What fees should I expect when discharging my Westpac home loan?

When discharging your Westpac home loan, expect a discharge fee of $350. The process usually takes 2-4 weeks.

Are there any savings if I refinance my home loan to Westpac?

Refinancing to Westpac could save you significantly. For example, a $500,000 loan might save you $984 per month, totaling $354,351 over 30 years compared to the market average.

Does Westpac offer any LMI waivers?

Yes, Westpac offers LMI waivers for registered nurses and midwives earning at least $90,000 annually. They can receive a waiver up to 90% LVR with a minimum 10% deposit.

What are the monthly repayments for a $600,000 loan at Westpac?

For a $600,000 loan at 3.25% over 30 years, your monthly repayment would be $2,611, with total interest amounting to $340,046.

Why was Westpac fined for hardship notice issues?

Westpac was fined $26 million for not responding adequately to hardship notices, which affected vulnerable customers who needed assistance.

What is the annual fee for Westpac's Premier Advantage Package?

The Premier Advantage Package at Westpac comes with a high annual fee of $395.

How can I speed up my home loan approval with Westpac?

To expedite your loan approval, ensure that all required documents are submitted upfront. This can lead to faster pre-approval, typically within 1-2 business days.

What are the benefits of Westpac's Altitude Rewards program?

Westpac's Altitude Rewards program allows you to earn up to 3 points per $1 spent on everyday purchases, which can be redeemed for various rewards.

How much interest will I pay on a $1,000,000 loan with Westpac?

For a $1,000,000 loan at 3.25% over 30 years, you'll pay $4,352 monthly, with total interest of $566,743.

UPDATED JUL 15, 2026

Westpac Home Loans: The 2026 Review

LMI waivers for nurses and midwives earning over $90k, plus rewards program. Watch out for the $350 discharge fee. Ready to explore premium options?

Bheja Verdict

Very Good

4.2/5

✓

Highly competitive rates across products

✓

Great features: offset account, redraw facility

Check Eligibility

Westpac Home Loans At a Glance

🏷️Best Rate Available

5.99%

Variable • Owner Occupied

💳Application Fee

Fee-free options available

📅Monthly Fee

Fee-free options available

Loan Range:$4K - $100.0M

LVR:Up to 96%

Products:173 variations

Offset Account:Available

Current Westpac Home Loan Rates

Last updated: July 2026

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Average Rate: 7.01%
Best Rate: 6.09%
Monthly Payment: $3,027

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Flexi First : Our lowest online variable home loan rate (Owner Occupied)
Westpac
20%-30% DepositOffsetRedraw
6.09%
Interest Rate
Variable
6.10%
Comparison Rate*
$3,027
per month
Principal And Interest
Visit Lender’s Site
Check Eligibility
Fees:
Discharge $350+ other fees may apply
Rocket Loan : Variable Home Loan with Offset (Owner Occupied)
Westpac
20%-30% DepositOffsetRedraw
6.49%
Interest Rate
Variable
6.86%
Comparison Rate*
$3,157
per month
Principal And Interest
Visit Lender’s Site
Check Eligibility
Fees:
Application $600
Ongoing/year
$395Discharge $350+ other fees may apply
Rocket Loan : Variable Home Loan with Offset (Owner Occupied)
Westpac
5%-20% DepositOffsetRedraw
6.79%
Interest Rate
Variable
7.16%
Comparison Rate*
$3,256
per month
Principal And Interest
Visit Lender’s Site
Check Eligibility
Fees:
Application $600
Ongoing/year
$395Discharge $350+ other fees may apply
Flexi First : Our lowest online variable home loan rate (Owner Occupied)
Westpac
5%-20% DepositOffsetRedraw
6.84%
Interest Rate
Variable
6.85%
Comparison Rate*
$3,273
per month
Principal And Interest
Visit Lender’s Site
Check Eligibility
Fees:
Discharge $350+ other fees may apply
Premium Options Home Loan
Westpac
Min 5% DepositRedraw
8.83%
Interest Rate
Variable
8.97%
Comparison Rate*
$3,962
per month
Principal And Interest
Check Eligibility
Fees:
Application $600
Ongoing/year
$395Discharge $350+ other fees may apply

Westpac Product Statistics

Real-time insights and market analysis

Westpac offers 11 home loan products across 173 variations, the average variable rate is 7.06% p.a., the best available rate is 5.99% p.a..

Average Variable Rate

7.06%

33 products

Average Fixed Rate

6.92%

140 products

Best Available Rate

5.99%

Variable • Owner Occupied • P&I

Total Products

173 variations

Fee Summary

Application Fee

9% fee-free

$0 - $600

Monthly Fee

9% fee-free

$0 - $8

Discharge Fee

$350

Late Payment Fee

$15

Key Features

Across Westpac's range: 24 include an offset account, 169 offer redraw, 173 allow extra repayments, 170 support split loans.

Offset Account

14%

Redraw Facility

98%

Extra Repayments

100%

Split Loan

98%

Product Ranges

Westpac's interest rates range from 3.25% to 9.94% p.a., maximum LVR from 70% to 96%, loan amounts span $4,000 to $100,000,000.

Interest Rates3.25% — 9.94%

Max LVR70% — 96%

Loan Amount$4K — $100.0M

Disclaimer: The key features displayed highlight what's available across the lender's home loan range. Individual products and variations may differ. Use the product table to search for a loan with the specific features you're looking for.

How Westpac Compares

FEATURE	Westpac	ANZ	CommBank	NATIONAL AUSTRALIA BANK
Best Variable Rate	5.99%BEST	6.39%	6.09%	6.09%
Best Fixed Rate (3yr)	6.54%	6.49%	6.49%	6.49%
Application Fee	$0BEST	$0	$300	$0
Monthly Admin Fee	$0BEST	$0	$10	$0
Offset Account
Redraw Facility
Product Variations	173	128	71	147

💡

Bheja Insight: Westpac currently leads with the lowest variable rate among big 4 banks, making it a strong choice for borrowers seeking flexibility.

About Westpac

Company overview and contact information

Founded in 1817 as the Bank of New South Wales, Westpac is one of Australia's Big 4 banks and a publicly traded company. With its headquarters in Sydney, Westpac holds an Australian Financial Services Licence, ensuring compliance with regulatory standards. The bank's extensive history and robust market position make it a reliable choice for financial services.

Westpac offers a diverse range of home loan products, with 11 options and 172 variations, featuring interest rates from 3.25% to 9.94%. These loans cater to a wide array of customers, from first-time buyers to seasoned investors. Notable features include interest rate discounts and fee waivers, enhancing affordability and accessibility for borrowers.

What sets Westpac apart is its commitment to customer rewards and competitive advantages. The Altitude Rewards program allows customers to earn points on daily purchases, while faster loan approvals are possible with complete document submissions. These features, along with its reputation for reliability, make Westpac a standout choice for home loans.

Company Details

Legal Name: Westpac

ABN: 33007457141

ACN: 007457141

Established: 1817

Headquarters: Sydney, NSW

Ownership: Publicly traded

AFSL: Westpac holds an Australian Financial Services Licence

Key Features

Westpac offers a range of home loan features designed to provide flexibility and cost savings, including options for prepayment, redraw, and discounted rates. Borrowers can benefit from tailored loan management solutions and comprehensive digital tools for convenient access.

Prepay or Redraw

Westpac allows borrowers to make unlimited extra repayments and redraw up to $30,000 during a fixed term without incurring break costs. This feature provides flexibility to pay off loans faster or access funds when needed.

Premier Advantage Package

For an annual fee of $395, Westpac's Premier Advantage Package offers interest rate discounts on loans over $150,000, along with fee waivers on transaction accounts and credit cards. This package is designed to deliver significant cost savings for eligible borrowers.

Loan Portability

Westpac's loan portability feature allows borrowers to transfer their existing loan to a new property without paying break costs. This is beneficial for those looking to move homes while maintaining their current loan terms.

Flexible Repayment Options

Borrowers can choose from weekly, fortnightly, or monthly repayment frequencies, and opt for Principal & Interest or Interest Only repayments. This flexibility helps in managing cash flow according to individual preferences.

Online Banking and Mobile App

Westpac provides comprehensive digital features, including online banking and a mobile app, enabling borrowers to manage their loans, make payments, and view statements conveniently from anywhere.

Fraud Protection Features

Westpac includes robust fraud protection measures across its products, ensuring that borrowers’ financial information and transactions are secure. This feature enhances peace of mind for customers.

Guarantor Features

Westpac offers guarantor options, subject to terms and conditions, to assist borrowers who may need additional support in securing a loan. This can be particularly helpful for first-time home buyers.

Combination Loan Feature

Borrowers can split their loan into fixed and variable rate portions, allowing them to benefit from the stability of fixed rates and the potential savings of variable rates. This feature provides tailored financial management.

Rate Lock Option

Westpac offers a Rate Lock feature for a fee of 0.10% of the loan amount, ensuring the fixed rate at the time of application is secured. This provides certainty against interest rate fluctuations before settlement.

Fees & Charges

Westpac offers a comprehensive range of home loan products with varied fees, including options for fee waivers and discounts through special packages. Their fee structure is transparent, with clear information on potential costs and waivers available to borrowers.

Fee Type

Amount

Description

Lending Establishment Fee

$0-$600

This fee is charged for setting up the loan and can be waived with the Premier Advantage Package.

Property Valuer Fee

Variable

Determined by the external valuer's fee and applies when a property valuation is required.

Document Processing Fee

$100

Charged for the processing of loan documents.

Monthly Loan Account Fee

$0-$8/month

A monthly fee for maintaining the loan account, which can be waived with the Premier Advantage Package.

Loan Discharge Fee

$350

Applies when the loan is fully paid out or refinanced, per settlement date.

Missed Payment Fee

$15

Charged when a scheduled loan repayment is missed.

Annual Package Fee

$395/year

Charged for the Premier Advantage Package, which offers rate discounts and fee waivers.

Rate Lock Fee

0.10% of loan amount

Applies if you choose to lock in a fixed interest rate before settlement.

Extra Repayments

Allows extra repayments up to $30k on fixed loans without penalty.

Redraw Fee

No fee for redrawing extra funds paid into the loan.

Fees subject to change. Refer to lender documentation for current rates.

Eligibility Criteria

Westpac offers home loans to a wide range of borrowers, including individuals and trusts, with specific criteria to ensure accessibility and financial stability. Eligible applicants must meet age, residency, and financial requirements to qualify.

Must be at least 18 years old.

Must be an Australian citizen or permanent resident currently residing in Australia.

Employed or self-employed with verifiable income.

Must have a minimum deposit of 20%.

Loan-to-Value Ratio (LVR) must be between 70% and 96%, with LMI required for loans over 80% LVR.

Available for owner-occupied properties only, including purchase, refinance, and home improvements.

Applicants must be individuals, discretionary or family trusts (individual trustees only), or companies if the property is occupied by company directors or trust beneficiaries.

Must have or be approved for a Westpac home or investment loan with a minimum loan size of $150,000.

Important Notes

Lenders Mortgage Insurance (LMI) is required for loans with an LVR over 80%.
Special LMI waivers are available for registered nurses, midwives, and listed medical practitioners under certain conditions.
Westpac offers special programs and discounts, such as the Premier Advantage Package and Altitude Rewards program.
Existing home loan customers may have additional eligibility benefits.

Westpac Home Loan Pros & Cons

Our expert take on whether Westpac is right for you

Pros

+Flexible repayment options with prepay or redraw features
+LMI waivers for eligible medical professionals
+$3,500 cashback on home loan refinances, valid until 30 June 2026
+Discounts on interest rates and insurance

Cons

–Above market average interest rates
–High discharge and annual fees
–Low customer satisfaction rating

Best For

Medical professionals wanting LMI waivers
Borrowers seeking flexible repayment options
Customers interested in cashback offers

Not Ideal For

Rate-sensitive borrowers
Those seeking low annual fees

💡

Bheja Verdict: Westpac offers a premium home loan option with attractive features for specific borrowers, but its rates are above market average.

Expert Secrets (Why Use Us?)

Insider knowledge about Westpac that most borrowers don't know

LMI Waivers by Profession

Profession	Deposit	LMI Status	Savings
Registered nurses and registered midwives	10%	Waived	—

LMI Cost Examples

1For a $500,000 loan at 85% LVR, LMI is $6,000.

2At 90% LVR, a $500,000 loan incurs $12,500 in LMI costs.

3A $500,000 loan at 95% LVR has an LMI cost of $21,000.

4Professionals may qualify for LMI waivers, potentially reducing these costs significantly.

Fee Waivers

Westpac Choice account fee waiver for 12 months if opened between 1 February 2024 and 30 September 2026.

First Year Card Fee Waiver available for existing Westpac customers on low rate credit cards starting 28th May 2026.

Offset Benefits

A $10,000 offset account can save approximately $27 per month, totaling $324 annually.

A $25,000 offset account can save about $68 per month, totaling $816 annually.

A $50,000 offset account can save approximately $135 per month, totaling $1,620 annually.

A $100,000 offset account can save around $271 per month, totaling $3,252 annually.

Admin & Logistics (The Help Desk)

Everything you need to manage your loan

Application Process

4 Steps

Submit Discharge Request Form: Complete and submit the discharge request form to Westpac. This initiates the discharge process. (Tip: Ensure all details are accurate to avoid delays.)

Pay Discharge Fees: Pay the required discharge fee of $350 per settlement date. (Tip: Check if any fees can be waived with packages like the Premier Advantage Package.)

Coordinate Settlement Date: Work with Westpac to schedule the settlement date. This is when the loan will be officially closed. (Tip: Communicate clearly with your settlement agent to ensure a smooth process.)

Meet Loan Conditions: Ensure all loan conditions are satisfied before the discharge date. This may include final payments or documentation. (Tip: Double-check with Westpac that all conditions are met to avoid last-minute issues.)

Processing Times

Discharge ProcessTypically takes 2-4 weeks.

💡

Pro Tips

Request the discharge at least 2 weeks before your desired settlement date to allow for processing.
Ensure all documents are complete and submitted upfront to speed up the process.
Contact customer service at 132 558 for any clarifications or assistance.
Inquire about potential fee waivers if you have a package like the Premier Advantage Package.
Avoid common mistakes by double-checking all forms and conditions.

Westpac Mortgage Calculator

Estimate your repayments using current Westpac home loan rates

Over 30 years, borrowing $480,000 at 3.25%, total cost including interest and known fees could be around $752,387. Estimated monthly repayment: $2,088.99.

Home loan option

Property price

Your deposit

Loan term (years)Repayment frequency

Estimated total cost over 30 years

$752,387

Estimated repayment

$2,088.99

monthly repayment

Amount you borrow: $480,000 · At 3.25% · Variable — can change with the market

Known fees in this estimate

Discharge fee: $350
Total ongoing fees (30 yrs): $0

How is this calculated?

Estimated total cost includes the amount borrowed, interest over the full loan term, and any upfront, ongoing, and discharge fees published by the lender. It does not include stamp duty, LMI, or savings from an offset account.

The revert rate is the rate your loan may switch to when a fixed, introductory, or interest-only period ends. Where a lender hasn't published this rate, we use an estimate.

Cost breakdown

Amount you borrow: $480,000
Total interest: $272,037
Upfront fees: $0
Ongoing fees: $0
Discharge fee: $350
Estimated total cost: $752,387

These figures are estimates only. Your actual repayments and costs may differ. Confirm all details with your lender before making a decision.
Where a lender hasn't published their revert rate (the rate that applies after a fixed, introductory, or interest-only period ends), we estimate it. Your repayments may change when this period ends.
Split loans and offset accounts aren't included in this estimate.
For product comparison and comparison rates, see the rates table above.

Still Unsure? Let a human handle it.

Not sure if Westpac is right for you? Our brokers can help you compare options.

Frequently Asked Questions

Westpac typically provides pre-approval within 1-2 business days if all documents are submitted upfront. Full approval can take 1-3 weeks, depending on the complexity of your application.