go to site
    Details
  • placeholder
    Fixed Rate Home Loan

    Owner Occupier, Principal & Interest, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    2.09% p.a.
    fixed 3 years
    2.87% p.a.

    Ability to split your home loan between Fixed and Variable. Dedicated Relationship Manager. Min 20% deposit. Refinancers borrowing $250,000 or more could receive $3,288 cashback (T&Cs, eligibility and lending criteria apply).

    Compare
    Go to site
    Details
  • placeholder
    Mozo Experts Choice 2021
    Variable Home Loan Special

    Owner Occupier, Principal & Interest, LVR <70%

    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a. variable
    2.02% p.a.

    Special rate applies to home loan applications submitted by 31 October 2021. Unlimited additional repayments, free redraw, 100% offset account. 30% deposit required. Simple online application. Low Cost Home Loan winner in the Mozo Expert's Choice Awards for 2021.

    Compare
    Go to site
    Details
  • placeholder
    Budget Home Loan

    LVR <90%, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.43% p.a. variable
    2.49% p.a.

    Competitve low interest rate for owner-occupiers with at least a 20% deposit, and no upfront fees. Free extra repayments and redraw. Zero ongoing fees.

    Compare
    Go to site
    Details
  • placeholder
    Special Fixed Rate Home Loan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.89% p.a.
    fixed 2 years
    3.67% p.a.

    Lock in a low fixed rate or choose to split your loan between fixed and variable. Insurance discounts and no fee credit card or zero fee personal loan available. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Limited time offer extended, T&Cs apply.

    Compare
    Go to site
    Details
  • placeholder
    Discount Variable Home Loan

    Owner Occupier, LVR<70%, over $700,000

    interest rate
    comparison rate
    Initial monthly repayment
    2.39% p.a. variable
    2.44% p.a.

    No monthly administration fees. Ability to make extra repayments and redraws. A great low rate. No ongoing fees. Experience the difference this established bank has to offer.

    Compare
    Go to site
    Details
  • Hot Deal$590 Establishment Fee waived for eligible Prime loans submitted before 30 November.
    placeholder
    Prime Home Loan

    Owner Occupier, Principal & Interest, LVR <70%

    interest rate
    comparison rate
    Initial monthly repayment
    2.44% p.a. variable
    2.49% p.a.

    Competitive low variable rates for borrowers with 30% deposit. Flexible home loan with no ongoing fees. Extra repayments and redraw available. Get a dedicated specialist for the loan application process.

    Compare
    Go to site
    Details
  • placeholder
    Equity Plus

    Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    1.87% p.a. variable
    1.90% p.a.

    Low rate variable home loan with optional offset. Free online redraw. No valuation fee. Purchase, refinance or equity release purposes allowed. Min 40% deposit.

    Compare
    Go to site
    Details
  • placeholder
    Fixed Home Loan Special Offer

    Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    1.89% p.a.
    fixed 2 years
    2.85% p.a.

    Competitive low fixed rates for owner occupiers. No monthly account keeping or loan establishment fees. 20% deposit required. Get $3K cash when you refinance to a Suncorp Bank home loan of $750K+ with LVR <= 90%. Apply by 30/11/21, settle by 28/02/22. (T&Cs apply).

    Compare
    Go to site
    Details
  • placeholder
    Economy Variable Home Loan

    Owner Occupier, Principal & Interest, <70% LVR, Debt to Income ratio <6

    interest rate
    comparison rate
    Initial monthly repayment
    1.98% p.a. variable
    2.15% p.a.

    An ongoing low variable interest rate with free redraw, flexible repayment options and one free valuation. Discounted Economy variable rate available for owner occupier lending with max LVR of 70%.

    Compare
    Details
  • placeholder
    Green Home Loan

    Owner Occupier

    interest rate
    comparison rate
    Initial monthly repayment
    2.08% p.a. variable
    2.36% p.a.

    Great low rate on investment loans when you package with your owner-occupied loan.

    Compare
    Go to site
    Details
  • placeholder
    Mozo Experts Choice 2021
    Evaporate Variable Home Loan

    60-70% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.09% p.a. variable
    2.02% p.a.

    Fast online application with no fees. Free extra repayments and redraw facility. Min 20% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.^

    Compare
    Go to site
    Details
  • placeholder
    Mozo Experts Choice 2021
    Discount Fixed Rate

    Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a.
    fixed 2 years
    3.07% p.a.

    Lock in a competitive rate for 2 years. Only 20% deposit required. Flexible repayment options and make up to $5,000 in additional repayments annually. Refinance to BOQ by 31 October 2021 and get $3,000 cashback (T&Cs apply).

    Compare
    Details
  • placeholder
    Basic Home Loan

    Owner Occupier, LVR<60%, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.14% p.a. variable
    2.14% p.a.

    Competitive low variable rate. No application or account management fees. Flexibility to split your loan and set different repayment types. Fee free withdrawals of your savings.

    Compare
    Go to site
    Details
  • placeholder
    Mozo Experts Choice 2021
    Fixed Rate Home Loan

    Owner Occupier, Principal & Interest, LVR<80%

    interest rate
    comparison rate
    Initial monthly repayment
    1.89% p.a.
    fixed 2 years
    2.64% p.a.

    Competitive fixed rates across 1 to 5 year terms. No application fee or annual fee. Free extra repayments (up to $10,000 per year). Winner of Australia's Best Large Mutual Bank 2021.

    Compare
    Details
  • placeholder
    Mozo Experts Choice 2021
    Liberate Variable Home Loan

    70-80% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.19% p.a. variable
    2.08% p.a.

    Fast online application with no fees. Free extra repayments and redraw facility. Min 20% deposit. Athena automatically lowers the rate as the loan is paid down. Winner of three Mozo Expert's Choice Awards for 2021.

    Compare
    Go to site
    Details
  • placeholder
    Fixed Home Loan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.97% p.a.
    fixed 2 years
    2.88% p.a.

    The IMB Fixed Rate Home Loan gives you peace of mind with the security of fixed loan repayments. You can also pay up to 12 months repayments in advance without penalty.

    Compare
    Go to site
    Details
  • placeholder
    Well Balanced Fixed

    Owner Occupier, Principal & Interest, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    1.84% p.a.
    fixed 1 year
    2.01% p.a.

    Super low fixed rate and only 20% deposit required. Optional 100% offset account. Free extra repayments and redraw facility. Flexible repayment schedule.

    Compare
    Go to site
    Details

^See information about the Mozo Experts Choice Home loans Awards

*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Compare more home loans

Search now

Home loan lenders we compare at Mozo

Save with deals from the following well-known brands and many more...

See all home loan providers

Home loan interest ratesresources

Views, news, tips and guides to help find the home loan for you.

Home Loan FAQs
Guides & Tips
Home Loan Reviews
Home Loan Calculators
News

What is a home loan interest rate?

When you take out a home loan, your bank or lender applies an interest rate to the amount borrowed. This is expressed as a percentage, known as the Annualised Percentage Rate (APR), which represents the annual cost to borrow a sum of money.

To illustrate how this works, say you want to borrow $500,000 to purchase a home. Your lender agrees to lend you the money and charges an interest rate of 3% p.a. The amount of interest paid in this scenario is determined using the following formula:

(principal x interest rate) ÷ time = interest

So if we multiply $500,000 by 0.03, then divide it by 365 (the number of days in a year), we would get $41.10. This is the amount of interest you would be charged in a day. However, this will change as you chip away at your principal over time. To work out how much you would pay over the life of a loan, use our home loan repayments calculator.

How are home loan rates determined?

The official cash rate is set by the Reserve Bank of Australia (RBA), which meets on the first Tuesday of every month (except January) to decide whether it will stay the same, increase or decrease. It bases its decision on things like inflation, employment, and levels of spending and investment.

Banks and lenders will then set their own home loan interest rates based on the RBA’s decision, while also taking into account their own business costs.

Types of home loan interest rates

The type of interest rate you pay on your home loan can affect how much you pay overall and each month. There are pros and cons to each type, so it’s important to take the time to find out which will suit you best. Your options include:

  • Fixed rate

A fixed home loan interest rate locks in your repayment amount at a certain value and will remain the same for a set time, usually up to 5 years. This makes budgeting easier, as you’ll have a set amount that you need to pay each month that won’t be affected by rate increases. 

The downside, however, is that if rates decrease while you’re on fixed term interest, you won’t reap any of the benefits. When your fixed term ends, you have the option to either enter into a new fixed rate or switch to variable rates.
In general, fixed interest rate loans are less flexible than other types of mortgage rates, and you could end up paying penalties if you repay the loan early.

  • Variable rate

A variable home loan interest rate means that your repayments might change at any time, based on changes to the cash rate or the whims of your bank. There’s less security in this type of interest rate - your repayments are subject to rises and falls in the market. 

However, it’s a popular type of home loan in Australia, as variable rates often sit lower than fixed rates. A variable interest rate might suit you if you're looking for flexibility, as you’ll have the option to make extra repayments and pay off your loan quicker.

  • Comparison rate

It can be hard to compare home loan rates sometimes. Aside from the interest rate, there might be extra fees and charges built into your home loan, which means the lowest headline interest rate might not always the best option. That’s where the comparison rate comes in.

The National Credit Code requires that lenders show comparison rates - which factor in interest, fees and charges - to give you a clearer idea of the true cost of a loan. So when you compare home loan interest rates on Mozo, you’ll see an interest rate plus a comparison rate for each product.

What is a comparison rate?

Keep in mind that comparison rates are a guide based on a secured loan of $150,000 over 25 years, with monthly principal and interest repayments. Different values or time frames on loans will mean different comparison rates. So while the comparison rates on our site are useful for choosing the best value home loan, to find out exactly how much interest you’ll be paying you'll need to check with your lender.

How are my home loan interest repayments calculated?

How much you pay each month will depend on numerous factors, including what type of rate you’re paying, how often your interest is calculated and how long your home loan term is for. One of the important factors in determining how your interest rates are calculated is whether your home loan is an interest only or principal and interest loan. Here’s the difference:

  • Interest only loans

With an interest only loan your monthly repayment consists of only the interest for the loan, and not the loan amount itself. The monthly savings can be significant if you’re not paying any of the principal loan amount, which might be a great short term solution if you’re running on a tight budget. The downside is that you won’t be making any progress toward actually owning your home.

Interest only loans are popular for investors, because they’re often counting on the value of the home increasing enough to sell the property, pay off the loan and make a profit.

Remember that you will eventually have to pay off the total loan amount, so while an interest only loan might be affordable in the short term, you should have a long term repayment plan in place.

  • Principal and interest loans

With a principal and interest loan, you’re paying interest, plus a part of the total loan amount each month. At the beginning of the loan, most of your repayment will go toward paying interest and a little will go toward the loan amount. As the principal amount gets lower, so does the interest you need to pay on it, so eventually, most of your monthly repayment will be going towards the principal, while a little goes to interest.

While you’ll be paying more each month than you would with an interest only loan, the good news is that by the end of your loan term, you’ll own your home entirely.
You can use Mozo’s home loan repayments calculator to see not only how much your monthly repayments would be with either an interest only or principal and interest home loan, but also how much total interest you would pay with each one.


Picture of Peter Marshall
Peter Marshall
Banking expert

Peter Marshall has been working in the Australian banking and finance industry for over 20 years and oversees Mozo’s extensive product database. He is regularly sought out for his expert commentary and analysis on banking and interest rates trends by print, radio and TV media.

FAQs about home loan interest rates

Got more questions about home loans? We’ve got answers. Below, we run through some key bits of info to help you understand home loan interest rates, and put you on the right track to find a home loan that suits you.

What is the comparison rate?

The comparison rate is designed to give you an accurate picture of how much each home loan might cost you by taking into account fees and any other extra charges, so don’t forget to use it.

Who sets home loan rates?

As mentioned above, the cash rate serves as a benchmark for mortgage rates, but where mortgage rates sit is ultimately up to individual lenders. This is why commercial interest rates are so much higher than the cash rate: lenders need to be able to cover their operating costs (staff, branches, marketing, interest paid out to customers, etc.) and make a profit at the same time.

It’s important to remember that while commercial interest rates tend to move in line with the cash rate, lenders are under no obligation to pass on an RBA cut to their customers in full, or at all.

Lenders will also charge different rates depending on the borrower and the type of loan. For example, interest rates are typically higher on investment loans than on owner occupier loans, as they are considered riskier. The same goes for interest only loans.

How often do home loan rates change? 

That depends. The RBA might decide to raise or lower the cash rate, prompting many lenders to make adjustments to their home loan rates. But lenders are known to make out-of-cycle decisions too, meaning they can increase or decrease rates at their own discretion, simply in response to business demands.

How will home loan rate changes affect my mortgage repayments?

As everyone with a variable rate home loan knows, if your lender decides to raise rates, your repayments will also go up. The opposite will be true if your lender decreases rates. Even a small change in interest rates can make a big difference in the amount you pay each month. For an idea, use our rate change calculator

Does my bank need to tell me if they are changing my home loan rate?

If a bank or lender decides to raise or lower their mortgage rates, it will likely notify customers and inform them of any changes to their repayments. Customers who have arranged to pay just the minimum payment amount via direct debit should have their repayments automatically adjusted.

What additional home loan features are there?

You have to weigh up the benefits and disadvantages to having extra features on your home loan. While some extras like an offset account, free extra repayments and repayment flexibility can save you money, others may not be so helpful and you generally pay a higher premium for a full features home loan. Take a careful look at the features being offered and decide if they are worth the extra cost. If you’re not sure exactly which feature might benefit you, check out Mozo’s guide to home loan features in a nutshell.

When is the interest calculated on my home loan?

Your interest might be calculated daily, monthly, quarterly or annually. Daily interest is best because it’s calculated as your principal loan reduces, and so you’ll pay less interest all up.  Annual interest, on the other hand, is calculated each day, but based on a yearly principal, which means it takes a whole year before you’ll pay less interest. If you’re on anything other than daily interest, try to time your monthly repayments to be before your interest is calculated, so you’ll be paying interest on the lowest principal possible.

Are home loan rates negotiable?

Banks don’t necessarily advertise the fact, but it is possible to negotiate a cheaper home loan rate. Success rates will vary depending on the specifics of the loan, but it’s always worth approaching your lender to see if they’ll budge. 

How can I reduce the amount of interest I pay?

The main goal for your home loan should be to pay as little interest as possible while remaining realistic about what monthly repayments you can afford to make. Here are a few tips and tricks to help you reduce the amount of interest you pay on your home loan:

  • Pay off your loan as quickly as possible. The quicker you can get rid of your loan, the less interest you will pay. But be careful, as sometimes, particularly with fixed term interest rates, you may be charged extra fees or penalties for paying off your loan before the complete term is finished.
  • Switch to a shorter term. If your lender allows it, you may want to look at a shorter loan term. This would mean you’ll pay more each month, so be sure to check your budget before going ahead, but it will save you money overall. So, say you had a loan of $150,000, at an interest rate of 3.98%. On a 25 year term, you’d pay $790 each month and a total of $87,030 in fees and interest. If you reduced that to a 20 year term, your monthly payments would increase to $907, but all up, you’d only pay $67,774.
  • Take advantage of free extra repayments. Again, you’ll need to check that there are no fees or penalties for overpaying, but this can be an effective way to quickly reduce your principal, and therefore pay less interest. If you’re budget allows for it, you can pay extra in lump sums or added to your monthly repayments to pay off your loan faster.
  • Use an offset account. An offset account is a bank account attached to your home loan. The balance you keep in this account is offset against the principal of your home loan to help you reduce the amount of interest you will pay. For example, if you had a home loan of $400,000 and $20,000 in your offset account, you’d only be paying interest on $380,000 of your loan. Think about getting your salary put into your offset account to get the most out of this feature.

How do I find the best home loan interest rate?

There are heaps of competitive home loan interest rates available and it’s worth the time to do some research and find a rate that suits your budget and lifestyle. To get you started, check out these great tools at Mozo:

  • Home loans comparison page - find out what home loan rates are currently on offer from hundreds of Australian financial institutes, from the big banks down to small online lenders and credit unions.
  • Home loans calculators - crunch the numbers on your home loan and find the answer to questions like ‘How will rate changes affect my repayments?’ and ‘How much can I afford to borrow?’
  • Home loan guides - we’ve got a guide on all the trickiest parts of home loans to help you through the process, all the way from deposits to refinancing.

You can also check out our handy interest rate guides for information on how interest rates work and help calculating what interest you'll pay on your home loan.

Home Loan Reviews

Macquarie Home Loan
Overall 1/10
Banks somewhere else, they charge loyalty tax

The banks service has gone down hill. Now they give a 1300 number to ring and the wait times are awful. I've tried to get the bank to match the new customer home loan rate after being a loyal customer for 10 years and they keep refusing to review the rate. They are very poor in responding to emails and are very fast to raise rates when they can. Avoid at all costs.

Read full review

The banks service has gone down hill. Now they give a 1300 number to ring and the wait times are awful. I've tried to get the bank to match the new customer home loan rate after being a loyal customer for 10 years and they keep refusing to review the rate. They are very poor in responding to emails and are very fast to raise rates when they can. Avoid at all costs.

Price
1/10
Features
4/10
Customer service
1/10
Convenience
6/10
Trust
1/10
Less
Tara, Australian Capital Territory, reviewed about 18 hours ago
UBank UHomeLoan - Investor Extra Offer
Overall 1/10
Avoid.

Awful customer service. Very slow to deal with. String you along for a couple of weeks then find roadblocks to progress with loan application. You will loose contracts relying on this bank.

Read full review

Awful customer service. Very slow to deal with. String you along for a couple of weeks then find roadblocks to progress with loan application. You will loose contracts relying on this bank.

Price
5/10
Features
3/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Kris, Queensland, reviewed about 18 hours ago
Westpac Equity Access (Premier Advantage Package)
Overall 1/10
very slow application service. poor customer care

After losing a house i was about to purchase after the cooling off period being extended 3-4 times, purely because westpac weren't on the ball and didn't finish the application for 3 months, i have nothing but bad things to say about them. I would call them everyday asking to talk to someone but constantly being told "this application cannot be escalated any higher" or "i'm not authorised to give you that sort of information" or after being asked to get put through to a manager i would be told " im sorry im not allowed to do that". Each time i called i would be on the phone for at least half an hr before i could actually speak to someone. I lost my 0.25% deposit and i was lucky to get my 10% deposit back just because the vendor and real estate agent were so understanding. This one really made me have my doubts about westpac. But after the first application with them, I thought the 2nd application (for another house I eventually found) would be a lot quicker and easier as they already had all of my information. But that wasn't the case. I am currently in the process of the purchase of new house, and i was supposed to get the keys early this week, until westpac have told us they are not ready to proceed with the purchase (2 months after the offer was first accepted), luckily the vendor is happy to accept a extended settlement date by a week . But I still have my doubts that Westpac will have their shit sorted in time. they still dont give out information and still let you stay on hold for hours per week. I am not confident we will get our 10% deposit back this time and I am absolutely filthy with Westpac and their terrible service. I cannot explain the stress this has put me and my family under and I would not wish this on anyone. Strongly advise looking at any other bank other than westpac

Read full review

After losing a house i was about to purchase after the cooling off period being extended 3-4 times, purely because westpac weren't on the ball and didn't finish the application for 3 months, i have nothing but bad things to say about them. I would call them everyday asking to talk to someone but constantly being told "this application cannot be escalated any higher" or "i'm not authorised to give you that sort of information" or after being asked to get put through to a manager i would be told " im sorry im not allowed to do that". Each time i called i would be on the phone for at least half an hr before i could actually speak to someone. I lost my 0.25% deposit and i was lucky to get my 10% deposit back just because the vendor and real estate agent were so understanding. This one really made me have my doubts about westpac. But after the first application with them, I thought the 2nd application (for another house I eventually found) would be a lot quicker and easier as they already had all of my information. But that wasn't the case. I am currently in the process of the purchase of new house, and i was supposed to get the keys early this week, until westpac have told us they are not ready to proceed with the purchase (2 months after the offer was first accepted), luckily the vendor is happy to accept a extended settlement date by a week . But I still have my doubts that Westpac will have their shit sorted in time. they still dont give out information and still let you stay on hold for hours per week. I am not confident we will get our 10% deposit back this time and I am absolutely filthy with Westpac and their terrible service. I cannot explain the stress this has put me and my family under and I would not wish this on anyone. Strongly advise looking at any other bank other than westpac

Features
5/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Luke, Victoria, reviewed about 18 hours ago
See
Home loan tips

Whether you’re after the lates home reno trends, money-saving tips or cheapest home loan deals, Mozo’s moneyvators have it covered. Check out our collection of money savvy articles and top tips.

See
Home loan case studies

Find out how you can save on your home loan or learn about loan options for refinancing and investing with this series of helpful case studies and home loan scenarios.

See
Home loan providers

Find the right home lender fast. Mozo details all home loan providers along with their home loan products right here so you compare rate, fees and features easily.

See more home loan resources