Media releases
Westpac helps savvy refinancers switch for savings
18 March 2025
New data from Westpac shows Australians are looking for greater savings on their existing home loan, with a 45 per cent increase in people refinancing their home loan to the bank over the past quarter.
Westpac’s latest Home Ownership Report also revealed that almost a third (30%) of Australian homeowners are considering refinancing, while four in five (82%) refinancers want the process to be more digitised and less time consuming.
To help mortgage holders make the switch for savings, Westpac has rolled out a new rate of 5.84% p.a. for owner occupier refinancers with up to a 70% LVR, available through its Online Home Loan offer.
Westpac’s Online Home Loan offer allows customers to refinance their mortgage online through the Westpac app or website at any time, with less paperwork.
“With cost of living remaining top of mind for many Australians, savvy refinancers are making the most of the competitive mortgage market and shopping around for a better deal,” said Westpac Managing Director of Mortgages, James Hutton.
“Making the switch to Westpac through our Online Home Loan offer could save customers $169 on their monthly repayments, with savings over the life of the loan of $50,929+, based on a $600,000 owner occupier home loan with principal and interest repayments.
“We also know more Australians are choosing to manage their money online. We have more than six million digitally active customers, and more than 40 per cent of home loan customers have used online tech to save time on their application.
“We expect our refreshed offer, coupled with the convenience of refinancing online, will appeal to both owner occupiers and investors looking for a fast and simple way to achieve greater savings on their existing home loan,” said Mr Hutton.
Westpac first launched its digital mortgage for refinancers in 2022. Since then, the number of customers using the platform to refinance has more than doubled in three years.
“While our Online Home Loan offer is available direct to refinancers online, many customers will still choose to go to a lender or broker for their expertise and face-to-face support,” Mr Hutton said.
“If customers have complex needs or need tailored assistance during their Online Home Loan offer application, our experienced team of lenders and credit assessors remain ready to support the digital experience.”
The offer is available for customers refinancing their owner-occupied (5.84% p.a. for up to an LVR of 70%) or investor (6.09% p.a. for up to an LVR of 70%) variable home loan to Westpac’s Flexi First Option basic product via the Westpac website or banking app.
Homeowners and investors looking to take advantage of this new offer should visit https://www.westpac.com.au/onlinehomeloan.
Westpac offers a range of tools to help customers manage their mortgage and personal finances. This includes a Budget Planning tool available in the Westpac App to help customers track their finances.
Research from the latest Westpac Home Ownership Report found:
- Four in five (79%) Australians with a mortgage think the home loan application process needs to catch up to the digital age.
- Four in five (82%) current and past refinancers wish the process was more digital and less time consuming.
ENDS
About the 2025 Westpac Home Ownership Report
The research was commissioned by Westpac and conducted by Lonergan Research in accordance with the ISO 20252 standard. Lonergan Research surveyed 2,000 Australians aged 18+ with surveys distributed throughout Australia including both capital city and non-capital city areas. The survey was conducted online amongst members of a permission-based panel, between 17th December 2024 and 2nd January 2025. After interviewing, data was weighted to the latest population estimates sourced from the Australian Bureau of Statistics.
+Based on an existing Owner Occupier loan of $600,000 with 25 years remaining, at a rate of 6.30% p.a. with <70% LVR, refinancing to our Online Refinance Offer at 5.84% (Owner Occupier) which includes a 1.99% p.a. rate discount on a new variable Flexi First Option Home Loan with Principal and Interest repayments. This is an estimate of the potential savings based on the information provided: actual savings may differ depending on a customer’s situation. Offer does not apply to product switches or internal refinances within the Westpac Group. Interest rates are subject to change. Offer may be varied or withdrawn at any time.
Media Contact: