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.
Marc Terrano is a lead publisher and growth marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help everyone get value for money.
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.
Fees and charges
- Portability fee: $300. Only paid if you move the loan to a new property.
- Rate lock fee: $0.10. 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.
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.
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.
Home Loan OffersImportant Information*
Up to $3,000 refinance cashback. A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.
Up to $4,000 refinance cashback. A competitive variable rate loan from St.George. Refinancers borrowing $250,000 or more can get $4,000 cashback (Other terms, conditions and exclusions apply).
A competitive variable rate mortgage for owner occupiers $0 application and $0 ongoing fees. This interest rate falls over time as you pay off the loan.
Take advantage of a low-fee mortgage with a special interest rate of just 2.34% p.a. and a 2.34% p.a. comparison rate.