Westpac Banking Corporation is Australia's oldest bank, established in 1817, and one of the Big Four. Headquartered in Sydney, it operates four lending brands (Westpac, St.George, Bank of Melbourne, BankSA) on a shared loan engine. Its Premier Advantage Package is the long-running offset bundle across the group's four brands.
What are Westpac home loan rates?
Westpac home loan rates are in the live table on this page, ranked by comparison rate, with the lowest variable rate currently 6.39% p.a. and the lowest fixed rate currently 6.54% p.a., checked daily (last verified 11 Sept 2026). Compare Westpac against the wider market on home loan rates, check the comparison rate used to rank the table, or model extra payments with the extra repayments calculator.
What is the lowest Westpac home loan rate?
The lowest Westpac variable home loan rate Ratesniffers tracks is 6.39% p.a., and the lowest fixed rate is 6.54% p.a. These figures come from the 48 Westpac products on this page that pass data-quality checks, ranked by comparison rate, checked daily (last verified 11 Sept 2026).
How many home loan products does Westpac offer?
Ratesniffers currently tracks 364 Westpac home loan products across variable, fixed and interest-only options for owner-occupiers and investors, and ranks the 48 that pass our data-quality checks on this page. Every rate is ranked by comparison rate, the ASIC-mandated figure that folds in most fees, so the genuinely cheapest products sit at the top.
What are Westpac fixed home loan rates?
Westpac's lowest verified fixed home loan rate in Ratesniffers' listed-lender panel is 6.79% p.a. (7.90% comparison rate) for an owner-occupier principal-and-interest loan at 80% LVR, sourced as of 27 August 2026. Fixed terms can include break costs and repayment limits. Compare the available terms in our fixed home loan rates table.
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is based on a loan of $150,000 over a term of 25 years.
*Important Information and Comparison Rate Warning
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is based on a loan of $150,000 over a term of 25 years.
The information provided on this site is general in nature and does not take into account your objectives, financial situation or needs. Before acting on any information, consider whether it is appropriate for you and read the relevant Credit Guide and lender disclosures.
Who is Westpac?
Westpac is Australia's oldest bank, founded in 1817 as the Bank of New South Wales and one of the country's big four alongside Commonwealth Bank, ANZ and NAB. It took the Westpac name in 1982 after merging with the Commercial Bank of Australia in what was then Australia's largest bank merger, and it now holds close to a fifth of the national home loan market.
The wider Westpac Group also owns St.George Bank, Bank of Melbourne and BankSA as separately branded lenders, each pricing its own product range, so it is worth comparing across the group rather than assuming Westpac itself is the sharpest deal. In November 2025 Westpac extended its moratorium on closing regional branches through to 2030, alongside a new mobile-banker pilot visiting regional New South Wales towns that do not have an existing branch.
Who suits a Westpac home loan?
Westpac tends to suit borrowers who want big-four scale and product breadth with an extended commitment to regional branch access, and those who might find a sharper deal from one of its other group brands (St.George, Bank of Melbourne or BankSA) depending on where they live. Its headline and package rates don't always lead the market though, so compare its comparison rate against the sharpest in the table above before assuming size means the best price.
Background facts checked 5 September 2026. Rates above refresh independently.
Westpac home loan products explained
The line-up as published by Westpac, checked 5 September 2026. Today's rate for each product is in the table above.
Product
Who it is for
What to know
Flexi First Option Home Loan
Owner-occupiers and investors who want a basic variable loan with no ongoing fees.
No offset account, unlimited extra repayments, free redraw, $0 establishment fee and $0 monthly fee, maximum 80% LVR. Not available to company or trust borrowers, or for bridging, construction or internal refinances.
Rocket Repay Home Loan
Borrowers who want offset accounts and the option to fix part of the loan.
Up to 10 full offset accounts per loan, unlimited extra repayments, option to fix a portion, $600 establishment fee and $8 monthly fee unless packaged.
Fixed Rate Home Loan
Owner-occupiers and investors who want repayment certainty.
Fixed terms from one to five years, can be packaged under the Premier Advantage Package.
Premier Advantage Package
Borrowers with more than $150,000 in eligible lending who want Rocket Repay or fixed loans bundled.
$395 annual fee covering every packaged loan regardless of count, waives the lending establishment fee and monthly loan account fees, package discounts on loans over $150,000.
Westpac fees, offset and limits at a glance
Application or establishment fee
Refer to Westpac
Discharge fee
$250
Settlement fee
$0
Additional valuation fee
$165
Rate lock fee
0.10% of loan amount. Rate Lock not available for construction loans.
Loan portability
Up to $350 per move
Offset account
Rocket Repay Home Loan (Owner Occupied) and Rocket Investment Loan (Investors). 100% offset
Minimum offset balance
> $0
Lenders mortgage insurer
ARCH Lenders Mortgage Insurance
Capitalising LMI
Owner Occupied: 95% (90% for refinances) for Owner Occupied inclusive of capitalised LMI.…
Maximum total lending
Based on serviceability
Extra repayments on fixed
$30k for fixed term. Able to redraw additional payments made during fixed rate term with no redraw fee.…
When the fixed rate is locked
Rate set at settlement but can pay fee to fix. Rate Lock not available for construction loans.
Checked 4 Sept 2026. Lender fees and policy change without notice, so confirm the detail with the lender before you apply.
Westpac home loan fees and policy
Flexi First Option carries a $0 establishment fee and $0 monthly loan account fee; the only standard upfront charge listed is a $100 document processing fee.
Rocket Repay lists a $600 establishment fee and an $8 monthly account fee, both waived under the $395 a year Premier Advantage Package, which also covers fixed rate loans however many loans you hold.
Westpac is a participating lender in the Australian Government 5% Deposit Scheme: eligible first home buyers from a 5% deposit and eligible single parents from 2%, owner-occupier principal and interest loans only, with no LMI.
Outside the scheme, Westpac lends from a 5% deposit with LMI on principal and interest loans, up to 95% LVR for eligible applicants, offers a Family Security Guarantee, and waives LMI up to 90% LVR for eligible registered nurses, midwives and listed allied health professionals earning at least $90,000 a year (the threshold can be met jointly where both applicants qualify), and up to 95% LVR with no income floor for eligible doctors and dentists.
Investors can take interest-only repayments for up to 15 years, against 5 years for owner-occupiers, capped at 80% LVR.
Westpac home loan rates are in the live table on this page. The lowest variable rate Ratesniffers ranks is currently 6.39% p.a., and the lowest fixed rate is 6.54% p.a., checked daily (last verified 11 Sept 2026). Compare Westpac against the wider market at /home-loans. The /guides/comparison-rate explains the fee-inclusive figure used to rank the table. To model extra payments on a Westpac balance, use /calculators/extra-repayment.
What is the lowest Westpac home loan rate?
Westpac's lowest variable home loan rate is currently 6.39% p.a., and its lowest fixed rate is 6.54% p.a., based on the 48 Westpac products Ratesniffers ranks by comparison rate, checked daily (last verified 11 Sept 2026). The advertised rate isn't always the rate Westpac approves, a broker can often negotiate a sharper deal on your scenario.
What is the monthly repayment on a $600,000 Westpac home loan?
At Westpac's lowest variable rate of 6.39% p.a., a $600,000 principal and interest loan over 30 years repays about $3,749 a month, and $500,000 about $3,124. That is an estimate at the advertised rate before fees; the comparison rate in the table above carries the fees, and a fixed or interest-only loan repays differently.
How much do you need to earn for a $500,000 Westpac home loan?
There is no single salary. Like every Australian lender, Westpac must assess a new home loan at a rate at least 3 percentage points above the loan's rate under APRA's serviceability buffer, so 6.39% p.a. is assessed at about 9.39% p.a., then test that repayment against income after living expenses and other debts. The income required calculator at /calculators/income-required works this backwards from a property price and deposit.
How does Westpac's home loan rate compare to the market?
Westpac's lowest variable home loan rate today is 6.39% p.a., which is 15 basis points above the market median of 6.24% p.a., so there are sharper variable rates available elsewhere today, and it's worth comparing or asking Westpac to match a lower rate. This is computed daily from the live rates across the lenders Ratesniffers tracks, so it reflects where Westpac sits right now rather than a fixed snapshot.
How many home loan products does Westpac offer?
Ratesniffers currently tracks 364 Westpac home loan products across variable, fixed and interest-only options for owner-occupiers and investors, and ranks the 48 that pass our data-quality checks on this page. Every rate is checked daily against each lender's current published pricing and ranked by comparison rate, the ASIC-mandated figure that folds in most fees, so the genuinely cheapest loans sit at the top.
Is Westpac competitive for refinancing?
It depends on your loan size and LVR. Westpac's lowest comparison rate is currently 6.85% p.a., worth checking against the wider market before you switch. On a $500,000 loan, even a 0.30% p.a. difference is about $100 a month, so comparing Westpac against the sharpest available rate usually pays off.
How often are Westpac's home loan rates updated?
Ratesniffers refreshes Westpac's home loan rates daily; this page was last updated 11 Sept 2026. Rates can change whenever Westpac reprices or the RBA moves the cash rate, so the figures shown reflect the most recent data we hold rather than a static snapshot.
How long does Westpac take to approve a home loan?
Westpac says an online application takes 10 to 20 minutes and pre-approval (conditional approval) can be issued within 1 business day. It lasts 90 days and can be extended a further 90 days if your finances have not changed. Full approval follows a property valuation and final checks; Westpac does not publish a set timeframe for that step.
What fees does Westpac charge to set up or discharge a home loan?
Westpac charges a $100 document processing fee, and a $600 lending establishment fee on Rocket Repay, fixed and bridging loans; the establishment fee is $0 on Flexi First Option and on packaged loans. The loan discharge fee is $350 per settlement activity. There are no Westpac fees for extra repayments on variable loans, redraw or loan switching.
Does Westpac lend to self-employed borrowers, and what income evidence does it accept?
Yes. Westpac offers self-employed borrowers the same home loans and rates as salary earners. Its Fast Track assessment needs only your last 2 years of personal ATO Notices of Assessment plus a 20% deposit. Otherwise Westpac uses a 1 year or standard 2 year assessment based on business and personal tax returns, Notices of Assessment and financial statements.
Is Westpac part of a larger banking group, and who owns it?
Westpac is the head of its own banking group rather than a brand of another bank. The licence holder is Westpac Banking Corporation (ABN 33 007 457 141, AFSL and Australian credit licence 233714), one of four major banking organisations in Australia. The Westpac Group's brands comprise Westpac, St.George, Bank of Melbourne, BankSA and BT, serving over 12.7 million customers.
Does Westpac offer construction loans?
Yes. Westpac offers a construction option on its Flexi First Option, Rocket Repay and Fixed Options home loans. Funds are drawn down in stages (slab, frame, lockup, fit out, completion), interest is charged only on the amount drawn, and interest only repayments are available during construction. Westpac charges no progress draw fees, though valuer fees for inspections may apply.
Does Westpac offer bridging loans?
Yes. Westpac's bridging loan is an interest only owner occupier loan of up to 12 months, to buy a new home before selling your current one. No repayments are due during the bridging period; interest is capitalised. It carries a $600 establishment fee, $100 document processing fee and $8 monthly account fee, and is not available for investment property purchases.
What are Westpac's home loan rates in September 2026?
Westpac's current home loan rates are in the live table above, ranked by comparison rate and refreshed from Westpac's published pricing rather than frozen into this answer. Flexi First Option, Rocket Repay and Fixed Rate loans price differently by LVR band and borrower type, so compare the comparison rate, which includes the Premier Advantage Package fee where it applies.
What is Westpac's variable rate home loan?
Westpac has two variable loans. Flexi First Option is the basic option: no offset, unlimited extra repayments, free redraw, $0 establishment and $0 monthly fees, up to 80% LVR. Rocket Repay adds up to 10 full offset accounts and the option to fix part of the loan, with its $600 establishment and $8 monthly fees waived under the Premier Advantage Package.
What are Westpac's investment loan rates?
Westpac's investor rates are in the table above; use the investor view linked below to see only those rows. Investors can choose Flexi First Option, Rocket Repay or a one to five year fixed rate, and can take interest-only repayments for up to 15 years, against 5 years for owner-occupiers, capped at 80% LVR. Investor pricing is set separately from owner-occupier pricing.
Can I get a Westpac home loan with a 5% deposit?
Yes. Westpac is a participating lender in the Australian Government 5% Deposit Scheme, so eligible first home buyers can apply from a 5% deposit and eligible single parents from 2%, with no LMI, on an owner-occupier principal and interest loan. Outside the scheme, Westpac lends from a 5% deposit with LMI, and waives LMI up to 90% LVR for eligible registered nurses, midwives and listed allied health professionals with at least $90,000 a year in income, and up to 95% LVR for eligible doctors and dentists.
Does Westpac charge an annual fee on home loans?
Only under the Premier Advantage Package, which costs $395 a year and covers every packaged Rocket Repay and fixed rate loan you hold, waiving the $600 establishment fee and $8 monthly fee in return. Flexi First Option has no package, no establishment fee and no monthly fee, so its comparison rate carries fewer costs. Compare both in the table above.
