Home Loan Interest rates

At Westpac we know that a great rate is important, but we also want to provide you with a range of loan options, tools to help you make your decisions and specialists to talk through your options.

To find out about the Westpac Choices Home Loan with Airpoints™ head here.

Here's a summary of our current home loan rates as at 25 April 2017. All rates are subject to change without notice.

Home Loans - Interest Rates
Home loan optionRate
Choices Floating
5.84% p.a. Salary credit to a Westpac transaction account required.
Choices Everyday Floating 5.84% p.a.
Choices Offset Floating 5.84% p.a. Salary credit to a Westpac transaction account required.
Choices Fixed 5.25% p.a. for 6 months
4.99% p.a. for 1 year
4.59% p.a. for 1 year - special*
5.05% p.a. for 18 months
4.79% p.a.*special rate  for 2 years - special*
5.19% p.a. for 2 years
5.09% p.a.*special rate  for 3 years - special*
5.49% p.a. for 3 years
5.69% p.a. for 4 years
5.49% p.a.*special rate  for 5 years - special*
5.89% p.a. for 5 years
Choices Capped 5.15% p.a. for 1 year
5.25% p.a. for 2 years

Please note that:

If you are applying for a mortgage with low equity (i.e. your deposit is less than 20%), Westpac may charge an additional interest margin of between 0.25% to 1.5% per annum. The actual margin charged will depend on your level of equity.

For existing Home loan customers you can find your current rate in your home loan summary, online bank account or contact Westpac for further information.

Want to lock it in?

With Westpac you can lock in your fixed or capped rate for up to 60 days when you apply for your loan (once you have your draw down date sorted). It doesn’t cost any extra to take up, and it means any change in the interest rate during that period won’t affect you. Westpac also offers conditional approvals^ so you'll have a good idea of what you can afford to spend. A fee may apply to break or change a rate lock agreement.

*Special 1, 2, 3 and 5 year fixed rate eligibility criteria: minimum of 20% equity, salary credit to a Westpac transaction account plus a Westpac credit card or a specified Westpac insurance product**, to be approved or issued prior to drawdown date. These special fixed interest rates cannot be used in conjunction with any other Westpac home loan offers or discount packages, including previously negotiated offers, legal fee contributions or the Westpac Choices Home Loan with Airpoints™. These special fixed interest rates do not apply to loans for business or investment purposes.

Westpac's current credit card lending criteria apply to all applications and transfers. Westpac credit card Conditions of Use apply to the applicable card.

**Specified Westpac Insurance product to be one of the following:

Westpac insurance products are arranged by Westpac New Zealand Limited (“Westpac”) and underwritten by various insurance companies. Neither Westpac Banking Corporation nor Westpac guarantee the obligations of any insurer, or insurance product. Westpac will receive commission payments as a result of the arrangement of insurance products.

Terms, conditions, exclusions and limits apply and more detail can be found in the relevant policy document. The availability of any insurance cover is subject to the acceptance and approval of a completed application.

^Conditional approval requires a credit check and confirmation of the details provided in your application. Other conditions may also apply depending on the nature of your application.

You can find all other home loan fees here including any failed payment fees.

An additional default interest rate of 5% p.a for Choices Home Loans will be applied to balance in arrears.