- Westpac is passing the February 2025 cash rate cut on to borrowers.
- From 4 March variable rate home loans will drop by 25 basis points.
- From that date the lowest variable rate loan the Westpac offers will be 6.19%.
Westpac is one of Australia's Big Four banks. Westpac has home loans for investors and owner-occupiers, including fixed and variable rates and home loan packages. Check out the full table of Westpac products below or read more about the lender and its loans.
Compare Westpac home loans
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Westpac key facts
- Westpac is one of Australia's biggest lenders and has a large range of home loan products. This includes package home loans with lots of extra features and simpler loans with just the basics.
- The lender has a nationwide network of physical branches plus phone support and online support.
- You can get some Westpac home loans with a deposit as low as 5%.
- Beyond mortgages, Westpac also offers savings accounts, transaction accounts and term deposits.
Review by our senior home loans writer Richard Whitten
Owner Occupier home loans Investor home loans Based on Westpac home loans scores in Finder's 2024 Customer Satisfaction Awards. Westpac won the award for 'Provider of the Year - Big Four Home Loans' in the 2024 Product Awards. What do Australians think of Westpac home loans?
Congratulations, Westpac!
Westpac mortgage features
Here are the key features and details you need to know about Westpac's mortgage products.
Feature | Details |
---|---|
Deposit size | You can borrow up to 95% with many Westpac mortgages, including some of its most competitive rates. |
Offset account? | Some Westpac loans come with 100% offset accounts, but not all of them do so check carefully before applying. |
Repayment options | Westpac's fixed and variable rate loans allow you to make interest-only repayments for a limited period. The lender also offers the standard principal-and-interest repayments on its loans. |
Package benefits | Westpac's package home loans offer discounted mortgage rates, offset accounts and fee waivers on the loan and a credit card. |
How do I apply for a Westpac mortgage?
When applying for any home loan, you will need various documents to establish your identity, your financial situation, employment status and details about the property.
Eligibility
Each Westpac product has specific eligibility criteria but some will apply to all products. For example:
- Age. You must be over 18 years of age.
- Residency. You should be a resident of Australia.
- Employment. You should have a regular source of income.
Documents required
When you apply for a mortgage with Westpac you are required to provide certain information, so make sure you have all your documents ready before you apply. The documents you will be expected to provide are:
📄 Property details. You can start a loan enquiry before you've bought a property. But to complete an application you need the address of the property and a signed contract of sale.
📄 Identification documents. You will need identification such as a driver's licence, passport or birth certificate.
📄 Proof of income documents. Recent payslips can establish your income.
📄 Asset and liability documents. You need to provide documents showing your current assets (savings accounts, investments) and liabilities (your outstanding debt).
Lenders like Westpac
If you're interested in Australia's biggest banks you can also compare loans from Westpac's Big Four rivals.
Looking for more mortgage options?
- Online lenders. Compare more mortgages from online lenders.
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- Cheapest rates. Compare the lowest home loan rates on the market.
- Investors. Compare more loans for property investors.
- Mortgage brokers. Still confused? Get free, expert guidance from a qualified mortgage broker.
More home loan questions
What is Finder Score?
The Finder Score crunches 7,000 home loans across 120+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best home loans for cashback, you can see how each home loan stacks up against other home loans with the same borrower type, rate type and repayment type. We also take into consideration the amount of cashback offered when calculating the Score so you can tell if it's really worth it.
Read the full Finder Score breakdown
Compare other products from Westpac
Ask a question
12 Responses
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We have an investment property – but for the last 14 years one of our family members (part owner) has occupied this property and will continue to occupy for the unforeseen future.
How should our current loan be structured
Hi Colette,
If you’re not using the property as an investment property you might want to consider switching to an owner-occupier loan. It is best to speak to a mortgage broker or your bank about what option is right for your circumstances.
If your loan is currently with Westpac, you can also ring them for guidance at 131 900.
Kind regards,
Rebecca
We are selling our home to live on a boat. A oat has come up that we like but we would need bridging finance of 155000. Can you help? Thank you
Hi Jeanette,
thanks for the question.
Unfortunately as we’re not Westpac but rather a comparison service, we cannot answer this. I would recommend you contact Westpac directly for more information. Note that some lenders might not offer a bridging loan in this situation as they will not classify the boat as security in the same way residential property is, meaning they might recommend a personal loan to finance the boat rather than a home loan. It would be useful to contact a mortgage broker directly for more information.
I hope this helps,
Marc.
hi i am not trusting my bank statement
because i am not able to understand them?
when i asked at the bank what this charges mean? she said she will have to find out as she is not sure?
this is a personal banker that i see all the time and knows my loan very well.
what do you think ? please
Hi Dina,
Thanks for your enquiry.
You’ve come through to finder.com.au which is an online comparison service, so please note that we don’t represent Westpac or their home loan products.
Without knowing which charge your referring to, I’m afraid we can’t be of much assistance.
Your best course of action would be to wait and speak with a Westpac representative again.
Kind regards,
Belinda
Hi as a non resident but a NZ citizen, can I apply for a home loan with Westpac, and/or be on the same loan document as an Australian resident.
Thanks
Hi Jan,
Thanks for your question.
Yes this possible, though you are still required to meet Westpac’s lending criteria.
Also, you’ll need to apply over the phone or within a branch (remember to bring all your documentation with you).
Cheers,
Shirley
Currently we do all our banking with Commonwealth bank, we have an Investment Home loan for 398000 and our residential home loan of 498000,
what benefits would we receive if we switched to Westpac
regards
Linda
Hi Linda,
Thanks for your comment.
This question is probably best directed at Westpac. Their point of difference would probably best their customer service, as their interest rates are generally the same.
Cheers,
Shirley