Westpac Fixed Options Home Loan Review

A fixed rate home loan with flexible terms and an interest-only option.

Westpac's Fixed Option Home Loan offers the peace of mind of a fixed interest rate along with some flexible options, including interest-only repayments and loan portability.

Interest Rate Max Insured LVR Max LVR
1 Year, IO
4.69% p.a.
Comparison Rate
5.85% p.a.
95% 80%
1 Year, P&I
4.29% p.a.
Comparison Rate
5.28% p.a.
95% 80%
2 Years, P&I
4.09% p.a.
Comparison Rate
5.16% p.a.
95% 80%
2 Years, IO
4.54% p.a.
Comparison Rate
5.72% p.a.
95% 80%
3 Years, P&I
4.19% p.a.
Comparison Rate
5.09% p.a.
95% 80%
3 Years, IO
4.65% p.a.
Comparison Rate
5.64% p.a.
95% 80%
4 Years, IO
5.14% p.a.
Comparison Rate
5.72% p.a.
95% 80%
4 Years, P&I
4.49% p.a.
Comparison Rate
5.12% p.a.
95% 80%
5 Years, P&I
4.49% p.a.
Comparison Rate
5.06% p.a.
95% 80%
5 Years, IO
5.24% p.a.
Comparison Rate
5.71% p.a.
95% 80%
Product NameWestpac Fixed Options Home Loan
Interest Rate TypeFixed
Comp Rate^ (p.a.)
Minimum Loan Amount$15,000
Maximum Loan Amount$10,000,000
Minimum Loan Term1 year
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Loan Redraw FacilityYes
Split Loan FacilityNo
Loan PortableYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$600
Ongoing Fees$8 monthly ($96 p.a.)
Settlement Fee$0
Discharge Fee$350

Pros

  • You can make extra payments during the fixed term without penalty.
  • You can access any excess funds in your mortgage through the redraw facility.

Cons

  • A $600 application fee applies.
  • An $8 monthly account fee applies.
  • A discharge fee of $350 applies when you close your home loan account.

Details to consider about the Westpac Fixed Options Home Loan

This product is available to both investors and owner-occupiers. The fixed rate of interest keeps you protected from any sudden rises in rates, so you'll have peace of mind that your repayments won't rise.

Features of the Westpac Fixed Options Home Loan

  • Flexible terms: The Westpac Fixed Options Home Loan offers a range of fixed rate terms, as well as the option to re-fix your rate when your fixed period ends.
  • Interest-only repayments: If you run into a situation where you could use lower repayments to boost your cash flow, you can switch to interest-only. This means your repayment will fall, giving you some spare funds. Bear in mind whilst you're on interest-only repayments your loan principal won't be reducing.
  • Portability: The loan is portable so if you move to another property you can take the loan and whatever rate you're on with you. There is a fee of $300 when you move your loan.
  • Rate lock: Lock in the interest rate quoted when you apply in case there is any change in rates between your application and settlement dates. This option carries a fee of 0.1% of the loan amount.

Fees and charges

  • Portability fee: $300. Only paid if you move the loan to a new property.
  • Rate lock fee: 0.1%. This fee is charged if you choose to lock in the interest rate offered upon application for a period of up to 90 days.
  • Establishment fee: $600. This is a once-off fee paid upfront for the setup of you loan account and preparation of documents.
  • Annual account keeping fee: $8 per month/ This fee is for the upkeep of your account.

Calculate your repayments by filling in some of your details

Applying for the Westpac Fixed Options Home Loan

Applying for the Fixed Rate Options Loan is quick and easy by completing an application online.

Make sure you have all your important details at hand, along with information about your income and expenses.

Alternatively you can make an enquiry online and a Westpac home loan specialist will be in touch to discuss your specific needs, or if you prefer visit one of the many Westpac branches and speak to a lending specialist today.


Enquire about this home loan
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Westpac Fixed Options Home Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $600 / $8

  • Max LVR

    80%

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