Variable rate home loans
Why choose our variable rate home loans?
Flexible features
Freedom to split your loan, redraw anytime with no fees, and enjoy unlimited extra repayments, as well as make Interest Only repayments.
Save on interest with an offset
Every dollar in your offset account counts towards reducing the interest on your linked home loan.
Discounted rate options
Chat with a dedicated lender about discounts tailored to your situation and needs.
Australia’s number #1 banking app**
Manage your home loan in Australia’s number #1 banking app.
Featured variable rate home loans
How do I qualify for the Special Online Refinance Offer?
You must:
- Apply online (we can help you along the way)
- Select a Flexi First Option loan
- Have a loan-to-value ratio+ less than or equal to 80%
- Refinance from outside the Westpac Group (not from Westpac, St.George, Bank of Melbourne, BankSA or RAMS)
For Investor and Interest Only online interest rates, use our refinance calculator.
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 4.24% p.a. variable rate (4.62% 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.
+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)
^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.
*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.
**Available via online banking. T&C's apply. Australia's top app as recognised by The Forrester Digital Experience ReviewTM. Australian Mobile Banking Apps, Q4 2023, an evaluation of five Australian Banks.
***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.