Home Loans terms, fees and rates
Terms
Fees
Here you'll find the fees for your Westpac home loan. Interest rates and fees are current as at 21 January 2021 and are subject to change without notice. Some other service fees may apply from time to time.
Choices Everyday Account - Fees
Note: Other service fees may still apply. Fee exemptions available for superannuitants.
Fee type Fee amount Account maintenance fee
$5.00 per month
Electronic transactions
EFTPOS, Westpac ATM transfers/withdrawals, automatic payments once set up (service fee applies to set up or amend), direct debits/credits, bill payments, online and phone banking paymentsFree
Manual transactions
Cheques, Westpac ATM deposits, deposits and withdrawals at a branchFree
Choices Home Loan Account - Fees
Note: Other service fees may still apply.
Fee type Fee amount Electronic transactions
EFTPOS, Westpac ATM transfers/withdrawals, automatic payments once set up (service fee applies to set up or amend), direct debits/credits, bill payments, online and phone banking paymentsFree per transaction
Manual transactions
Cheques, Westpac ATM deposits, deposits and withdrawals at a branch. (Fee amount is up to a maximum of $5 per monthly charge)$2.50 per transaction
Home lending - Service fees
Fee type Fee amount Establishment fee
$250 A higher fee may apply if the application is accepted but does not meet the standard lending criteria. per loan
Construction Loan Establishment Fee
$250 A higher fee may apply if the application is accepted but does not meet the standard lending criteria. per loan
Documentation fee
For redocumented loans, loan variations and top-ups of Choices home loans$125 Not applicable to Choices Home Loan (construction loan). per loan
Temporary loan limit increase (Choices Everyday)
$9 on approval
Interest Rates
Here's a summary of our current home loan rates as at 21 January 2021. All rates are subject to change without notice.
¹Salary credit to a Westpac transaction account required Home Loan Base Rates# for Choices Fixed #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. 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.Home Loans - Interest Rates (All rates are subject to change without notice)
Home loan option Rate Floating: Choices Floating
4.59% p.a.¹
Choices Everyday Floating
4.69% p.a.
Choices Offset Floating
4.59% p.a.¹
Fixed: 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
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).Want to book it in?
An additional default interest rate of 5% p.a for Choices Home Loans will be applied to balance in arrears.