The following scenarios are demonstrative examples only and do not take into account your personal situation or goals. Every loan transaction differs, so please feel free to contact us to review your specific loan situation.

Increase your loan payments.

Putting extra money towards your loan repayments, even a small monthly amount, can knock years off your loan term and save you in the long run. With a fixed rate loan you can increase your regular repayments by up to 20% above the minimum repayment set in your loan agreement at any time without prepayment costs (unless a higher regular repayment amount was agreed before the start of your fixed rate period). And if you've selected a floating rate loan you have the flexibility to increase your repayments to any amount at any point you choose. 

Watch the savings add up

Example: $500,000 home loan at 3.69% p.a. for an initial term of 30 years.

Pay more each fortnight: just an extra $50 a fortnight above the minimum repayment.

Result: save over $29,000 in interest costs and pay off your mortgage 2 years and 4 months early.

Repay the same amount when interest rates drop.

If you're refixing your home loan at a lower interest rate and you keep your repayments the same, you’ll pay your loan off faster. It’s the same if you have a Choices Floating or Choices Floating with Offset Home Loan and the interest rate drops - if you keep your repayments the same, you'll pay your loan off faster.

More of each payment goes towards repaying the principal, which pays off the outstanding balance faster and reduces your overall interest costs.

Pay off lump sums.

Use a lump sum to reduce the outstanding balance on your home loan. If you're on a floating rate loan, you can pay back all or part of your loan at any point over the term without incurring prepayment costs. Learn more about early repayments for fixed rate home loans.

Watch the savings add up

Example: $500,000 home loan at 3.69% p.a. for an initial term of 30 years.

Pay off a lump sum: pay $30,000 to reduce your home loan balance.

Result: save over $20,000 in interest costs.


Find the best option for you with our home loan calculators.

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Things you should know.

Interest rates are subject to change without notice. Westpac's home loan lending criteria, terms and conditions apply. A low equity margin may apply.

Documents and fees

View terms and conditions for all our home lending products here.