Westpac

Westpac Home Loans

One of the Big Four banks

Compare Westpac mortgage rates, products, and features. Known for flexible loan options and offset accounts.

Current Westpac Mortgage Rates

Updated January 2026

TermRatevs Market
Floating8.14%Low
6 months6.79%Low
1 year6.29%Average
2 years5.99%Average
3 years5.89%Average
5 years6.09%Average

Westpac Home Loan Features

Westpac Choices

Flexible loan structure with fixed, floating, and offset portions combined.

Offset Account

Reduce interest by linking your everyday savings to your mortgage.

First Home Buyer Support

10% deposit loans, First Home Grant support, and buyer education resources.

Extra Repayments

Up to 5% extra on fixed, unlimited on floating and Choices.

Westpac Pros & Cons

Pros

  • +Excellent offset account
  • +Flexible Choices loan structure
  • +Competitive floating rates
  • +Good cashback offers

Cons

  • -Fixed rates not always the lowest
  • -Application fees may apply
  • -Processing times can vary

Westpac FAQs

What are Westpac's current mortgage rates?

Westpac's current rates: 2-year fixed at 5.99%, 3-year fixed at 5.89%, floating at 8.14%. Westpac often has competitive floating rates.

What is Westpac Choices?

Choices is Westpac's flexible home loan that lets you split between fixed, floating, and offset portions. Good for borrowers wanting flexibility.

Does Westpac have an offset account?

Yes, Westpac offers an offset account linked to your floating rate portion. Your savings balance reduces the mortgage you pay interest on.

Can I get cashback from Westpac?

Yes, Westpac offers periodic cashback promotions for new customers and refinancers. Amounts typically range from $2,000-$5,000.

Compare Westpac With Other Banks

See how Westpac rates stack up against ANZ, ASB, BNZ & Kiwibank

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