Choices Floating

One of our most flexible home loan options. The interest rate varies with the market but you can repay lump sums whenever you like without any extra cost.

It's for you if:

  • you want the flexibility to pay lump sums off your home loan
  • you are comfortable knowing that interest rates could change
Overview

Key benefits

  • you pay a floating interest rate that may increase or decrease in line with the market
  • pay off some or all of your loan whenever you like without incurring any additional costs
  • increase your regular repayments at any time without break costs
  • switch some or all of your floating rate loan to a fixed rate at any time
  • mix and match your floating loan with Choices Fixed rates, Capped rates and/or a Choices Everyday floating loan to create a loan that’s individual to you. (Check out our split mortgage calculator to work all this out!)
  • choose the repayment structure that works best for you – Table, Reducing or Interest only
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 floating loan you can redraw up to your limit at any time. This can be done through internet or phone banking or at any branch.
Revolving Credit X  
Transfer of property   You may be able to take your home loan with you if you move to another property.
Top-up  
$5,000 or more

You can apply to top up your loan by $5,000 or more at any time.
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 principal.
Flat / Reducing   With a reducing home loan you pay a set amount off the principal each time plus the interest you owe. So your payments are a lot higher at the start than later on. 
Increase Regular Repayments   You can change your repayments at any time without having to re-document your loan.
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   You can partly or fully repay your loan at any time without break costs.
Interest Rate

Home Loans - Floating Interest Rate
Home loan optionRate
Choices Floating
5.65% p.a. Salary credit to a Westpac transaction account required.

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.

View all our home loan interest rates here

Loan terms and conditions

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

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