Westpac Fixed Options Home Loan Review

Rates and Fees verified correct on December 4th, 2016

A fixed interest rate which keeps your repayments the same, even if national cash rates rise

If you're the sort of borrower that likes stability, a fixed rate home loan will be for you. The Westpac Fixed Options Home Loan keeps your interest rate the same for at least a year and gives you peace of mind knowing exactly what your repayments will be every month.

Interest Rate Max Insured LVR Max LVR
1 Year
4.59% p.a.
Comparison Rate
5.39% p.a.
95% 80%
2 Years
4.19% p.a.
Comparison Rate
5.25% p.a.
95% 80%
3 Years
4.29% p.a.
Comparison Rate
5.18% p.a.
95% 80%
4 Years
4.79% p.a.
Comparison Rate
5.28% p.a.
95% 80%
5 Years
4.59% p.a.
Comparison Rate
5.16% 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%
Mortgage Offset AccountNo
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.

Things to consider about the Westpac Fixed Options Home Loan

This product could be ideal for both personal and investment buyers alike. The fixed rate of interest keeps you protected from any sudden rises in rates, so you'll know exactly what needs to be paid each month.

There's also the option to make overpayments that shorten the term of the loan and an interest-only option should you need to lower repayments for a period of time - for times when you need a little cash flow boost.

Stability and flexibility in one

With a loan as large as a home loan, it's nice to know exactly how much you're paying each month. It's also nice not have to worry every time there's an announcement due on interest rates.

The Fixed Options Loan from Westpac gives you plenty of ways to repay your loan earlier saving thousands in the process. It could be perfect for borrowers who like that extra bit of security without feeling trapped.

Features of the Westpac Fixed Options Home Loan

  • Fix for 1, 5, 7, or 10 years: Choose to fix for a period which suits you. Be aware the longer you fix the higher the rate will normally be, but at least you'll be sure what your repayments should be.
  • The option to re-fix: When your fixed rate ends you can choose to refix your rate, or switch to a variable rate loan. You're in complete control of your borrowing.
  • 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 capital won't be dropping so this should only be a short-term strategy.
  • 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. There is a fee of 0.1% of the loan amount associated with doing this.

Fees and charges

The fees you can avoid:
  • Portability fee: $300. Only paid if you move the loan to a new property.
  • LMI. Charged only when you borrow above 80% LVR of the properties value.
  • 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.
The fees you can't avoid:
  • 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.

The online application form shouldn't take more than 15 minutes and you should receive a decision in principle right away. Just be sure you have all your important details at hand, along with information about your income and expenses.

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


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Westpac Fixed Options Home Loan Review Interest Rate History vs RBA Cash Rate Graph


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This page was last modified on 1 April 2016 at 4:03.

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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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