Variable rate home loans
Featured basic variable rate
6.44% p.a. |
6.76% p.a. |
|
|---|---|---|
2-yr intro discount on variable rate^^^ |
Comparison rate* |
Variable rate includes 2-year 1.64% p.a. discount from loan settlement, reverting to 1.24% p.a. life-of-loan discount thereafter^^^ (excludes refinances within Westpac Group), and a 0.10% p.a. discount for LVR+ up to 70%. For new Owner Occupier loans and P&I repayments. Credit criteria, T&Cs apply.
Why choose a variable rate home loan?
Make extra repayments
Get ahead on your loan with no cap on extra repayments.
Save interest with an offset
Keep funds in an offset facility to reduce the amount of interest you pay on your loan balance.
Redraw additional funds
Redraw any additional repayments you've made if you need access to extra cash.
Combine with a fixed rate
Put your balance into separate fixed and variable rate accounts for the best of both worlds.
Featured variable rate home loans
Basic variable rate home loan
Featured rate offer (LVR up to 70%)
- 6.44% p.a.^^^ 2-yr intro rate
- 6.76% p.a. comparison rate*
- Rate includes 0.10% p.a. discount for LVR+ up to 70%
- Includes 2-year 1.64% p.a. discount from loan settlement, reverting to 1.24% p.a. life-of-loan discount thereafter^^^ (excludes refinances within Westpac Group)
- New basic Flexi First Option Owner Occupier loans, on P&I repayments. T&Cs apply.
Variable home loan with offset
Featured rate (LVR up to 70%)
- 7.44% p.a.1 variable rate
- 7.77% p.a. comparison rate*
- Rate includes 0.10% p.a. discount for LVR+ up to 70% (deposit is min 30% of the property value)
- New Owner Occupier packaged# home loans, on P&I repayments
- No establishment fee with package, saving $600
- $150k min loan. $395 annual package fee and T&Cs apply.
Learn more about our home loans
An extra loan to make sustainable upgrades to your home
You could make energy-efficient and climate-resilient upgrades to your home, with our Sustainable Upgrades home and investment loan on a cool 4.49% p.a. variable rate (4.87% p.a comparison rate^).
Frequently asked questions
A variable rate home loan is a home loan with an interest rate that may change over time. If you choose a variable rate home loan, you may be able to take advantage of any interest rate decreases over your loan’s term. If your rate decreases, it means you pay less interest on the home loan balance.
On the other hand, you may also find that your rate increases, which would involve paying a higher interest rate and regular repayment amount than at the start of your loan term.
Things you should know
Conditions, credit criteria, fees and charges apply. Residential lending is not available for Non-Australian Resident borrowers.
This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information and if necessary, seek appropriate professional advice. This includes any tax consequences arising from any promotions for investors and customers should seek independent, professional tax advice on any taxation matters before making a decision based on this information.
*Comparison rate: The comparison rate is based on a loan of $150,000 over the term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
+LVR stands for the loan-to-value ratio. LVR is the amount of your loan compared to the Bank’s valuation of your property offered to secure your loan expressed as a percentage. Home loan rates for new loans are set based on the initial LVR and won’t change during the life of the loan as the LVR changes.
^Sustainable Upgrades home loan and Sustainable Upgrades investment loan comparison rate: The comparison rate is based on a loan of $30,000 over the term of 5 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
^^Flexi First Option special offer rates with Interest Only repayments
Special offers are only available on new Flexi First Option Home and Investment Loans with Interest Only repayments. Discounts do not apply to internal refinances or switches within the Westpac Group, which includes refinances from Westpac, St.George, Bank of Melbourne, BankSA and RAMS. Not available to company and trust account holders. Offer may be varied or withdrawn at any time. Interest rates are subject to change:
- For a property to live in (Owner Occupier): Offer commences 05/06/2020. Includes a 0.53% p.a. discount off our Flexi First Option Home Loan Variable Rate with Interest Only repayments for the life of loan. Interest rates are subject to change.
- For an investment property: Offer commences 24/11/2023. Includes a 1.65% p.a. discount for two years from the loan settlement date, at the end of the period it will revert to a 1.25% p.a. discount for the life of loan.
^^^Flexi First Option special offer rates with Principal & Interest repayments
Special offers are only available on new Flexi First Option Home and Investment Loans with Principal & Interest repayments. Discounts do not apply to internal refinances or switches within the Westpac Group, which includes refinances from Westpac, St.George, Bank of Melbourne, BankSA and RAMS. Not available to company and trust account holders. Offer may be varied or withdrawn at any time. Interest rates are subject to change:
- For a property to live in (Owner occupier): Offer commences 24/11/2023. Includes a 1.64% p.a. discount for two years from the loan settlement date, at the end of the period it will revert to a 1.24% p.a. discount for the life of the loan.
- For an investment property: Offer commences 24/11/2023. Includes a 1.89% p.a. discount for two years from the loan settlement date, at the end of the period it will revert to a 1.49% p.a. discount for the life of the loan.
#Premier Advantage Package: Conditions of Use and $395 annual package fee applies. You must either hold or be approved for a Westpac Choice transaction account in order to qualify and continue to receive the benefits of the Premier Advantage Package. Applicants must have a Westpac Choice transaction account linked to the home loan at the time of settlement and must keep this account open for 60 days after settlement. Before deciding to acquire a Westpac Choice account, read the terms and conditions, and consider whether the product is right for you. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters.
Premier Advantage Package Conditions of Use (PDF 200KB)
1Interest rates are subject to change