Westpac Home Loans

Westpac Home Loans

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Everything you need to know about a Westpac Home Loan

Originally Australia’s first bank, Westpac remains one of the big four banks, serving over 13 million customers. Westpac is the ideal choice for many borrowers, with competitive rates, full-featured products and convenient online access. They do however, tend to be rigid in their lending.

Westpac tends to lean toward high net individuals, using their subsidiaries such as St George Bank to provide options for first-home buyers or self-employed customers. Due to this, Westpac has the ability to be choosy with who they approve, which means that with a bad credit history or a low deposit, you may not qualify for a home loan.

Key Benefits

  • 100% offset available
  • Redraw facilities available
  • Ability to make extra repayments without any added cost
  • Plenty of branch access being one of the big four
  • MLI can be waived if you’re a preferred industry professional
  • Bridging loans are available
  • Loans approved quickly
  • Network of mortgage brokers
  • Keen on working with high net investors
  • They’re good to existing customers
  • Offer fixed rate construction loans – which aren’t easy to come by


  • They’re interest rates are not always competitive
  • Getting LMI through Westpac can be pricey
  • High application fees
  • Exit fees
  • Unlikely to help people with bad credit
  • Being a big four, may feel more impersonal
  • Unlikely to give a loan over 90% of the property value to non-existing customers
  • No self-managed super fund (SMSF) loans
  • No low-doc loans
  • Self-employed borrowers must have two years of consistent income

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Westpac Home Loan Products Breakdown

Rocket Repay

  • Offset
  • Redraw
  • No fee extra repayments

A great loan if your goal is to pay down your mortgage as quickly as possible

Westpac’s Rocket Repay Home Loan is one of their two main loans. This loan comes with a competitive variable interest rate which is perfect if your goal is to pay down
your mortgage as quickly as possible. You can use an optional offset account, redraw facility or make extra payments without any added costs.

Rocket Investment

  • 100% Offset
  • Low rate
  • Unlimited extra repayments

Build your future with a competitive loan for residential investors.

This is a competitive home loan for residential investors. On top of the low rate, you can pay down your loan faster with an offset account and unlimited extra repayments. Perfect for investors who plan on building up their rental income, you can take advantage of an interest only repayment period for up to ten years. You can also link a 100% offset account and make additional repayments at no extra cost.

Flexi First Option Home Loan

  • No ongoing fees
  • Low interest rate
  • No fee extra repayments

Enjoy rate discounts for new customers

Westpac occasionally offers rate discounts for new customers or fee waivers. You’ll get all the basics that you need to pay down your loan quickly and the peace of mind that comes with flexible features and knowing you’ve got one of the most established banks in Australia on your side. There are no maintenance fees and you can make extra repayments when you want.

Fixed Options Home Loan

  • Interest only options
  • Redraw
  • Extra repayments

Get a stress-free fixed rate loan

Get a stress-free fixed rate loan from Westpac and rest easy with your stable, low fixed rate and all the features you could ask for such as redraw, an interest only option, and you can make extra repayments up to $30,000. Once you have prepaid, you can also take a repayment holiday.

Premier Advantage Package

  • Discounts
  • No maintenance fees
  • No monthly fees

Save with discounts and fee waivers for the life of your loan

You can package any qualifying loan and save with discounts and fee waivers for the life of your loan. You’ll also enjoy savings on selected insurance products. For larger loans, Westpac also offers substantial interest rate discounts, allowing you to save thousands on your loan with a packaged product. Plus, you’ll still get all the excellent features like redraw, the ability to make extra repayments, and an optional interest only period.

Line of Credit Loan

  • Easy access to money
  • Line of credit property
  • Choose own repayments

Make the most of your property’s value

Westpac Home Loan Products Comparison


Still looking for your perfect match?

At eChoice, we have partnered with over 20 of Australia's leading lenders to help you find the right home loan. Chat with one of our experienced brokers today.

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Competitive Interest Rates

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How to apply for a home loan with Westpac Bank

Before you apply, you will be expected to answer a number of questions around your financial situation. You can prepare using the Westpac Home Loan Checklist on their home loan page.

This document will ask about your income, assets and financial commitments. It also asks about the purpose of the property purchase, whether you will be building and for proof of identification.

Once you’ve completed the two-page document, talk to Westpac to make an appointment with a finance manager. No matter how you applied, you can check the status of your application online at any time.