Westpac Banking Corporation
Lender Overview
Westpac is Australia's oldest bank, founded in 1817 as the Bank of New South Wales. It is one of the big four banks and holds a significant share of the Australian mortgage market. Westpac also owns Bank of Melbourne, BankSA, and St.George Bank, all of which offer home loan products under their own brands. Westpac is regulated by APRA and listed on the ASX (ASX: WBC).
Loan Products Offered
Flexi First Option Home Loan
Variable rate loan with no annual fee and basic features. Lower ongoing rate than the package product but without offset functionality.
Premier Advantage Package
Package product ($395/year) with discounted variable or fixed rates, 100% offset account, and fee waivers across banking products.
Fixed Options Home Loan
Fixed rate terms of 1 to 5 years. Limited to $30,000 in extra repayments per year during the fixed term.
Westpac Rocket Repay Home Loan
Variable rate product with competitive pricing and flexible repayment features including unlimited extra repayments and redraw.
Pros and Cons
Pros
- +Long-established bank with one of the widest branch networks outside CBA
- +Strong investor loan product range with both P&I and interest-only options
- +Access to St.George, Bank of Melbourne and BankSA brands with different pricing
- +Solid digital banking experience through the Westpac app
Cons
- -Rates are generally not market-leading for owner-occupiers
- -Annual package fees apply for access to offset accounts
- -Application processing can be slow during peak periods
Typical Rates
| Loan Type | Indicative Rate |
|---|---|
| Owner-Occupier Variable (P&I) | RBA cash rate + 2.75% to 3.30% (indicative) |
| Owner-Occupier Fixed | Market rate at time of fixing, varies by term |
| Investor Variable (P&I) | RBA cash rate + 3.05% to 3.65% (indicative) |
Rates are indicative only and vary by LVR, product, and package status. Confirm current rates with Westpac directly or via a broker. Sub-brands (St.George etc.) may offer different pricing.
Application Process
- 1
Apply online, via a branch, or through a mortgage broker
- 2
Provide identification, income documentation, and details of existing debts
- 3
Valuation ordered by Westpac on your target property
- 4
Conditional approval typically 3 to 7 business days
- 5
Loan documents issued after full approval; settlement coordinated with your conveyancer
Who Westpac Banking Corporation Suits Best
- ✓Borrowers wanting a major bank with a strong branch network
- ✓Property investors, given Westpac's strong investor product range
- ✓Customers who already use Westpac for everyday banking
