Ways to reduce payments.

Extend your loan term

Extending your loan term up to a maximum of 30 years can reduce repayments however, this could mean that you will end up paying more interest over the life of the loan.

Reduce repayments for a time

If your regular repayments are currently higher than the minimum required, you could reduce them to your minimum. However, you will pay more interest over time and it will take you longer to pay off the unpaid balance.

Apply for interest only

Paying just the interest and not the principal could result in your repayments reducing. Note that the principal of your loan won't decrease while on interest only and it will take you longer to repay your loan. This option is only available for a maximum of 3 years for an owner-occupied property (or a maximum of 5 years for an investment property). Standard lending criteria apply.

Consider a repayment holiday

If you are eligible, you could consider pausing your repayments for a short period of time. However, this will mean you will end up paying more in interest over the life of your loan. Your minimum repayments may increase at the end of the agreed period or you might be able to extend the term of your loan. Do get in touch to discuss what option will best suit you.


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Things you should know.

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.