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.

Fee type	Fee amount
Choices Everyday Account - Fees
Note: Other service fees may still apply. Fee exemptions available for superannuitants.
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 payments	Free
Manual transactions Cheques, Westpac ATM deposits, deposits and withdrawals at a branch	Free

Fee type	Fee amount
Choices Home Loan Account - Fees
Note: Other service fees may still apply.
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 payments	Free 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

Fee type	Fee amount
Home lending - Service fees
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

More about Home Loans

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.

Home loan option	Rate
Home Loans - Interest Rates (All rates are subject to change without notice)
Floating:
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}

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

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.

An additional default interest rate of 5% p.a for Choices Home Loans will be applied to balance in arrears.