Home loans
We have a range of competitive home loan interest rates for our fixed, floating and offset home loan options.
Here's a summary of our current home loan rates as at 22 April 2018. All rates are subject to change without notice.
| Home Loans - Interest Rates | |
| Home loan option | Rate |
|---|---|
| Choices Floating |
5.95% p.a. Salary credit to a Westpac transaction account required. |
| Choices Everyday Floating | 5.95% p.a. |
| Choices Offset Floating | 5.95% p.a. Salary credit to a Westpac transaction account required. |
| Choices Fixed | 5.25% p.a. for 6 months |
| 4.99% p.a. for 1 year | |
| 4.39% p.a.*special rate for 1 year - special* | |
| 5.15% p.a. for 18 months | |
| 4.65% p.a.*special rate for 2 years - special* | |
| 5.19% p.a. for 2 years | |
| 4.94% p.a.*special rate for 3 years - special* | |
| 5.44% 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 | |
| Choices Capped^ | 5.26% p.a. for 1 year |
| 5.36% p.a. for 2 years | |
^Effective 21 November 2017 Choices Capped will no longer be available as an account option. Existing customers may continue on Choices Capped until the end of their Capped Rate Period.
Home Loan Base Rates# for Choices Fixed
The base rate for Choices Fixed is the same as the Choices Fixed interest rate disclosed above for the applicable term of your loan as stated in your loan summary. At any time your loan is not on the Annual Fixed Interest Rate, the Annual Floating Interest Rate will apply.
The formula for calculating the Annual Floating Interest Rate is: (the Base Rate x the modifier (if any)) plus the margin (if any).
#Westpac NZ may change the Base Rate, replace it with a new Base Rate, or change the modifier (if any) or the margin from time to time.
Please note that:
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.
For existing Home loan customers you can find your current rate in your home loan summary, online bank account or contact Westpac for further information.
Want to lock it in?
With Westpac you can lock in your fixed 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 have a good idea of 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 one other Westpac NZ 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.
^Conditional approval requires a credit check and confirmation of the details provided in your application. Other conditions may also apply depending on the nature of your application.
You can find all other home loan fees here including any failed payment fees.
An additional default interest rate of 5% p.a for Choices Home Loans will be applied to balance in arrears.