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 17 January 2021. 

Home Loans - Interest Rates (All rates are subject to change without notice)
Home loan optionRate
Choices Floating
4.59% p.a.¹
Choices Everyday Floating 4.69% p.a.
Choices Offset Floating 4.59% p.a.¹

¹Salary credit to a Westpac transaction account required

Choices Fixed 4.15% p.a. for 6 months
2.29% p.a.*special rate  for 1 year - special*
2.89% p.a. for 1 year
 3.25% p.a. for 18 months
2.69% p.a.*special rate  for 2 years - special*
3.29% p.a. for 2 years
2.79% p.a.*special rate  for 3 years - special*
3.39% p.a. for 3 years
2.99% p.a.*special rate  for 4 years - special*
3.59% p.a. for 4 years
2.99% p.a.*special rate  for 5 years - special*
3.59% p.a. for 5 years


Home Loan Base Rates# for Floating rates (Choices Floating, Choices Offset and Choices Everyday)
The following base rates are listed for disclosure purposes. For more information on Base Rates and to see which rate applies to your loan, see your loan terms and conditions.
Residential Base Rate 4.59% p.a.
Transactional Base Rate 4.69% p.a.
Housing Base Rate 4.59% p.a.


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 book it in?

With Westpac you can book 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 fixed rate eligibility criteria: minimum of 20% equity, plus salary credit to a Westpac transaction account, to be 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.