Fixed home loan rates

Compare fixed home loan rates starting from 1.69% and start saving money on your mortgage today.

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This article was fact-checked and reviewed by , accredited and award-winning finance broker and industry mentor. Content has been updated for 2021.

With fixed rate home loans the lowest they've ever been, this is your opportunity to slash your mortgage and pay less for your home. Our detailed guide to fixed home loan rates helps you understand the potential risks to consider and how to compare some of the best fixed home loan rates on offer.

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Compare fixed rate home loans

$
years
Name Product Interest Rate (p.a.) Comp. Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment
HSBC Fixed Rate Home Loan Package
1.88%
2.86% p.a.
$0
$390 p.a.
80%
$546.6
$3,288 refinance cashback offer
Lock in a low fixed rate for 2 years and buy your home with a 20% deposit. Eligible refinancers borrowing $250,000 or more can get a $3,288 cashback. Terms and conditions apply.
UBank UHomeLoan Fixed
1.75%
2.31% p.a.
$0
$0 p.a.
80%
$537
Limited time offer.
Fix your mortgage for 1 year with a very competitive rate and no ongoing fees. Apply by 30 June 2021 and settle within 90 days to get this low rate.
Westpac Fixed Option Home Loan Premier Advantage Package
1.99%
3.48% p.a.
$0
$395 p.a.
95%
$554.81
Up to $3,000 refinance cashback.
Lock in a low fixed rate for 2 years and buy your home with a 5% deposit. Eligible borrowers refinancing $250,000 or more can get up to $3,000 cashback. Other conditions apply.
Greater Bank Great Rate Fixed Home Loan
1.69%
3.49% p.a.
$0
$0 p.a.
110%
$532.6
Get one of the lowest rates on the market with this fixed rate mortgage. NSW, QLD and ACT residents only.
UBank UHomeLoan Fixed
1.85%
2.24% p.a.
$0
$0 p.a.
80%
$544.38
A competitive fixed rate loan with no ongoing fees. Requires a 20% deposit.
Australian Unity Health, Wealth and Happiness Package Fixed Home Loan
1.89%
2.77% p.a.
$0
$399 p.a.
70%
$547.35
Up to $2,000 cashback.
With a 30% deposit or equity, get access to an 0.10% rate cut and big discounts on credit cards and health insurance. You may qualify for up to $2,000 cashback (Terms, conditions and exclusions apply).
Suncorp Home Package Plus Fixed
1.89%
2.85% p.a.
$0
$0 p.a.
80%
$547.35
Lock in a low fixed rate for 2 years. Available with a 20% deposit. Eligible new borrowers can get the annual package fee reimbursed for the life of the loan.
Well Home Loans Balanced Fixed Home Loan
1.89%
2.18% p.a.
$250
$0 p.a.
90%
$547.35
Owner occupiers can get a sharp fixed rate for the first year, plus an offset account. Available with a 10% deposit.
Australian Unity Health, Wealth and Happiness Package Fixed Home Loan
1.99%
2.91% p.a.
$0
$399 p.a.
80%
$554.81
Up to $2,000 cashback.
Borrowers with min. 20% deposits or equity are eligible for this ultra-low rate loan, packed with features. You may qualify for up to $2,000 cashback (Terms, conditions and exclusions apply).
Mortgage House Fix and Save
1.99%
3.19% p.a.
$600
$395 p.a.
95%
$554.81
Lock in a competitive rate for 3 years. Available with a 5% deposit.
Greater Bank Great Rate Fixed Home Loan
1.79%
3.35% p.a.
$0
$0 p.a.
80%
$539.94
A discounted 2 years fixed rate for home buyers. Available with just a 10% deposit. Guarantor option available. NSW, QLD and ACT residents only.
Newcastle Permanent Building Society  Premium Plus Package Fixed Rate
2.09%
3.58% p.a.
$0
$395 p.a.
80%
$562.33
$2,000 cashback for eligible refinancers borrowing $250,000 or more.
Macquarie Bank Basic Fixed Home Loan
2.09%
2.32% p.a.
$0
$0 p.a.
70%
$562.33
Get a low interest rate and a mortgage with flexible, basic features. No application or ongoing fees. Requires a 30% deposit. Refinancers can switch with a convenient digital application.
Virgin Money Reward Me Fixed Rate Home Loan
1.98%
2.66% p.a.
$300
$10 monthly ($120 p.a.)
80%
$554.06
$3,000 refinance cashback.
Buy your home and lock in a low rate for the first two years. Get a $3,000 cashback when you switch to Virgin Money with a loan amount of $300,000 or more with an LVR up to 80%. You must apply by 29 August 2021 and settle by 26 November 2021.
loans.com.au Fixed
1.99%
2.70% p.a.
$0
$0 p.a.
80%
$554.81
Home buyers can lock in this low fixed rate for three years. This loan also allows extra repayments. Requires a 20% deposit.
Mortgage House Advantage Investment
2.44%
3.11% p.a.
$0
$10 monthly ($120 p.a.)
80%
$589.12
This fixed investment loan has a 100% offset account. Principal-and-interest repayments. Requires a 20% deposit.
Well Home Loans Balanced Fixed Home Loan
1.95%
2.17% p.a.
$250
$0 p.a.
90%
$551.82
A low fixed mortgage with an optional 100% offset account. Not available for construction purposes.
UBank UHomeLoan Fixed
2.24%
2.33% p.a.
$0
$0 p.a.
80%
$573.72
A five year fixed rate offer with no ongoing bank fees.
ME Flexible Home Loan Fixed with Members Package
1.99%
3.33% p.a.
$0
$395 p.a.
80%
$554.81
Lock in a competitive rate for owner occupiers for two years. Comes with a 100% offset account.
St.George Fixed Rate Advantage Package
1.94%
3.40% p.a.
$0
$395 p.a.
80%
$551.07
Up to $4,000 refinance cashback
Borrowers with 20% deposits or equity can get this competitive fixed rate loan. Refinancers borrowing $250,000 or more can get up to $4,000 cashback (Other terms, conditions and exclusions apply).
Well Home Loans Balanced Fixed Home Loan
2.24%
2.27% p.a.
$250
$0 p.a.
90%
$573.72
A 2 year investor rate with principal and interest repayments. Optional offset account with a $10 monthly fee. Not available for construction purposes.
IMB Fixed Rate Home Loan
2.19%
2.98% p.a.
$449
$6 monthly ($72 p.a.)
95%
$569.91
Lock in a rate for one year and get the ability to make additional repayments for 12 months without penalty. Face-to-face consultations available for NSW and ACT customers. Available with a 5% deposit.
UBank UHomeLoan Fixed
1.99%
2.70% p.a.
$0
$0 p.a.
80%
$554.81
Limited time offer.
Investors can enjoy flexible repayments and an easy application process with this pioneering online lender. Apply by 30 June 2021 and settle within 90 days to get this low rate.
Bank of Melbourne Advantage Package Fixed Home Loan
1.94%
3.40% p.a.
$0
$395 p.a.
80%
$551.07
Up to $4,000 refinance cashback
Get a competitive home loan rate for two years. Requires at least a 20% deposit. Refinancers borrowing $250,000 or more can get up to $4,000 cashback (Other terms, conditions and exclusions apply).
IMB Fixed Rate Home Loan
1.97%
2.81% p.a.
$449
$6 monthly ($72 p.a.)
95%
$553.31
NSW and ACT customers only. 3 years fixed interest terms and free access to redraw facility online. Available with a 10% deposit.
Well Home Loans Balanced Fixed Home Loan
2.04%
2.17% p.a.
$250
$0 p.a.
90%
$558.56
A low 3 year fixed rate for home buyers. Add a 100% offset account with a $10 monthly fee. Not available for construction purposes.
Newcastle Permanent Building Society  Premium Plus Package Fixed Rate
2.19%
3.83% p.a.
$0
$395 p.a.
95%
$569.91
$2,000 refinance cashback
Enjoy a competitive rate with no application fee for this package loan. $2,000 cashback for eligible refinancers borrowing $250,000 or more.
ME Flexible Home Loan Fixed with Members Package
2.09%
3.27% p.a.
$0
$395 p.a.
80%
$562.33
Get a low 3 year fixed rate with a 100% offset account and package discounts.
UBank UHomeLoan Fixed
2.14%
2.35% p.a.
$0
$0 p.a.
80%
$566.11
A one year fixed rate offer with no ongoing bank fees.
BankSA Advantage Package Fixed Home Loan
1.99%
3.44% p.a.
$0
$395 p.a.
80%
$554.81
Up to $4,000 refinance cashback.
Fix to a low rate for two years and forget about rate rises. Refinancers borrowing $200,000 or more can get up to $4,000 cashback (Other terms, conditions and exclusions apply).
Macquarie Bank Basic Fixed Home Loan
2.19%
2.42% p.a.
$0
$0 p.a.
80%
$569.91
Borrow up to $750,000 with this basic 3 years fixed rate home loan. Refinancers can switch with a convenient digital application.
Well Home Loans Balanced Fixed Home Loan
2.29%
2.29% p.a.
$250
$0 p.a.
90%
$577.55
A competitive 3 year investor rate with principal and interest repayments. Optional offset account with a $10 monthly fee. Not available for construction purposes.
UBank UHomeLoan Fixed
2.24%
2.64% p.a.
$0
$0 p.a.
80%
$573.72
Pay no ongoing fees on this investment loan fixed for 3 years.
Newcastle Permanent Building Society Real Deal Home Loan
2.59%
2.63% p.a.
$595
$0 p.a.
80%
$600.83
$2,000 refinance cashback
$2,000 cashback for eligible refinancers borrowing $250,000 or more.
IMB Fixed Rate Home Loan
2.35%
3.33% p.a.
$449
$6 monthly ($72 p.a.)
90%
$582.16
NSW and ACT customers only. A 3 years fixed rate investor which allows extra repayments to be made.
Newcastle Permanent Building Society  Premium Plus Package Fixed Rate
2.39%
3.66% p.a.
$0
$395 p.a.
95%
$585.25
$2,000 refinance cashback
A two year fixed rate home loan with no application fees. $2,000 cashback for eligible refinancers borrowing $250,000 or more.
ME Flexible Home Loan Fixed with Members Package
2.19%
3.44% p.a.
$0
$395 p.a.
80%
$569.91
Fix your rate for the first year and take advantage of package benefits. Comes with a 100% offset account.
Heritage Bank Fixed Rate Home Loan
2.19%
4.23% p.a.
$600
$8 monthly ($96 p.a.)
95%
$569.91
Get a fixed rate for two years and borrow up to 95%.
UBank UHomeLoan Fixed
2.09%
2.60% p.a.
$0
$0 p.a.
80%
$562.33
Pay no ongoing fees on this competitive investment loan and fix your rate for 3 years.
ME Flexible Home Loan Fixed
2.64%
4.65% p.a.
$0
$0 p.a.
80%
$604.76
Lock in a competitive rate for 2 years, unlock package discounts and use a 100% offset account to minimise interest payments.
IMB Fixed Rate Home Loan
1.89%
2.87% p.a.
$449
$6 monthly ($72 p.a.)
95%
$547.35
NSW and ACT customers only. Lock in a low fixed rate for two years. Available with a 5% deposit.
Newcastle Permanent Building Society Fixed Rate Home Loan
2.29%
3.94% p.a.
$0
$0 p.a.
95%
$577.55
$2,000 refinance cashback
Borrow up to 95% LVR of the value of the property you're buying and pay no ongoing fees. $2,000 cashback for eligible refinancers borrowing $250,000 or more.
UBank UHomeLoan Fixed
2.09%
2.30% p.a.
$0
$0 p.a.
80%
$562.33
A competitive 3 year fixed rate with no ongoing bank fees.
Heritage Bank Advantage Package Fixed
2.39%
3.15% p.a.
$0
$350 p.a.
95%
$585.25
Get a partial offset account and flexible repayments with this package loan.
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Fixed rate home loans explained

When you take out a home loan to buy a home or investment property, you can choose between two interest rate types: fixed and variable.

While variable rates can rise and fall at the lender's discretion, fixed rates don't change during the "fixed" period – usually between one and five years, though it can be up to 10 years.

A few quick facts to keep in mind about fixed home loan rates:

  • Interest rate. Historically, fixed interest rate loans have typically been more expensive than variable rate loans, though this always depends on the specific loan and lender. In the first half of 2020, this trend began shifting and in 2021, the majority of lenders now offer fixed rate loans that are lower than variable rates.
  • Flexibility. A fixed rate mortgage is less flexible than a variable rate loan, because you are "locked in" to the loan for the time period that you signed up for. A fixed rate loan is a contract.
  • Extra repayments. You might not be able to make extra repayments on your loan, meaning you can't make headway on your loan principal by paying more than the scheduled repayment each month.
  • Break costs. If you want to sell the property or refinance to another loan whilst you're still in a fixed loan contract, the break fee you'll be charged for leaving the mortgage can be substantial – thousands, or even tens of thousands of dollars.
  • Features. If you have some savings behind you and you're looking for loan features like an offset account with your loan, then a fixed rate loan may not be suitable. Fixed rate loans with offset accounts are comparatively rare.

Are fixed rates cheaper than variable loans?

Right now, interest rates on fixed rate loans are cheaper than variable rates – but this may change.

If you decide to fix your rate, it means that if variable rates drop, your repayments won't change and you may have to wait to refinance and take advantage of a lower rate. But there are times when fixed rates go lower than variable ones. Look at the graph below.

In the later half of 2019 the most competitive fixed rates were equal to their variable counterparts. Now they're actually slightly cheaper or equal to variable rates. While this is a rare occurrence, it does happen.

If you decide to fix your interest rate, keep in mind that it is very difficult to "beat the bank". This is why the key thing to appreciate is that a fixed home loan rate is about balancing a good rate with certainty about set repayments. If you're happy with the rate and don't think you'll need to refinance or sell the property any time soon, then fixing may be a good move.

The benefits of fixing your loan

In the current market, the biggest benefit of fixing your home loan rate is the interest rate savings. Fixed rate loans are the lowest they've ever been, so it may be cheaper to fix your rate than go with a variable rate loan.

The next biggest advantage of a fixed home loan rate is that your repayments won't change. This can give you a sense of certainty around your repayments.

You can budget accordingly and know that your loan repayments will be consistent, until the fixed period ends.

If variable interest rates rise during the fixed rate period, you might end up with a better rate than the average. If they go lower, you may end paying a little more, but for some, this is a risk worth taking for the peace of mind of knowing their home loan is affordable and repayments won't change.

The disadvantages of fixing your loan

There are several risks and reasons why fixed interest rates are less popular in Australia, most of which we've already covered off on.

First of all, there are the limited features. Fixed rate loans don't have a lot of flexibility compared to variable rate mortgages, and most lenders don't offer fixed home loans with 100% offset accounts. This means if you have any savings, you won't be able to offset them against the interest you're paying on your mortgage.

Next is the potential for an expensive break cost, if you need to leave the loan for any reason. Refinancing, a new job, moving overseas, getting divorced: none of these reasons will give you a 'get out of jail free' card with your lender.

If you decide to break out of a fixed rate loan before the end of the specified term, you will be required to compensate the lender, based on how much they stand to lose on your loan. In some cases, they may stand to lose nothing (unfortunately, this doesn't mean you get a payout!)

However if they do stand to lose money, they will charge you accordingly. This can cost a few hundred or potentially thousands of dollars. Read this guide to learn more about breaking a fixed rate loan.

Lastly, there's the chance that interest rates could drop if you opt for a variable rate loan. If the RBA slashes the cash rate you could end up with a higher rate compared to variable home loans. Right now, the cash rate is the lowest it's ever been, so it's very unlikely the RBA can drop much lower. That's not to say lenders won't drop the variable rate of their own accord, though.

What happens when my fixed rate home loan ends?

When your home loan's fixed period ends, your loan will automatically switch to a variable loan with the same lender, and you'll pay the variable rate that the lender charges at the time.

There's no possible way to know what the variable rate will be one to five years into the future, but when you sign up for the loan, your bank will tell you their current revert rate. This is the variable interest rate that your fixed loan would switch to after the fixed period, if interest rates were to remain the same over that period..

The variable rate you end up paying may be higher or lower.

Importantly, once your fixed rate ends, you will be free to refinance your loan – at which point, you can choose whether to refinance to a lower variable rate, or sign up for another fixed rate period.

What happens if I want to end my fixed rate home loan early?

It may be possible to end your fixed rate loan contract early - however, there could be a hefty price to pay.

A fixed rate home loan is a legal contract between you and your lender, which guarantees that you'll repay a fixed amount of interest on a loan over a specified time period.

If you decide to break that contract by switching loans or lenders, or selling the property and closing the loan altogether, your existing lender will want to be compensated for any loss they incur.

Breaking a home loan during a fixed interest period can be expensive. It is calculated using a number of factors; learn how break costs are calculated here.

How do I compare fixed rate loans?

To find a good fixed rate product that may suit your needs, consider the following five important questions.

  1. How long do I plan to live here? Not sure whether you want to stay in your home long-term? Considering moving in the next 12-24 months? Or are you simply not sure what the future holds, and you don't want to be locked in? If there is any chance you may wish to sell the property during the fixed rate period, then think twice before signing up for the loan. Break costs can be very expensive.
  2. What are the interest rates on offer? For any home loan interest rate, a lower is obviously going to save you money. But as mentioned above, that's not the only consideration. If there's a chance you may need to sell the property or you're not sure of your plan in the next few years, it might be worth looking at variable rates to see if a competitive rate is on offer.
  3. Are there any other fees I need to know about? Another consideration is the fees and charges your lender charges. Always pay attention to a loan's fees, especially annual or ongoing fees. These can quickly add up and cancel out all the benefits of the lower interest rate.
  4. What fixed rate period should I lock in? Fixed rate borrowers have to choose between one-, two-, three-, four- and five-year fixed rates. Most loans give you multiple options, with different rates for each. Shorter fixed periods are typically lower, so one-year fixed rates are more competitive than five-year fixed rates.
  5. What are my short-term property goals? If you want to make extra repayments into your loan to chip away at the loan principal as quickly as possible, then a fixed rate loan may not be the best option, as extra repayments are often not allowed on these types of loans.
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What to ask your bank before fixing your home loan

Nancy Youssef's tips for fixed rate home loans
Nancy Youssef is an award-winning finance broker and mentor.

Nancy Youssef, founder of Classic Home Loans, says there are questions to ask your bank or lender when fixing your home loan.

"There may be partial offset accounts available with some lenders for fixed rates, and although they are not 100%, they can be partially offsetting your savings. This is a niche with some lenders and not available with the majority," she says.

"There are also lenders who do allow additional repayments on fixed rates. And if you need to reduce payments for a period of time to interest only instead of principal and interest, some lenders will do it quite quickly as a variation to the contract, whereas others (especially in the current landscape) will need this submitted as a new credit application. If your situation is a little complicated or out of the ordinary, a conversation with your broker or bank is a good idea."

Fixed versus variable rates: what are the differences?

Can fixing be cheaper even after paying break costs?

Breaking a fixed rate loan to refinance to a lower rate can be expensive. But if your repayments get significantly lower after ending your fixed rate loan, you could still end up saving money in the long run.

Let's look at a quick example. Say you have a 3-year fixed rate loan with one year left on the fixed period.

You fixed your rate at 3.90% and you have $400,000 remaining on your loan. The loan term is 30 years. Because fixed rates are lower now, your lender is offering a fixed rate of 2.40% for new borrowers.

You can use this lower rate to get a rough estimate of your loan break costs. The difference in your original fixed rate versus the current offer of 3.00% can stand in for the more complicated difference in funding costs. The basic break fee calculation is:

  • Loan amount ($400,000) x fixed period remaining (1 year) x rate difference % (0.60%) = $2,400

Keep in mind that this is an estimate only, and every lender has their own way of calculating break costs. A number of things are factored in, including

  • The length of the fixed rate term remaining
  • The value of the loan
  • The lender's current fixed rate offer
  • The current Bank Bill Swap Rate (BBSR)

Assuming that your break cost is $2,400, as per our example above. Now, consider the potential savings if you switched to a much lower rate from another lender, such as 2.19%. You'd save money in the long-run, even when paying the $2,400 break fee, because your repayments would be lower.

Old loanNew loan
Loan amount$400,000$400,000
Interest rate3.90%2.19%
Monthly repayment$1,886$1,516
Yearly savingN/A$4,440
Break cost$2,400$0
Saving minus break costN/A$2,040

In the first year after switching, you would save around $2,000 even after paying the break cost.

After the first 12 months, you'd save even more over the life of the loan, if the 2.19% interest rate is lower than the variable rate on offer at the time.

What is a split rate loan?

This could be the ideal solution, if you're not quite sure whether you should go for a fixed or a variable rate loan.

Many lenders allow you to split your loan into fixed and variable portions, which essentially lets you hedge your bets.

For instance, you could choose to lock in 70% of your loan to a fixed rate. The benefit of this is the lower interest rate and repayment certainty. You then attach the remaining 30% to a variable rate home loan. The benefit of this is that you can still access features like an offset account, to pay less interest based on your savings. Also, if you ever have to end your loan for any reason, the break cost will be lower as only 70% of the loan's value is fixed.

A split loan may be the best of both worlds. If you're still not quite sure which option is best for you, consider speaking to a mortgage broker for expert advice.

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    20 Responses

      Default Gravatar
      LaurenAugust 13, 2019

      Are there any banks that will loan to a single mother receiving parenting payment and Family tax benefits A & B as well as weekly child support. I also have 2 thirds of the total value of the property as a deposit so for me it is more financially viable than to continue renting?

        Default Gravatar
        NikkiAugust 14, 2019

        Hi Lauren,

        Thanks for your inquiry. There are home loan options for single parents like you. Most lenders will only accept certain types of Centrelink payments and may not take the whole amount of your payment so carefully review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.

        Regarding renting, this will ultimately depend on how your monthly income goes and how long you can afford to pay rent.

        A mortgage broker is the best person to reach out to see your options for home loans. They can give you a multitude of options according to your situation. In the meantime, to give you an idea of how your monthly repayments will go, you can use our home loan eligibility calculator.

        Hope this helps and reach out to us again for further assistance.

        Best,
        Nikki

      Default Gravatar
      MalkitMay 14, 2016

      I am already in fixed plan for 3 years. 1 and a half years have passed can I change my plan or my bank?

        Avatarfinder Customer Care
        MarcMay 16, 2016Staff

        Hi there,

        Thanks for the question.

        Borrowers can leave a fixed rate home loan early, but doing so can come with expensive break fees. You can read our fixed-rate home loan break costs guide to learn more.

        I hope this helps,
        Marc

      Default Gravatar
      WaleedJune 21, 2015

      if buying a brand new home in Brisbane ,do I still have to pay stamp duty? and iam a first home buyer

        Default Gravatar
        JodieJune 22, 2015

        Hi Waleed,

        Thanks for your inquiry.

        First home buyer schemes vary between each state and territory nationwide, you may use this article on your state-by-state guide to the First Home Owners Grant.

        Stamp duty is also something that varies by state and territory country-wide, please see our page on how to work out your stamp duty for further information.

        To get the most accurate information it would be best to contact your local state revenue service.

        Regards
        Jodie

      Default Gravatar
      SharonMay 4, 2015

      Just wanted to ask all the things that need to be considered when getting a home loan. The things I can think of are
      Application fee
      On going fees
      Off set accounts

      What other things are there.
      Sharon

        Avatarfinder Customer Care
        MarcMay 5, 2015Staff

        Hi Sharon,

        Thanks for the question.

        It’s great to see someone serious about home loan comparison.

        I would also add to this list:
        – Interest rate
        – Comparison rate
        – What type of interest rate you’d like e.g fixed, variable or split
        – Can you make extra repayments on your loan (important if you fix in a rate)
        – What level of customer service you need

        We have written a detailed guide on all of these factors in our home loans guide.

        I hope this helps,
        Marc

      Default Gravatar
      LyndaApril 19, 2015

      I have a housing loan with Westpac bank and had to lock it in for 3 years. I have one year to go, can I break that agreement and go to a variable loan as the rates are much lower

        Default Gravatar
        JodieApril 28, 2015

        Hi Lynda,

        Thank you for getting in touch.

        You might be able to break from your fixed loan, however, there are fees involved in doing this before the fixed period is over. You can see more information on break costs from our guide. Before making any decisions you should contact Westpac and see what these fees are charged for your particular loan.

        Regards,
        Jodie