Early repayment.

Breaking your fixed loan to get a lower interest rate means you can reduce your repayments. While this may sound attractive, it's important to check that the money you're saving with a lower rate outweighs the break cost for your loan. You can either do the calculation yourself or we can help walk you through your options.

If your circumstances change, it's possible to break your fixed loan to change your term. By extending your term, you're paying off your loan over a longer period. While this means you can reduce your minimum repayment, you'll also end up paying more in interest overall so it's worthwhile considering how much you'll end up paying in the long term.

If you're selling your home and buying a new one, you can often transfer your Westpac home loan to your new place, without incurring any break fees. Please talk to us to discuss your options. If you're planning to repay your loan once you've sold your home, you may decide to break your fixed rate home loan before settlement, and put the loan on a floating interest rate and pay the break costs you've been quoted. This will lower the risk of paying higher break costs if interest rates have fallen between the time you got the quote and reach settlement.

If you've come into some money, such as an inheritance or bonus, you may choose to break your loan at this point. Putting this lump sum on your home loan potentially means the interest saved over the course of your loan could outweigh the break fee charged.