Choices Capped

We no longer offer Choices Capped as a Home Loan option. If you already have a Choices capped home loan, nothing will change with your account.


Key benefits

  • never pay more than your ‘capped’ rate even if rates rise
  • you can pay off some or all of your loan whenever you like without incurring any additional costs
  • you can increase your regular repayments at any time without break costs
  • mix and match your Capped loan with Choices Fixed or Floating rates and/or a Choices Everyday floating loan to create a loan that’s individual to you
  • choose the repayment structure that works best for you – Table, Reducing or Interest only


Features in detail
Capped interest rate 5.26% p.a. for 1 year The interest rate can go up or down – but it can’t go over a maximum set rate for the capped rate term. It gives you some certainty about payments and you won’t get caught on a high rate if rates go down.
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 x
Transactional Loan (Revolving Credit) x  
Transfer of property     You may be able to take your home loan with you if you move to another property.

$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 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     A capped loan allows you to increase 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 Rates

Home Loans - Capped Interest Rates
Home loan optionRate
Choices Capped 5.26% p.a. for 1 year
5.36% p.a. for 2 years

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.

These rates may differ for existing Westpac home loan customers. Please contact Westpac for further information.

Want to lock it in?

With Westpac you can lock in your fixed or capped rate for up to 60 days when you apply for your loan (once you have your draw down date sorted). It doesn’t cost any extra to take up, and it means any change in the interest rate during that period won’t affect you. Westpac also offers conditional approvals so you'll know what you can afford to spend. A fee may apply to break or change a rate lock agreement.

View all our home loan interest rates here

Loan terms and conditions

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

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