Westpac Home Loans: The 2026 Review

Westpac Banking Corporation, originally founded as the Bank of New South Wales in 1817, holds the distinction of being Australia's oldest bank. The institution underwent a significant transformation in 1982 through a merger with the Commercial Bank of Australia, resulting in the adoption of the Westpac name. This strategic move positioned Westpac as a key player in the Australian banking sector, cementing its status as one of the Big 4 banks.

Today, Westpac operates as a major financial services provider with a comprehensive range of offerings. Headquartered in Sydney, New South Wales, the bank maintains a robust presence with 1,204 branches and 3,222 ATMs across the country. As a publicly listed company on the ASX and NZX, Westpac's group structure includes subsidiaries like BankSA, St George Bank, and RAMS, enhancing its market reach and service capabilities.

Westpac targets the general Australian market, providing a diverse array of home loan products designed to meet the needs of both owner-occupiers and investors. The bank emphasises flexibility and product variety, with offerings such as the Premier Advantage Package, which includes fee waivers and multiple offset account options. Despite facing challenges with competitive pricing, Westpac continues to focus on delivering extensive service offerings to its broad customer base.

• Legal Name: Westpac Banking Corporation
• ABN: 33007457141
• ACN: 007457141
• Established: 1817
• Headquarters: Sydney, New South Wales
• Type: Public Company
• Ownership: Big 4

• Website: https://www.westpac.com.au
• Phone: 132 558

Westpac offers a range of home loan features designed to provide flexibility and value to borrowers, including options for prepayment, redraw, and offset accounts.

• Prepay or Redraw: Borrowers can make repayments weekly, fortnightly, or monthly and prepay or redraw up to $30,000 during a fixed term without incurring break costs. This feature provides flexibility in managing loan repayments and accessing funds when needed.
• Offset Account: Westpac's Rocket Loans offer up to 10 offset accounts, which can significantly reduce the interest payable on your home loan. This feature allows borrowers to save on interest costs by offsetting their loan balance with savings.
• Extra Repayment Features: Subject to terms and conditions, borrowers can make unlimited extra repayments to pay off their loan sooner. This flexibility helps in reducing the overall interest paid over the life of the loan.
• Fraud Protection: Westpac includes robust fraud protection features across its products, ensuring the security of borrowers' financial information and transactions. This provides peace of mind and confidence in managing your home loan.
• Guarantor Features: The product includes options for a guarantor, subject to terms and conditions. This can assist borrowers in securing a loan by leveraging a guarantor's financial standing, potentially leading to better loan terms.
• Combination Loan Feature: Westpac offers a combination loan structure, allowing borrowers to split their loan into fixed and variable rate portions. This feature provides the best of both worlds, balancing the stability of fixed rates with the flexibility of variable rates.
• Rate Discounts: Eligible customers can benefit from discounted rates through the Premier Advantage Package, which includes fee waivers and reduced interest rates. This can lead to significant cost savings over the loan term.
• Loan Portability: Borrowers can transfer their existing loan to a new property without incurring break costs, subject to conditions. This feature simplifies the process of moving homes while maintaining the same loan terms.
• Online Banking Features: Westpac provides comprehensive online banking capabilities, allowing borrowers to manage their loans, make payments, and access account information conveniently through digital platforms.
• Repayment Options: Flexible repayment options include principal and interest, interest-only, and interest-only in advance, catering to different financial situations and preferences. This flexibility helps borrowers manage their cash flow effectively.

Westpac offers a range of fees associated with their home loan products, providing transparency through detailed fee structures and potential waivers under specific packages.

• Lending Establishment Fee: $600 - Charged for setting up the loan, though it may be waived under the Premier Advantage Package.
• Property Valuer Fee: Variable - Covers the cost of property valuation, which varies depending on the property and location.
• Document Processing Fee: $150 - Applied for processing the necessary loan documentation.
• Annual Package Fee: $395 (Annual) - Charged annually for customers opting for the Premier Advantage Package, which includes benefits like fee waivers.
• Loan Account Fee: $8 (Monthly) - Monthly fee for maintaining the loan account, although some products may offer a $0 fee.
• Loan Discharge Fee: $350 - Charged when the loan is fully paid out or refinanced with another lender.
• Default Notice Fee: $85 - Applied if a payment is missed and a default notice is issued.
• Missed Payment Fee: $15 - Charged for each missed payment.

Westpac offers home loans to Australian citizens and permanent residents, focusing on flexibility and comprehensive service for both owner-occupiers and investors.

• Must be at least 18 years old.
• Must be an Australian citizen or permanent resident currently residing in Australia.
• Must be employed or self-employed with a verifiable income.
• Must be a natural person, not a company or other legal entity.
• Available to existing Westpac home loan customers only.
• Property securing the loan must be the one being upgraded for energy-efficiency or climate-resilience.
• Must have or be approved for a Westpac home or investment loan with a minimum loan size of $150,000.

• Lenders Mortgage Insurance (LMI) is not applicable at the time of applying.
• Prepayments on fixed loans are allowed up to $30,000 without incurring break costs.
• The Premier Advantage Package requires a linked Westpac Choice account and incurs a $395 annual fee.