Westpac Fixed Options Home Loan Review

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

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.

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Review by

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206) and a Tier 1 Generic Knowledge certification (RG 146).

Expert review

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.

About this loan

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.

How to apply

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.

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