Westpac Home Loan Calculator

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Rates shown are indicative reference figures — always verify current rates with your bank before deciding.

Estimate your monthly Westpac home loan payment at current rates. Free, no signup.

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Loan amount

Rate (% p.a.)

Tenure (years)

yrs

Your monthly payment$3,617

Principal$600,000

Total interest$701,981

Total$1,301,981

Calculated live on this page. Open the full tool →

Westpac home loan products and features

Westpac's core home loan range spans the no-monthly-fee Flexi First Option variable loan, fixed-rate loans for terms of 1 to 5 years (typically bundled into the Premier Advantage Package, which carries a $395 annual fee), and Rocket Repay, Westpac's variable loan built around offsetting (Westpac, Home loans, accessed 26 September 2026). Rocket Repay lets a borrower open up to 10 full offset sub-accounts linked to the one loan, so balances held in everyday, savings or bill-paying accounts all reduce the interest charged. Variable Westpac home loans also carry a redraw facility for extra repayments, borrowers can split a loan between fixed and variable portions, and interest-only repayments are available for a set period, mainly for investment property loans. The Premier Advantage Package adds a rate discount of 0.20 percentage points on loans over $150,000 together with fee waivers on eligible transaction and credit card products.

Deposit size and Lenders Mortgage Insurance (LMI)

Westpac generally expects a deposit of 20% of the purchase price; borrowing beyond that — an LVR above 80% — means Westpac requires Lenders Mortgage Insurance (Westpac, What is Lenders Mortgage Insurance?, accessed 26 September 2026). Westpac arranges the LMI policy, but the borrower pays the premium, which is set by the loan amount and its percentage of the security value and can be paid upfront or capitalised into the loan. LMI protects Westpac, not the borrower, if the loan defaults and the property sale doesn't cover the outstanding balance. Some borrowers can avoid LMI altogether: Westpac notes that eligible participants in the Australian Government's 5% Deposit Scheme have had the LMI requirement waived since 1 October 2025, and Westpac also runs LMI waivers for some professional groups.

Financial hardship and complaints (AFCA)

Westpac's Assist team takes financial hardship applications by phone on 1800 067 497 (Mon–Fri 8:30am–8:00pm, Sat 9:30am–6pm Sydney time) or online in around 15 minutes, with a response typically within a week (Westpac, Applying for financial hardship support, accessed 26 September 2026). Depending on the situation, Westpac can offer flexible payment arrangements, a short-term deferral or reduction in repayments, or an extension of the loan term; keeping to the revised arrangement doesn't itself hurt your credit score, though the arrangement shows on your credit report for 12 months. Westpac also refers customers to the free National Debt Helpline (1800 007 007). If you're unhappy with how a complaint was handled, Westpac's process runs through acknowledgement, review, response and outcome under its "FAIRGO principles"; if it's still unresolved you can take it to the Australian Financial Complaints Authority (AFCA) at afca.org.au or on 1800 931 678, a free, independent dispute-resolution service (Westpac, Make a complaint, accessed 26 September 2026).

APRA's serviceability buffer

Like every APRA-regulated bank, Westpac must assess new home loan applications assuming your interest rate is 3 percentage points higher than what you're actually offered. APRA, Australia's prudential regulator, held this "serviceability buffer" at 3 percentage points at its most recent review, in July 2025 (APRA, Update on macroprudential settings, accessed 26 September 2026). Applied to Westpac's discounted 6.44% p.a. owner-occupier variable rate, that means Westpac tests whether you could still make repayments at roughly 9.44% p.a. before approving the loan — a deliberate buffer against future rate rises, not a rate you'd actually be charged.

Westpac home loan rates, September 2026

Westpac's reference (undiscounted) variable rate for its Flexi First Option home loan is 8.18% p.a., while the discounted rate widely advertised for owner-occupier borrowers is 6.44% p.a. Westpac announced a further 0.25 percentage point increase to variable rates on 17 March 2026, effective 31 March 2026. The RBA raised its cash rate target to 4.60% p.a. at its late-September 2026 meeting (previously 4.35%)., held at the Reserve Bank's 11 August 2026 meeting.

Worked example: $500,000 Westpac loan at the discounted 6.44% p.a. over 30 years

r = 0.0644/12 = 0.0053667, n = 360, (1+r)ⁿ ≈ 6.8677.

M ≈ $3,140.64 per month. By contrast, the undiscounted 8.18% p.a. reference rate works out to roughly $3,731.76 per month.

Frequently Asked Questions

What is Westpac's current variable home loan rate?

Westpac's Flexi First Option home loan carries a reference variable rate of 8.18% p.a., with a discounted rate of 6.44% p.a. commonly advertised for owner-occupiers.

When did Westpac last raise its home loan rates?

Westpac announced a 0.25 percentage point increase to variable home loan rates on 17 March 2026, effective 31 March 2026, citing the RBA's cash rate decision.

How does the RBA cash rate compare to Westpac's rate moves?

The RBA cash rate target is 4.60% p.a. after the late-September 2026 rise (previously 4.35%, held 11 August 2026); Westpac's own media releases tie its variable rate changes directly to RBA board decisions.

Does Westpac offer an offset account?

Yes — Westpac's Rocket Repay loan allows up to 10 full offset sub-accounts, whose combined balance reduces the interest charged on the loan (Westpac, Home loans, accessed 26 September 2026).

How much deposit do I need to avoid paying LMI with Westpac?

Generally 20% of the purchase price. Below that (an LVR above 80%), Westpac requires Lenders Mortgage Insurance, unless you qualify for a government or professional LMI waiver.

What if I can't keep up with my Westpac home loan repayments?

Contact Westpac's Assist team on 1800 067 497 or apply online — Westpac can offer a flexible payment arrangement, a short-term deferral or reduction, or a loan-term extension, with an online response typically within a week.

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Written by Sheryar, founder of fin·calc. Rates verified against the sources below.