The end of the fixed rate period on your home loan is a great time to review your home loan needs. We will be in touch 60 days before the end date to prompt you to have a think about the best solution for you.
At this point in time you will be able to choose from a couple of options:
If you’d like to see what your repayments might be with a different home loan option try our handy Mortgage Payment Calculator.
Re-fix your loan with Choices Fixed and enjoy peace of mind about the amount of your ongoing home loan repayments. As you already know, a fixed rate is great if you want to set your repayments and know they’re not going to change during the fixed term.
With Choices Floating your rate increases and decreases in line with the market and you’ll have the flexibility to pay lump sums off your home loan or increase your regular payments at any time without any additional costs.
If you’d like the best of both worlds, you might want to consider our Split Home Loan option which allows you to split your loan between fixed and variable rates. By having a portion of your loan on our floating rate, you have the flexibility to pay lump sums on this part at any time without any additional cost. And by fixing the remainder of your loan, you continue to have the security of paying the same each month on that portion.
Our Choices Offset loan option lets you use the balance of your eligible Westpac transaction and savings accounts to ‘offset’ against your floating home loan. It could save you in interest payments and cut years off your home loan.
If you'd like to talk to someone about your options or set up a time to meet one of our home loan specialists in-branch, give us a call on 0800 336 933. Or if you prefer, you can email us at fixed_rate_renewal@westpac.co.nz to discuss what you would like to do as the fixed rate portion on your home loan ends.