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About Westpac

As Australia’s first and oldest bank (founded in 1817), as well as a member of the ‘Big Four’, Westpac has a long history of providing banking services to people all around Australia.

Westpac is committed to improving the sustainability of its operations, as well as giving back to local communities and organisations through its Westpac Foundation.

Westpac home loans at a glance

Offset accounts available
Redraw facilities available
Line of credit available
Split rate option available
Green loan available
Ability to make extra repayments
Internet banking available
Salary crediting
Choice of repayment flexibility
Refinance available
Services first home buyers

What types of home loans does Westpac offer?

Westpac’s range of home loan products on offer currently includes:

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Who does Westpac lend to?

Westpac offers home loans that may be appropriate for first home buyers, refinancers, prospective housebuilders, borrowers needing bridging finance between home loans, property investors and more.

However, when it comes to what types of borrowers Westpac lends to, there are a few points that prospective borrowers should keep in mind.

The first is that Westpac has a minimum required loan-to-value ratio (LVR) of 95%, meaning you are unlikely to be approved for a home loan with Westpac if your saved deposit is less than 5% of your total proposed loan size. Additionally, Westpac imposes a 70% maximum LVR for certain packaged loans and discounted interest rates.

Westpac also likely won’t give you a home loan if you don’t have the capacity to repay your proposed home loan at a rate 3% higher than the advertised interest rate. This is because the Australian Prudential Regulation Authority (APRA) requires all lenders to assess an applicant’s ability to service their proposed home loan in the event of interest rate hikes.

Can I get a Westpac home loan as a first home buyer?

Yes, Westpac provides home loans to first home buyers. While there isn’t a specific home loan product for first home buyers, Westpac offers several tools and resources to help first home buyers navigate the process of buying a home for the first time.

Does Westpac offer the Home Guarantee Scheme?

Yes, Westpac is one of the 33 participating lenders chosen by the Federal Government to offer the Home Guarantee Scheme. The Home Guarantee Scheme helps certain home buyers secure a home loan with a deposit smaller than 20%, without having to pay lenders mortgage insurance (LMI).

Applications for one of these schemes can only be made through a participating lender or a mortgage broker acting as an authorised representative of a participating lender.

Can you refinance your home loan with Westpac?

Yes, you can switch your home loan to Westpac from another bank by refinancing. Borrowers refinancing their loan with Westpac can choose either a fixed or standard variable rate to switch to and can add an offset account to eligible loans.

Additionally, borrowers with Westpac may be eligible for Westpac’s Priority Refinance process, which can cut the time required for settlement down to days instead of weeks.

Does Westpac charge Lenders Mortgage Insurance (LMI)?

Westpac advises that they require a borrower to take out LMI when the borrower’s deposit represents less than 20% of the total loan value, but there may be other circumstances that also necessitate the borrower paying LMI.

Westpac allows borrowers to either pay their LMI upfront or roll it into their home loan, which is known as ‘capitalising’ LMI.

What home loan fees does Westpac charge?

As of May 31, 2024, Westpac lists the following home loan fees and charges pertaining to its home loan products:

  • Lending Establishment Fee: $600
  • Document Processing Fee: $100
  • Fixed Rate – Lock-In Fee: The higher of 0.15% of the loan amount or $500
  • Annual Package Fee: $395
  • Loan Account Fee: $8 per month
  • Loan Discharge Fee: $350
  • Missed Payment Fee: $15

Please note that not every fee listed will be applicable to every home loan offered by Westpac. Check the Key Fact Sheet of any home loan product you’re looking at to see what fees you’d pay if you took out the loan in question.

Interested in a Westpac home loan? Compare with us today!

If you want to learn more about Westpac home loans, you can use our home loan comparison tool to compare them against a wide range of other loan products from nearly 20 other lenders!

Comparing home loans with us means only being shown home loans you’re eligible to apply for, and having a dedicated team of Home Loan Specialists on-hand to help you with any questions you may have. And if you find a home loan that you think might be appropriate for you, you can apply for it then and there – entirely online, with no physical paperwork!

So, if you’re in the market for a home loan, compare your options today with Compare the Market.


Stephen Zeller, Home Loans Expert

Meet our home loans expert, Stephen Zeller

Stephen has more than 30 years of experience in the financial services industry and holds a Certificate IV in Finance and Mortgage Broking. He’s also a member of both the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and the Mortgage and Finance Association of Australia (MFAA).

Stephen leads our team of Home Loan Specialists, and reviews and contributes to Compare the Market’s banking-relating content to ensure it’s as helpful and empowering as possible for our readers.


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