Get peace of mind about the amount of your ongoing home loan repayments. Fix your interest rate and it will stay the same for the fixed rate term even if interest rates in the market change.
Please note:
Extra costs are likely to be incurred if you pay back all or part of your fixed interest rate loan early. Find out more about fixed interest rate prepayment (break) costs.
| Features | ||
| 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 | ✔ | With a fixed interest loan you'll need to wait to the end of the fixed term to re-draw any funds. |
| Transactional Loan (Revolving Credit) | X | |
| Transfer of property | ✔ | You may be able to take your home loan with you if you move property, meaning you won’t have to break your fixed rate and incur prepayment (break) costs |
| Top-up | $5,000 or more | You can apply to top up your loan by $5,000 or more at any time during your loan term. |
| 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 loan itself. |
| Flat / Reducing | ✔ | With a reducing loan you pay a set amount off the loan each time plus the interest you owe. So your payments are a lot higher at the start than later on. |
| Increase Regular Repayments | By up to 20% of your minimum repayment |
With Westpac fixed rate loans you can increase your regular loan repayment by up to 20% of the minimum repayment at any time during the fixed period – this means if your income increases you can choose to pay more towards your loan, saving you interest. |
| 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 | But fixed rate prepayment (break) costs are likely to apply |
If you choose to make a lump sum payment on your fixed rate loan before the fixed rate term ends you are likely to incur prepayment (break) costs |
| Home Loans - Fixed Interest Rates | |
| Home loan option | Rate |
|---|---|
| Choices Fixed | 5.25% p.a. for 6 months |
| 4.99% p.a. for 1 year | |
| 4.59% p.a. for 1 year - special* | |
| 5.15% p.a. for 18 months | |
| 4.85% p.a.*special rate for 2 years - special* | |
| 5.29% p.a. for 2 years | |
| 5.09% p.a.*special rate for 3 years - special* | |
| 5.59% p.a. for 3 years | |
| 5.89% p.a. for 4 years | |
| 5.59% p.a.*special rate for 5 years - special* | |
| 6.09% p.a. for 5 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 from the rates existing Westpac home loan customers may have previously agreed with Westpac. Please contact Westpac for further information.
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.
*Special 1, 2, 3 and 5 year fixed rate eligibility criteria: minimum of 20% equity, salary credit to a Westpac transaction account plus a Westpac credit card or a specified Westpac insurance product**, to be approved or issued prior to drawdown date. These special fixed interest rates cannot be used in conjunction with any other Westpac home loan offers or discount packages, including previously negotiated offers, legal fee contributions or the Westpac Choices Home Loan with Airpoints™. These special fixed interest rates do not apply to loans for business or investment purposes.
Westpac's current credit card lending criteria apply to all applications and transfers. Westpac credit card Conditions of Use apply to the applicable card.
**Specified Westpac Insurance product to be one of the following:
Westpac insurance products are arranged by Westpac New Zealand Limited (“Westpac”) and underwritten by various insurance companies. Neither Westpac Banking Corporation nor Westpac guarantee the obligations of any insurer, or insurance product. Westpac will receive commission payments as a result of the arrangement of insurance products.
Terms, conditions, exclusions and limits apply and more detail can be found in the relevant policy document. The availability of any insurance cover is subject to the acceptance and approval of a completed application.
View and/or download our terms and conditions for our Choices Fixed account below:
View and/or download terms and conditions for all our consumer lending products here.