Westpac Home Loans Review & Comparison

Founded in 1817 as the Bank of New South Wales, Westpac is one of Australia’s Big Four banks.

Westpac has a range of fixed and variable home loans, split loans and construction loans for first home buyers, second homes and property investors.

Westpac home loan products cover the range from 'no frills' basic home loans to packaged premium offerings. All loans come with redraw with no fees, unlimited or high extra repayments, flexible repayment terms and periodic market leading interest rates. Some loans come with high or 100% offset accounts.

Formerly, preferred groups of low-risk professional borrowers, like lawyers, accountants, sports professionals and others would get special terms including LMI waivers on home loans and investment loans, but this preferential treatment has recently been restricted to medical professionals only.

Westpac still has a full choice of loans for self-employed people.

Product offerings

Here’s a summary of Westpac home loans for first home buyers, second home buyers and property investors:

Westpac’s Flexi First Option Home Loan

No frills home loan
Suitable for smaller loan sizes
Loan application fee may be waived
No annual or monthly fees
No offset account
Unlimited extra repayments
Redraw with no redraw fee or minimum amount
Cashback incentive offered to successful refinance loan applicants from time to time

Variable with offset loans

Westpac’s Rocket Repay home loans and investment loans are full-featured home loans when combined with the Premier Advantage Package.

A 100% offset account and competitive interest rates
Best for larger loan sizes
Unlimited extra repayments
Option for a fixed interest portion (split loan)
Redraw with no redraw fee or minimum amount
No monthly fees
Fee discount or waiver on other Westpac products (e.g. credit card)
Cashback incentive offered to successful refinance loan applicants from time to time
Package fee applies

Westpac’s 1-5 year fixed home loans

Repayment won’t change during fixed term
$30,000 extra repayment limit during fixed term
Redraw with no redraw fee or minimum amount
No loan establishment/application fee
No monthly fees
Fee discount or waiver on other Westpac products (e.g. credit card)
Cashback incentive offered to successful refinance loan applicants from time to time
Package fee applies

Westpac investment property loans

Fixed rate, variable rate and split loans and a line of credit available
Interest rate discounts for eligible investors who pay 12 months interest in advance on fixed rate loans
Cashback incentive offered to successful refinance loan applicants from time to time
Full online property reports
Property investing guides
Package fee applies

Record on rate cuts

Westpac responded to recent RBA rate cuts by reducing its home loan interest rates. In March 2020 it reduced its variable interest rates, and in November 2020 it reduced fixed interest rates.