Westpac home loan review
Also known as Westpac Banking Corporation, WBC
Westpac is a good fit if you want a major bank with generous fixed-rate flexibility and up to 10 offset accounts, and it takes part in the 5% Deposit Scheme. Its basic Flexi First Option loan has no establishment or monthly fees, but the offset loan (Rocket Repay) is priced to be taken with the $395 Premier Advantage Package.
Below we cover each Westpac home loan, what the package changes, how its fixed loans handle extra repayments, and how Westpac compares with St.George and the other big banks.
By Better Rate Mate Editorial Team · Last reviewed · Checked against Westpac's own website
Latest Westpac variable rate change
On 30 September 2026 Westpac announced a 0.25% p.a. rise in its owner-occupier and investment variable home loan rates. It took effect on 9 October 2026. Westpac's announcement (checked 10 October 2026). For today's rates, see Westpac's rates page.
Westpac home loans at a glance
| Feature | Westpac |
|---|---|
| Offset account | Up to 10 full offset accounts on Rocket Repay |
| Redraw | Yes, including up to $30,000 during a fixed term |
| Split loans | Yes, fixed and variable |
| Fixed terms | 1 to 5 years |
| Extra repayments while fixed | $30,000 in total over the fixed term, no fees or break costs |
| Package | Premier Advantage Package, $395 a year, loans over $150,000 |
| Construction | Construction option listed on Westpac fixed loans |
| Profession-based LMI waiver | Westpac says a waiver may be available under special packages based on your profession |
| Ways to apply | Online or with a Westpac home loan specialist |
| 5% Deposit Scheme | Participating lender (first home buyers can buy with 5% and no LMI) |
Westpac mortgage and home loan repayment calculator
Enter the rate for the Westpac loan you're considering (from its rates page), your loan amount and term. The calculator uses the standard principal and interest formula lenders use, so for the same rate, amount and term it gives the same repayment as Westpac's own calculator. It doesn't include fees or future rate changes. For the maths and assumptions, see our mortgage repayment calculator page, and test your buffer with the stress test calculator. If you're buying, you can also estimate your stamp dutyand work out how much you can borrow.
Mortgage repayment calculator
Repayments and total interest, with optional extra repayments, an offset account or an interest-only period.
Monthly repayment
$2,997.75
| Loan amount | $500,000 |
|---|---|
| Interest rate | 6.00% a year |
| Time to repay | 30 years |
| Total repayments | $1,079,191 |
| Total interest paid | $579,191 |
Year-by-year balance
| Year | Interest | Principal repaid | Balance |
|---|---|---|---|
| 1 | $29,833 | $6,140 | $493,860 |
| 2 | $29,454 | $6,519 | $487,341 |
| 3 | $29,052 | $6,921 | $480,420 |
| 4 | $28,625 | $7,348 | $473,073 |
| 5 | $28,172 | $7,801 | $465,272 |
| 6 | $27,691 | $8,282 | $456,990 |
| 7 | $27,180 | $8,793 | $448,197 |
| 8 | $26,638 | $9,335 | $438,862 |
| 9 | $26,062 | $9,911 | $428,951 |
| 10 | $25,451 | $10,522 | $418,429 |
| 11 | $24,802 | $11,171 | $407,257 |
| 12 | $24,113 | $11,860 | $395,397 |
| 13 | $23,381 | $12,592 | $382,805 |
| 14 | $22,605 | $13,368 | $369,437 |
| 15 | $21,780 | $14,193 | $355,244 |
| 16 | $20,905 | $15,068 | $340,176 |
| 17 | $19,975 | $15,998 | $324,178 |
| 18 | $18,989 | $16,984 | $307,194 |
| 19 | $17,941 | $18,032 | $289,162 |
| 20 | $16,829 | $19,144 | $270,018 |
| 21 | $15,648 | $20,325 | $249,693 |
| 22 | $14,395 | $21,578 | $228,115 |
| 23 | $13,064 | $22,909 | $205,205 |
| 24 | $11,651 | $24,322 | $180,883 |
| 25 | $10,151 | $25,823 | $155,060 |
| 26 | $8,558 | $27,415 | $127,645 |
| 27 | $6,867 | $29,106 | $98,539 |
| 28 | $5,072 | $30,901 | $67,638 |
| 29 | $3,166 | $32,807 | $34,831 |
| 30 | $1,142 | $34,831 | $0 |
Stress test this loan at higher rates, or see how much you can borrow.
An estimate: interest is charged at the repayment frequency and the rate never changes. It leaves out fees, redraws and rate changes, and assumes the lender accepts extra repayments. Check fixed rate loans for an extra repayment limit, and confirm figures with your lender.
Is Westpac good for home loans?
Westpac is a good fit if you want a major bank with generous fixed-rate flexibility and up to 10 offset accounts, and it takes part in the 5% Deposit Scheme.
Pros
- +Basic Flexi First Option loan has no establishment or monthly fees
- +Up to 10 offset accounts on Rocket Repay
- +Fixed loans allow $30,000 of extra repayments or redraw over the term without break costs, more than most rivals
- +Takes part in the 5% Deposit Scheme
- +Possible profession-based LMI waivers
Cons
- -Rocket Repay only makes sense with the $395 package
- -The lowest advertised rates need an LVR of 70% or less
- -Online offers can be withdrawn and exclude refinances from St.George, Bank of Melbourne and BankSA
Who Westpac suits
- Borrowers who want to fix but keep room for extra repayments
- Families who want several offset accounts for budgeting
- First home buyers using the 5% Deposit Scheme with a major bank
- Borrowers with 30% or more equity, who get Westpac's LVR discount
About Westpac
Westpac Banking Corporation is one of the four major banks and an APRA-regulated authorised deposit-taking institution. The Westpac Group sells home loans under four brands: Westpac, St.George, Bank of Melbourne and BankSA. The brands share a parent but price their loans separately, and Westpac excludes internal refinances between the group's brands from its new-customer offers.
Westpac's range is built around three loans: Flexi First Option (basic variable), Rocket Repay (variable with offset) and Fixed Options. You can apply online or with a Westpac home loan specialist.
- Ownership
- One of the four major banks. The Westpac Group also includes St.George, Bank of Melbourne and BankSA.
- Lender and licence
- Westpac Banking Corporation ABN 33 007 457 141, Australian credit licence 233714
Westpac home loan products
Flexi First Option Home Loan
Westpac's basic variable loan: unlimited extra repayments without an establishment fee or monthly fees. Westpac also offers a life-of-loan online discount on new Flexi First Option loans, which it can vary or withdraw.
Rocket Repay Home Loan
A variable loan with up to 10 full offset accounts, unlimited extra repayments and the option to fix a portion. Its rate is designed to be taken inside the Premier Advantage Package; without the package the rate is much higher.
Fixed Options Home Loan
Fixed terms of one to five years with principal and interest or interest-only repayments. You can prepay or redraw up to $30,000 in total over the fixed term with no fees or break costs, split with a variable loan, and lock your rate for a fee.
Premier Advantage Package
A $395 annual fee that covers all your packaged home loans, gives an interest rate discount on Rocket Repay and fixed loans, and adds savings on other products. Available on loans over $150,000.
Westpac home loan rates: how they are set
Westpac's advertised rates include an LVR discount for loans at or below 70% LVR, so a borrower with a larger deposit gets a lower rate. The Rocket Repay rate depends heavily on the Premier Advantage Package: Westpac publishes a without-package rate that is well above the packaged one.
The lowest advertised rate is usually the online offer on Flexi First Option, which carries a life-of-loan discount for new principal and interest loans up to 80% LVR. Fixed rates include the package discount and the 70% LVR discount, so check the rate that applies at your own LVR.
For a benchmark, the RBA's average rate on new owner-occupier variable loans across all lenders was 6.23% in August 2026, and 6.40% for investors (published 8 October 2026). The RBA's cash rate target was 4.60% as at 10 October 2026, after a 0.25 point rise effective 30 September 2026; its next decision is due on 3 November 2026.
Is the $395 Premier Advantage Package worth it?
Only if the rate discount and other savings it gives you are worth more than $395 a year. Westpac says the package gives a rate discount on Rocket Repay and fixed loans, plus savings on other products, for one $395 annual fee, on loans over $150,000.
Because Westpac quotes a much higher Rocket Repay rate without the package, compare the packaged rate with its basic Flexi First Option loan, which has no establishment or monthly fees, or with another lender's no-fee loan. To break even, the packaged loan must be cheaper by at least $395 divided by your balance each year. Any interest your offset accounts save counts towards that.
| Loan balance | Break-even rate difference |
|---|---|
| $300,000 | About 0.13 percentage points |
| $500,000 | About 0.08 percentage points |
| $800,000 | About 0.05 percentage points |
Westpac for first home buyers: the 5% Deposit Scheme, grants and LMI waivers
Westpac is a 5% Deposit Scheme lender. Its first home buyer pages say that if you qualify for the scheme you could get a home loan with a minimum deposit of 5% (first home buyers) or 2% (single parents) and not pay lenders mortgage insurance. The price must be under the cap for the area, and you apply through Westpac as part of the loan application.
Westpac's first home owner grant guide, which it says is correct as at 2 July 2026, puts state grants at $10,000 to $50,000, mostly for new homes. The grants and stamp duty relief come from the states, not from Westpac, so check your state's rules in our guide to first home buyer schemes and grants.
Westpac also says you may qualify for an LMI waiver under special packages based on your profession. Its healthcare page lists the professions: doctors, dentists and medical specialists with no minimum income up to 95% of the property value, and allied health professionals such as nurses, pharmacists, physiotherapists and psychologists with an income of at least $90,000, up to 90%.
How much is a $600,000 mortgage a month?
About $3,687 a month at 6.23% over 30 years, principal and interest, using the RBA's August 2026 average rate for new owner-occupier variable loans. Westpac's own rate for your loan will differ: enter it in the calculator above, or use our mortgage repayment calculator for extra repayments and offset.
Contacting Westpac about a home loan
Westpac's contact page lists 132 558 for home loans, whether you're applying, refinancing or have a question about your current loan, from 8am to 8pm Monday to Friday and 9am to 6pm on weekends (Sydney time, except public holidays). For general personal banking it lists 132 032, and from overseas +61 2 9155 7700. You can also message Westpac securely in its app or online banking.
Westpac vs St.George
St.George is a division of Westpac Banking Corporation, and both take part in the 5% Deposit Scheme. The product shapes are similar: a basic variable loan without establishment or monthly fees, a standard variable loan with an optional offset, a fixed loan and a $395 Advantage Package. Rates and offers are set separately, and Westpac's new-customer offers exclude refinances within the group, so moving from St.George to Westpac (or back) won't usually earn a switching discount. See our St.George review.
Westpac vs CommBank
Both have a $395 package, offset accounts and the 5% Deposit Scheme. Westpac's fixed loans are more flexible ($30,000 of extra repayments over the term versus CommBank's $10,000 per fixed year) and its offset loan allows up to 10 accounts. CommBank's lower-cost loans (Digi and Simple) let you link one or two offset accounts with no offset fee, whereas Westpac builds the offset cost into the Rocket Repay package. See our CommBank review.
How to apply for a Westpac home loan
- 1
Gather ID, income evidence, bank statements and details of your debts and living expenses
- 2
Apply online or book a Westpac home loan specialist
- 3
Westpac assesses serviceability (including the APRA buffer) and orders a valuation
- 4
Conditional approval, then formal approval once the valuation and property are confirmed
- 5
Sign the loan documents and settle through your conveyancer
Check how much you could borrow with our borrowing power calculator; Westpac's own calculator applies its own lending policy, so its figure can differ.
Budget for stamp duty: NSW stamp duty calculator · VIC stamp duty calculator · QLD stamp duty calculator · WA stamp duty calculator · SA stamp duty calculator · TAS stamp duty calculator · ACT stamp duty calculator · NT stamp duty calculator
Before you apply, ask for the key facts sheet for your loan amount. Every lender must provide one in the same format, which makes loans easy to compare side by side.
Westpac home loan questions
How many offset accounts can you have with Westpac?
Up to 10 full offset accounts on the Rocket Repay Home Loan. The basic Flexi First Option loan doesn't come with an offset account.
How much extra can I pay on a Westpac fixed rate loan?
Westpac lets you prepay or redraw up to $30,000 in total over the fixed term without fees or break costs. Beyond that, break costs can apply.
What does the Westpac Premier Advantage Package cost?
$395 a year. It covers all the home loans in the same package, gives an interest rate discount on Rocket Repay and fixed loans, and is available on loans over $150,000.
Does Westpac offer an LMI waiver?
Westpac says you may qualify for an LMI waiver under certain special packages based on your profession, and first home buyers using the 5% Deposit Scheme don't pay LMI. Ask Westpac which professions and LVRs qualify.
What is Westpac's home loan phone number?
Westpac's contact page lists 132 558 for home loans (applications, refinancing and existing loans), 8am to 8pm Monday to Friday and 9am to 6pm on weekends, Sydney time.
Is 1300 655 505 a Westpac number?
It isn't listed on Westpac's contact page, which we checked on 2 October 2026; that page gives 132 558 for home loans and 132 032 for personal banking. If you're unsure whether a call is from Westpac, hang up and call back on a number from Westpac's own website. Westpac's SafeCall feature in its app is designed to show when a call really is from Westpac.
Is Westpac part of the 5% Deposit Scheme?
Yes. Westpac, St.George, Bank of Melbourne and BankSA are all on Housing Australia's participating lender list.
