Westpac is one of Australia’s Big Four banks, with a long-standing reputation for offering a wide range of home loan products tailored to different borrower needs. Whether you’re after competitive fixed or variable rates, flexible repayment options, or support for first home buyers, Westpac has a solution worth considering. In this comprehensive Westpac home loan review, we’ll break down everything you need to know—from products, rates, and borrowing limits to customer reviews and comparisons with other major banks.
Whether you’re applying for your first home loan or simply comparing lenders, this guide is designed to be your one-stop shop and is written by an expert mortgage broker in Brisbane.
Top 5 Things Westpac Are Good At
#1 - Wide Product Range
Westpac provides a wide selection of home loan products designed to suit various borrower types—from first home buyers and investors to those building a home or looking to refinance. This range includes basic loans with fewer features and lower fees, as well as full-featured loans with offset accounts and redraw facilities. With so many options available, it’s easier to find a product that aligns closely with your financial goals and lifestyle. A mortgage broker can help you navigate this variety and match you with the most suitable Westpac loan based on your needs.
#2 - Competitive Fixed Rate Options
If you prefer repayment certainty, Westpac’s fixed-rate home loans offer competitive interest rates with flexible term lengths. You can lock in a rate for up to five years, which can be especially advantageous during periods of rising interest rates. Plus, some fixed-rate loans still allow for limited extra repayments, giving you a balance between stability and flexibility.
#3 - Digital Tools & App Experience
Westpac’s mobile and internet banking platforms are among the best in the market. You can track your loan balance, make extra repayments, access your offset account, and even get real-time assistance via the in-app chat. These tools give you greater control over your mortgage and financial planning anytime and anywhere.
#4 - Loan Portability
Planning to move homes? Westpac allows you to transfer your existing home loan to a new property without going through the full application process again. This feature, known as loan portability, helps you avoid discharge and establishment fees, saving you time, money, and paperwork. A broker can guide you through this process smoothly, ensuring you take full advantage of the portability feature.
#5 - Family Guarantee Loans
First home buyers with limited savings can still get onto the property ladder using Westpac’s Family Security Guarantee. This allows a close family member to use the equity in their own home to guarantee part of your loan. It can help you avoid paying Lenders Mortgage Insurance (LMI) and potentially borrow up to 100% of the purchase price. A qualified mortgage broker can assess your eligibility for this option and manage the documentation to ensure all parties are protected and informed.
Top 5 Things Westpac Aren't So Good At
#1 - Slower Approval Times
Compared to some smaller or digital lenders, the Westpac home loan approval process can take longer, particularly during peak periods such as the end of the financial year or when new government incentives are announced. This can be stressful for borrowers with tight settlement deadlines. Working with an experienced mortgage broker can help speed things up by ensuring all documents are correctly prepared and submitted upfront, reducing back-and-forth delays.
#2 - Higher Fees
Some of Westpac’s home loan products—especially their popular Premier Advantage Package—come with higher ongoing annual fees. The package, which includes benefits like interest rate discounts and fee waivers on selected accounts, carries a $395 annual fee. While this might offer value for some, it may not be cost-effective for borrowers with smaller loan amounts or simpler needs.
#3 - Not Always the Lowest Variable Rate
Westpac’s fixed-rate loans are generally competitive, but their standard variable rates often aren’t the lowest on the market. Smaller lenders, online banks, and credit unions sometimes offer more attractive variable rates, which could result in higher interest payments over time. A broker can compare multiple lenders—including Westpac—to help you determine if you’re getting the best deal based on your financial goals.
#4- Complex Product Structure
Westpac offers a wide variety of home loan products with differing features, eligibility criteria, and pricing structures. This complexity can be overwhelming, especially for first home buyers who may not be familiar with offset accounts, redraw facilities, or rate lock options.
#5 - Strict Lending Criteria
Westpac tends to have more conservative lending policies, which can be challenging for self-employed borrowers, casual workers, or those with less-than-perfect credit histories. They may also have tighter rules around debt-to-income ratios and living expense assessments. A mortgage broker can help package your application more effectively, highlight your strengths as a borrower, and even recommend alternative lenders if Westpac isn’t the right fit.
What Are the Different Home Loan Products Westpac Offers?
This is Westpac’s no-frills variable rate loan that offers flexibility without the bells and whistles. It’s designed for borrowers who prefer a simple, low-cost home loan with essential features and fewer fees. The Flexi First Option is ideal for those who want to save on upfront and ongoing costs while retaining the ability to make extra repayments and redraw funds.
Interest Rate
The Flexi First Option Home Loan offers competitive variable rates. For eligible customers refinancing online with a loan-to-value ratio (LVR) below 70%, a special discounted rate of 5.84% p.a. is available (comparison rate 5.85% p.a.). The standard variable rate is 6.19% p.a. (comparison rate 6.20% p.a.). These rates provide flexibility to benefit from potential interest rate drops over time.
Repayment Options
This loan offers a range of repayment options to suit different budgeting needs. Borrowers can choose to make repayments weekly, fortnightly, or monthly. There is also flexibility in repayment types, with the choice of principal and interest or interest-only repayments. Unlimited extra repayments are allowed at no additional cost, helping you reduce your loan balance faster.
Redraw Facility
A free redraw facility is included with this loan, giving borrowers access to any extra repayments they’ve made. This can be especially useful for managing unexpected expenses or financial emergencies. Redraws can be made online, with a daily limit of $100,000, or in-branch with no set limit.
Offset Account
An offset account is not available with the Flexi First Option Home Loan. If having an offset account is a priority, you may want to consider Westpac’s Rocket Repay Home Loan, which includes that feature. However, for those who don’t need an offset, the lower fees and simpler structure of the Flexi First make it an attractive alternative.
The Westpac Fixed Rate Home Loan provides borrowers with the security of fixed interest rates for terms ranging from 1 to 5 years. This means your repayments stay the same throughout the fixed period, helping you budget with confidence and avoid the impact of interest rate fluctuations. It’s a great option if you value predictability and want peace of mind about your financial commitments.
Extra Repayments
During the fixed rate period, you can make extra repayments of up to $30,000 without incurring break costs. This allows some flexibility to reduce your loan faster, though any additional payments beyond this limit may attract penalties. It’s a helpful feature for those who want repayment flexibility while still locking in a stable rate.
Rate Lock
A rate lock option is available for a fee, allowing you to secure the interest rate quoted at the time of your application for up to 90 days. This can protect you from potential rate increases between the time you apply, and when your loan is settled, offering added certainty and control over your borrowing costs.
Redraw Facility
The redraw facility is not available during the fixed rate term. Any extra repayments made cannot be accessed until the fixed period ends. If having access to extra funds is important to you, a variable loan or a split loan arrangement may be more suitable.
Offset Account
An offset account is also not available during the fixed rate period. This means you won’t be able to link a transaction account to your loan to reduce interest charges. If an offset is a key feature for you, you might want to consider Westpac’s variable rate loan options instead.
The Westpac Rocket Repay Home Loan is a feature-rich variable-rate mortgage designed to help borrowers pay down their loans faster while maintaining flexibility and control over their finances. It’s particularly suited for those who want to actively manage their loan and reduce interest costs over time. With built-in tools like multiple offset accounts and unlimited redraws, it offers more than just a standard loan.
Interest Rate
This Westpac home loan offers competitive variable interest rates, which can be tailored to your specific financial situation. By packaging your loan, you may access special rate discounts, potentially saving around $9,000 over the life of the loan, all for a $395 annual package fee.
100% Offset Account
A standout feature of the Rocket Repay Home Loan is the inclusion of up to 10 linked 100% offset accounts. Every dollar in these accounts directly reduces the interest charged on your home loan. This setup not only helps you save on interest but also allows for easier budgeting by allocating funds into different ‘buckets’ like income and expenses.
Extra Repayments & Redraws
The loan permits unlimited extra repayments without any additional fees, enabling borrowers to pay down their loans faster whenever they have surplus funds. Additionally, you can redraw these extra funds at any time, providing flexibility to access money when needed.
Repayment Flexibility
The Westpac Rocket Repay Home Loan offers flexible repayment options, including weekly, fortnightly, or monthly schedules. Borrowers can also choose between principal and interest or interest-only repayments, depending on their financial strategy. This adaptability makes it easier to tailor the loan to fit different life stages or income flows.
#4 Westpac Premier Advantage Package
The Westpac Premier Advantage Package is a bundled banking solution that combines your eligible Westpac home loan with a range of financial products and services. It is designed to help borrowers reduce overall costs through interest rate discounts, fee waivers, and added convenience. For a single annual fee, you can streamline your finances while unlocking valuable benefits tailored for homebuyers and investors..
Annual Fee
The package comes with an annual fee of $395. This single fee covers multiple benefits across your home loan, credit cards, and everyday banking. Instead of paying fees individually for each product, you consolidate costs while accessing premium services, making this especially valuable for customers with a loan balance of $150,000 or more.
Interest Rate Discounts
With this package, borrowers can access significant interest rate discounts on eligible variable and fixed-rate Westpac home loans. The actual discount depends on your total borrowings and loan type. For instance, customers may receive rate reductions of up to 2.34% p.a. on owner-occupier variable loans and up to 2.69% p.a. on investor variable loans—helping to reduce the total interest paid over the life of the loan.
Fee Waivers
A standout benefit of the package is the waiving of various fees:
- Home Loans: No establishment fees or monthly account-keeping fees on eligible Westpac home loans.
- Transaction Accounts: Monthly $5 account fee on a Westpac Choice transaction account is waived when linked to your home loan.
- Credit Cards: Annual card fees are waived on selected Westpac credit cards, such as the Altitude Black or Platinum cards, offering extra value through reward points and travel benefits.
Additional Features and Perks
- Multiple Offset Accounts: You can link up to 10 100% offset accounts to your eligible variable home loan. These accounts help reduce the interest charged on your mortgage and allow you to manage your budget more effectively.
- Insurance Discounts: Enjoy up to 10% off on Westpac Home and Contents Insurance or Landlord Insurance when bundled under the package.
- Split Loans: Borrowers can structure their loans into fixed and variable portions, giving you the ability to balance certainty and flexibility.
- Flexible Repayments: Choose from weekly, fortnightly, or monthly repayments, and make additional repayments to reduce interest faster.
The Westpac Construction Loan is tailored for individuals planning to build a new home or undertake significant renovations. It offers a structured approach to financing, releasing funds in stages aligned with the construction progress, ensuring you only pay interest on the funds you’ve used. This loan is ideal for those seeking flexibility and control during the building process.
Progress Payments
Funds are disbursed in stages corresponding to key construction phases, such as slab, frame, lock-up, fit-out, and completion. Before each payment, you and your builder must approve the completed work, ensuring quality and adherence to plans. This staged funding approach helps manage cash flow effectively and ensures funds are used appropriately.
Interest-Only Payments During Construction
During the construction phase, you have the option to make interest-only repayments, which means you’ll only pay interest on the amount drawn down, not the total loan amount. This can significantly reduce your repayments during the build, easing financial pressure until the construction is complete.
Fixed & Variable Rate Options
Westpac offers both fixed and variable interest rate options for construction loans. You can choose a fixed rate for repayment certainty or a variable rate to take advantage of potential interest rate reductions. Additionally, you have the flexibility to split your loan between fixed and variable rates to suit your financial strategy.
Loan-to-Value Ratio (LVR) and Deposit Requirements
Typically, Westpac requires a 20% deposit for construction loans, equating to an LVR of 80%. However, loans with an LVR above 80% may still be considered but will likely require Lenders Mortgage Insurance (LMI). This provides opportunities for borrowers with smaller deposits to access construction financing.
Eligibility and Documentation
To apply for a Westpac Construction Loan, you’ll need to provide:
- A signed and dated building contract detailing the construction stages and payment schedule.
- Council-approved plans and specifications.
- Builder’s Risk Insurance and Public Liability Insurance.
- A Quantity Surveyor Report, if requested.
The Westpac Sustainable Upgrades Home Loan is designed for homeowners and investors aiming to enhance their property’s energy efficiency or climate resilience. This supplementary loan offers a cost-effective way to finance sustainable home improvements, supporting Australia’s transition to net-zero emissions
Loan Features
- Loan Amount: Borrow between $4,000 and $50,000.
- Loan Term: Up to 10 years.
- Interest Rate: Competitive variable rate of 4.24% p.a.
- Comparison Rate: 4.62% p.a.
- Fees: No establishment or monthly account-keeping fees.
- Repayments: Principal and interest repayments with the flexibility of unlimited extra repayments (note: redraw facility is unavailable).
- Loan Structure: This is a secondary loan secured against your property, separate from your primary Westpac home or investment loan.
Eligible Upgrades
Funds from this loan can be used for a variety of energy-efficient and climate-resilient home improvements, including:
- Installation of solar panels and battery storage systems.
- Upgrading to energy-efficient heating and cooling systems.
- Enhancing insulation and installing double-glazed windows.
- Implementing water-saving fixtures and rainwater tanks.
- Adding electric vehicle (EV) charging stations.
- Making bushfire, storm, and flood resilience upgrades.
Eligibility Criteria
To qualify for the Sustainable Upgrades Westpac Home Loan, applicants must:
- Have an existing or approved Westpac home or investment loan of at least $150,000.
- Provide a detailed quote from a supplier or installer for the proposed eligible upgrades.
- Submit an invoice post-installation for Westpac to pay the supplier directly.
This loan is supported by the Clean Energy Finance Corporation (CEFC), Australia’s ‘green bank’, which collaborates with financial institutions to promote energy-efficient home improvements.
What Are Westpac Home Loan Interest Rates?
As of May 2025, Westpac offers a variety of home loan products with competitive interest rates tailored to different borrower needs. Following the Reserve Bank of Australia’s (RBA) recent cash rate reduction to 3.85%, Westpac announced a 0.25% per annum decrease in its variable home loan interest rates, effective 3 June 2025.
Current Offers (Effective 3 June 2025)
Home Loan Product | Interest Rate (p.a.) | Comparison Rate (p.a.) | Key Features |
Flexi First Option (Variable) | From 5.94% | From 6.29% | Basic variable loan with flexible repayment options and no ongoing fees. |
Premier Advantage Package (Variable) | From 6.24% | From 6.64% | Bundled loan offering interest rate discounts and fee waivers. |
Rocket Repay Home Loan (Variable) | From 5.87% | From 6.22% | Includes 100% offset account and allows unlimited extra repayments. |
Fixed Rate Home Loan (1-Year Fixed) | From 5.59% | From 6.40% | Fixed repayments for 1 year, providing certainty over repayments. |
Fixed Rate Home Loan (2-Year Fixed) | From 5.59% | From 6.40% | Fixed repayments for 2 years, offering medium-term rate stability. |
Sustainable Upgrades Home Loan | 4.24% | 4.62% | Supplementary loan for energy-efficient home improvements. |
Construction Loan (Variable) | Varies | Varies | Interest-only payments during construction with funds released in stages. |
Note: Interest rates are subject to change. It’s recommended to consult Westpac’s official website or speak with a mortgage specialist for the most current rates and personalised advice.
What Documents Does Westpac Need For A Home Loan?
When applying for a Westpac home loan, preparing the right documents ahead of time can significantly streamline your application. Below is a handy checklist of what you’ll typically need to provide.
Identification:
- Driver’s licence
- Passport
- Medicare card
Proof of Income:
- Two recent payslips
- Employment contract
- Recent tax return (especially for self-employed)
Financial Position:
- 3 months’ worth of bank statements
- Details of existing debts (credit cards, personal loans)
- Asset details (vehicles, property, savings)
Living Expenses:
- Monthly utilities, groceries, insurance
- Education and transport costs
To make the process faster and more efficient, consider uploading your documents through Westpac’s secure online document submission portal. This not only speeds up the assessment but also reduces paperwork errors and delays.
How Much Can I Borrow from Westpac?
Borrowing capacity depends on:
Gross and Net Income – Westpac will assess all income sources, including salary, rental income, bonuses, and government payments. A higher income generally increases your borrowing capacity, but it must be stable and verifiable.
Existing Debts and Credit Limits – Westpac assesses your total debt-to-income ratio to ensure you’re not overcommitted. Reducing or closing unused credit facilities can improve your borrowing capacity.
Number of Dependents – Having dependents, such as children or non-working family members, increases your household expenses. This means you’ll have less disposable income available for loan repayments. Westpac factors this in when determining how much you can borrow, as it affects your overall financial commitments. More dependents typically reduce your borrowing power.
Monthly Living Expenses – Westpac looks at your everyday spending—groceries, utilities, transport, insurance, and entertainment. The bank compares your stated expenses to industry benchmarks to ensure they’re reasonable. If your expenses are high, your borrowing capacity may be lower because you’ll have less room in your budget for repayments. Accurately reporting your living costs is essential to avoid overstretching financially.
Property Value and Deposit Size – Westpac generally prefers borrowers with at least a 20% deposit, but smaller deposits are accepted with conditions. The more equity you bring, the less risk you present to the lender.
Westpac Borrowing Capacity Examples:
These examples are illustrative and based on common lending criteria—actual results may vary depending on credit history, interest rates, and lender policies.
Scenario 1. Single Income (No Debts): Approx. Borrowing Capacity of $392,038
- Gross income: $85,000 per year (approx. $5,416/month after tax)
- Monthly Living Expenses: $2,200 (rent, groceries, utilities, transport)
- Credit Card Limit: $5,000 (used minimally, but the full limit is assessed)
- Other Debts: None
Summary: This applicant has a clean financial slate with no loans and stable income. Their moderate living costs and low credit card exposure allow them to qualify for around $392,038 with Westpac.
Scenario 2. Couple with 1 Child: Approx. Borrowing Capacity of $613,000
- Combined Gross Income: $160,000 per year ($10,000/month after tax)
- Monthly Living Expenses: $4,200 (childcare, groceries, rent, insurance, transport)
- Credit Card Limits: $10,000 total (between both applicants)
- Other Debts: $25,000 car loan (monthly repayments of ~$600)
Summary: While this couple earns a healthy combined income, the presence of one child increases living costs significantly. Their existing car loan and credit card limits lower their borrowing capacity slightly, but they can still borrow around $613,000.
Scenario 3. Dual Income, No Dependents: Approx. Borrowing Capacity Up to $1.2 Million
- Combined Gross Income: $220,000 per year (~$13,500/month after tax)
- Monthly Living Expenses: $3,500 (shared rent, groceries, lifestyle expenses)
- Credit Card Limits: $15,000 total
- Other Debts: $8,000 personal loan (monthly repayments of ~$300)
Summary: This couple benefits from high income and no dependents, which keeps their living expenses lower relative to earnings. Even with a modest personal loan and moderate credit exposure, their strong financial position supports a borrowing capacity up to $1.2 million with Westpac.
Use the Westpac borrowing calculator for a personalised estimate.
What Else Does Westpac Offer?
In addition to a wide range of home loan products, Westpac provides a comprehensive suite of financial services designed to support every stage of your personal and financial journey.
- Credit Cards – Westpac offers a variety of credit cards, including low-rate, low-fee, rewards, and platinum options. Whether you’re looking to manage day-to-day expenses or earn Qantas or Altitude Rewards points, there’s a card to match different spending habits and lifestyle needs.
- Savings & Transaction Accounts – Westpac has everyday transaction accounts, high-interest savings accounts, and youth accounts like Bump Savings for kids. These accounts often come with budgeting tools, mobile banking access, and debit cards to help you manage your money efficiently.
- Personal Loans – Need funds for a car, holiday, or renovation? Westpac offers fixed and variable-rate personal loans with flexible repayment terms, allowing you to borrow with confidence.
- Investments & Superannuation – Westpac provides investment options, including share trading through Westpac Share Trading, term deposits, and access to BT Super products to help customers grow and manage their retirement savings.
- Insurance Products – Through partnerships, Westpac offers a variety of insurance products—such as home and contents, car, life, income protection, and travel insurance. These policies help protect what matters most at every life stage.
- Financial Planning & Advice – Westpac customers can access financial advice services, including budgeting help, investment guidance, and retirement planning, through its BT Financial Group and referral partners.
- Digital Banking Tools – Westpac’s award-winning mobile app and online banking platform allow users to manage accounts, transfer money, apply for products, and track spending—all from one convenient dashboard.
What Are Some Westpac Customer Reviews?
Westpac has received mixed to positive reviews across various consumer platforms, with customer experiences often reflecting the specific product or service they’ve used.
On Trustpilot, Westpac holds an average rating of 3.5 stars. Many customers appreciate the bank’s wide product range, user-friendly mobile app, and the convenience of managing accounts online. Positive reviews frequently highlight helpful branch staff and competitive home loan rates, especially when paired with offset or package options. However, some customers express frustration with long wait times during phone support and occasional inconsistencies in service across branches.
On ProductReview, Westpac has a slightly lower rating of 3.2 stars. Users who’ve had good experiences often mention the clarity of communication when applying for a home loan and the ease of using Westpac’s online tools and calculators. On the flip side, some customers report challenges with loan approval timelines, inconsistent customer service, and difficulties when trying to access specific loan features or redraws. The feedback seems to vary significantly depending on the customer’s location and the complexity of their loan situation.
While many Westpac customers are satisfied with their overall banking experience—especially when leveraging digital tools and package discounts—others feel there’s room for improvement in areas like customer support and loan processing times.
Is Westpac An Ethical Australian Bank?
Westpac positions itself as a bank committed to responsible banking, ethical lending, and sustainable practices. While it has made notable progress in aligning with environmental, social, and governance (ESG) standards, its ethical reputation includes commendable initiatives and past controversies.
Green Financing Initiatives
Westpac has significantly increased support for environmentally sustainable housing through products like the Sustainable Upgrades Home Loan, which offers discounted rates for eligible energy-efficient home improvements. The bank also invests in climate resilience, setting targets to reduce financed emissions and promoting green bonds and renewable energy funding.
Social Impact Commitments
Westpac contributes to social change through programs that promote financial literacy, inclusion, and economic mobility. The bank partners with schools, not-for-profits, and community groups to support vulnerable Australians and improve access to financial tools. It also supports Indigenous community programs and aims to build a more inclusive workforce.
Governance and Transparency
In recent years, Westpac has taken steps to strengthen internal governance and compliance frameworks following past regulatory breaches. The bank has increased disclosure, enhanced risk management systems, and committed to better stakeholder engagement—particularly around ESG risks and customer protection.
Historical Controversies
Westpac’s reputation suffered a major blow in 2019 when it was fined $1.3 billion for anti-money laundering and child exploitation reporting failures—one of the largest corporate penalties in Australian history. While the bank acknowledged the failures and has since taken steps to overhaul its systems, the incident raised serious concerns about its risk controls and ethical oversight.
The Verdict
Westpac is actively working to restore public trust and realign its operations with ethical standards. It’s taking measurable steps toward sustainability and social responsibility, but potential customers should weigh these ongoing improvements against its past record. For ethically focused borrowers, it may be worth reviewing Westpac’s latest sustainability reports and comparing them with other Australian banks like Bank Australia, which markets itself as a fully ethical alternative.
How Does Westpac Compare To Other Banks?
When choosing a home loan lender, it’s important to compare how each bank stacks up across key features that matter to borrowers. In this section, we look at how Westpac compares to other major Australian banks—including Commonwealth Bank, NAB, ANZ, and ING—on essential aspects like fixed rate options, offset accounts, family guarantee loans, approval speed, and app experience. Here’s a side-by-side breakdown to help you decide which bank might be the best fit for your needs.
Feature | Westpac | Commonwealth Bank (CBA) | National Australia Bank (NAB) | ANZ Bank | ING Australia |
Fixed Rate Options | Available | Available | Available | Available | Limited |
Offset Account | Available | Available | Available | Available | Available |
Family Guarantee Loans | Available | Available | Available | Limited | Not Offered |
Approval Speed | Moderate | Fast | Moderate | Slow | Fast |
App Experience | Excellent | Excellent | Good | Good | Excellent |
Bonus: How Much Can I Borrow From A Westpac Personal Loan?
Westpac offers flexible personal loan options tailored to suit different borrowing needs—from funding a car to consolidating debt or financing a renovation.
Loan Range – You can borrow between $4,000 and $50,000, depending on your financial situation and the purpose of the loan. Higher amounts may require stronger credit profiles or security.
Loan Term – Choose a loan term from 1 to 7 years, giving you flexibility to manage repayments based on your budget. Shorter terms mean higher monthly repayments but lower overall interest costs.
Interest Rates – For unsecured personal loans, interest rates start from 7.99% p.a. and go up to 18.99% p.a., depending on your credit score, income, and loan amount. The comparison rate—which includes fees—helps give a more accurate picture of the true cost.
Secured Personal Loan Option – If you offer an asset such as a car as collateral, you may qualify for a lower interest rate. Secured loans can be ideal if you’re looking for a more affordable borrowing option and own an eligible asset.
Frequently Asked Questions
Can I get a Westpac home loan with a 5% deposit?
Yes, if you’re eligible for the First Home Guarantee or have a family guarantee, you may be able to borrow with as little as a 5% deposit.
Does Westpac offer interest-only home loans?
Yes, especially for investment properties or during construction phases. These loans typically revert to principal and interest after 5 years.
How long does Westpac pre-approval take?
If all documents are provided, pre-approval typically takes 1–3 business days.
Can I refinance to Westpac from another bank?
Yes. Many customers refinance to take advantage of cashback offers and lower rates.
Is an offset account worth it with Westpac?
Yes. Using an offset account can save thousands in interest over the life of your loan while still giving you access to your money.
Westpac Home Loan Review Conclusion
Westpac is a reliable and well-rounded option for first home buyers. While not the fastest or cheapest, its strong product range, flexible features, and dedicated support for new buyers make it a solid choice.
If you’re unsure which loan is right for you, consult a qualified mortgage broker who can help you navigate your options and secure the best deal.
Our team at Hunter Galloway is here to help you buy a home in Australia. Unlike other mortgage brokers who are just one-person operations, we have an entire team of experts dedicated to helping make your home loan journey as simple as possible.
If you want to get started, please give us a call on 1300 088 065 or book a free assessment online to see how we can help.
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