Home loan interest rates
Following the Reserve Bank of Australia (RBA’s) decision to decrease the official cash rate, Westpac announced a 0.25% per annum (p.a.) decrease to our variable home loan interest rates, for new and existing home loans.
These variable rate changes will come into effect on Tuesday 4 March 2025. Your rate will be visible in the Westpac App and Online Banking by Thursday 6 March 2025.
Find out about interest rate news.
Extra options for your home loan
Split loan tip #3
Shift up to $30k in extra repayments between your split variable and fixed accounts. Pay less interest by simply moving these extra funds into whichever loan has the higher interest rate (a break cost1 applies for fixed loan prepayments over $30k).
Applying is simple, get started online
1. Apply for your home loan now
Apply in around 10-20 mins, or save and come back later. Tell us about you and see how much you could borrow. And don't worry, we'll let you know before the credit check. Need help? You can live chat with us to help you complete the application.
2. Fast approval
You could get unconditional refinance approval the same day you apply. Or conditional approval within 1 business day to help you confidently bid or make an offer for up to 90 days.
3. Discuss your rate and features with a lender
A dedicated lender will be in touch to go over the finer points of your loan. You’ll have an opportunity to negotiate your rate, as there’s no obligation until you accept your rate and loan offer.
4. On to settlement
Your lender will finalise your loan through to settlement. Accept our loan offer, and that’s it.
Already started an application? Retrieve your application
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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.
Break costs on fixed loan prepayments and switching: customers can make total prepayments of up to $30,000 (cumulative) for fixed loans, without costs or fees applying. You may incur a break cost and administration fee if your prepayments exceed this threshold, or if at any time before the end of a fixed rate period you switch to another product, interest rate (fixed or variable) or repayment type.
3Redraw facility: if you have ‘available funds’ (you’ve made extra home loan repayments) and you’ve activated your redraw facility, you’re free to redraw them with no redraw fee. Read our Redraw Authority form (PDF 66KB) for full details.
^Flexi First Option Home Loans and Investment Loans: Life-of-loan discount is available for new Owner Occupier and Investment Property loans. This includes both Principal & Interest and Interest Only repayments. Offer does not apply to product switches. Interest rates are subject to change. Offer may be varied or withdrawn at any time.
Online Refinance Offer: This online refinance offer is available for new refinance Flexi First Option Home Loans and Investment Property Loans. This includes both Principal & Interest and Interest Only repayments. Includes a special life-of-loan discount for online applications only with a loan-to-value ratio up to 80%. Not available for trust or company borrowers, internal refinances or switches within the Westpac Group, which includes St.George, Westpac, Bank of Melbourne, BankSA and RAMS. Interest rates are subject to change. Offer may be varied or withdrawn at any time.
If at any time before the end of a fixed rate period you switch to another product, interest rate (fixed or variable) or repayment type, then a break cost may apply.
*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.
#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 119KB)
The output or result of this calculator:
- Is subject to the assumptions, which are subject to change.
- Is prepared without knowing your personal financial circumstances. Before you act on the output of this calculator, please consider if it’s right for you. If you need more information, please call 132 558. We recommend you talk with your financial adviser before taking out a loan.
- Doesn’t represent a quote or pre-qualification for a loan.
- Might not be taken into account if you apply for a loan with us, as we’ll make our own calculations. When assessing ability to service a loan, Westpac may use an interest rate that’s higher than the current interest rate for the loan you’ve requested.
The interest rates used in the calculator:
- Are current, as shown on our home loan interest rate pages
- Are Westpac's standard interest rates, and include any package or promotional discounts
- Are subject to change.
1Sustainable 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.