Choices Fixed

Get peace of mind about the amount of your ongoing home loan repayments. Fix your interest rate and it will stay the same for the fixed rate term even if interest rates in the market change.

It's for you if:

  • you want to set your repayments and know they’re not going to change during the fixed rate term
  • you don’t think you’ll need to make lump sum payments off your loan during the fixed rate term
Overview

Key benefits

  • fix the term of the interest rate you pay from 6 months up to 5 years. Compare our fixed interest rates here
  • budget with confidence knowing your payments do not need to change for the whole fixed rate term
  • you can split your loan into different fixed rate terms or mix and match with floating and capped rates
  • increase your regular repayments by up to 20% of the minimum repayment at any time during the fixed rate term without break costs
  • increase your certainty by locking in a fixed rate up to 60 days before you draw down your loan or your existing fixed rate expires
  • at the end of your fixed rate period you can roll over onto a new fixed rate, switch to a floating rate or mix and match fixed and floating options
  • choose the repayment structure that works best for you – Table, Reducing or Interest only

Please note:

Extra costs are likely to be incurred if you pay back all or part of your fixed interest rate loan early. Find out more about fixed interest rate prepayment (break) costs.

Features in detail
Features
Loan term Up to 30 years This is how quickly you want to repay the loan. A longer term means smaller regular repayments but you’ll pay more interest overall.  
Redraw    With a fixed interest loan you'll need to wait to the end of the fixed term to re-draw any funds.
Transactional Loan (Revolving Credit)  X  
Transfer of property    You may be able to take your home loan with you if you move property, meaning you won’t have to break your fixed rate and incur prepayment (break) costs
Top-up  $5,000 or more   You can apply to top up your loan by $5,000 or more at any time during your loan term.
Repayment options
Repayment frequency Fortnightly or Monthly Choose between fortnightly and monthly repayment cycles to coincide with when you receive your income/salary.
Table (Principal & Interest)    With a table loan your regular payments are the same each time (unless interest rates change). This is the most popular type of loan because it gives more consistency to your payments *.
Interest only    An interest only loan is where you pay the interest owing each fortnight or month but nothing off the loan itself. 
Flat / Reducing    With a reducing loan you pay a set amount off the loan each time plus the interest you owe. So your payments are a lot higher at the start than later on. 
Increase Regular Repayments  
By up to 20% of your minimum repayment
With Westpac fixed rate loans you can increase your regular loan repayment by up to 20% of the minimum repayment at any time during the fixed period – this means if your income increases you can choose to pay more towards your loan, saving you interest.
Reduce Regular Repayments    If you’re paying more than the minimum required you can reduce your regular repayments to any amount at or above the minimum.
One-Off Lump Sum Repayments
But fixed rate prepayment (break) costs are likely to apply
If you choose to make a lump sum payment on your fixed rate loan before the fixed rate term ends you are likely to incur prepayment (break) costs
Interest Rates

Home Loans - Fixed Interest Rates
Home loan optionRate
Choices Fixed 5.15% p.a. for 6 months
4.79% p.a. for 1 year
4.25% p.a. for 1 year - special*
4.95% p.a. for 18 months
4.39% p.a.*special rate  for 2 years - special*
4.90% p.a. for 2 years
4.75% p.a.*special rate  for 3 years - special*
5.09% p.a. for 3 years
5.29% p.a. for 4 years
5.39% p.a.*special rate  for 5 years - special*
5.79% p.a. for 5 years

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.

These rates may differ from the rates existing Westpac home loan customers may have previously agreed with Westpac. Please 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 know 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.

View all our home loan interest rates here

Loan terms and conditions

View and/or download our terms and conditions for our Choices Fixed account below:

View and/or download terms and conditions for all our consumer lending products here.