Westpac Home Loans

Westpac Home Loans 

Westpac is an Australian bank operating in New Zealand which provides home loans, personal loans, credit cards, accounts, insurance and investments.

Loan Options: What Westpac home loans offer

Here’s a snapshot of Westpac’s variable home loans currently on offer for a loan amount of $600,000 in Auckland. Please note that this table is formulated based on paying both principal and interest and results are sorted by our star rating (highest to lowest). To compare other home loans, please click here.

Compare Home Loans

The inclusions below represent a selection of the features available with a standard variable rate home loan for an owner occupier. Canstar is not making any suggestion or recommendation to you about this product. Additional conditions may apply to different features. Please see our comparison tables for more detailed information about products on offer from this provider. Please ensure that you read the product disclosure statement (PDS) to determine all the current loan terms and conditions for the product you are considering.

Variable home loan features to look for

What types of home loans does Westpac offer?

Westpac offers a range of different home loan products:

  • Fixed interest: if you to want to set up regular repayments knowing they’re not going to change, and you won’t be making lump sum payments.
  • Variable/floating interest: if you want the flexibility to make lump sum payments on your home loan and are comfortable knowing the interest rate may increase or decrease with the market.  
  • Welcome Home Loan: for first home buyers with at least a 10% deposit and an annual income of $85,000 or less for one borrower.
  • Choices home loan with Airpoints: if you want to earn Airpoints dollars on your home loan balance and are a New Zealand Airports member.
  • Family Springboard home loan: if you’re buying your first house and have little to no deposit, your family can help you with getting a loan.
  • Revolving credit: A home loan which lets you borrow more money against your home loan (within limits) as well as pay it off.

Some of these loans have the options of taking payment holidays, going interest-free, or in case of variable rate products, switching to a fixed-interest loan at any time. For more information on different types of home loans, check out the following articles:

Find out about how different types of home loans work here. See our comparison tables for details of Westpac home loans:

Compare Home Loans

Westpac FAQs

Applying for a Westpac home loan is a simple process; just compare home loans on the Canstar website and apply online on the  Westpac website for the loan of your choice. You can also call Westpac on 0800 400 600 any day of the week to speak to a home loan expert; you can drop into your local Westpac branch, or talk to Wes, their friendly chatbot who can answer your frequently asked questions.

Follow our applying for a home loan checklist, and use the Canstar website to compare Westpac home loans with other home loans before choosing a product that suits your needs:

Compare Home Loans

Before you start your application for a Westpac home loan, you will need evidence of:

  • Your income, including salary, dividends, rent, business profits etc.
  • Your expenses, such as food, rent, bills, loan debts, insurance etc.
  • Your deposit – how much cash or equity you have, including any KiwiSaver investments
  • Your personal details, including a form of valid photo ID such as your passport or drivers licence

For more information on what is involved, follow our applying for a home loan checklist, and use the Canstar website to compare Westpac home loans with other home loans before choosing a product that suits your needs:

Compare Home Loans

Westpac offers you the option of making fortnightly or monthly payments on Fixed Interest and Floating Interest home loans. As with most banks, interest is calculated daily on your remaining principal; this means that any payment you make before your monthly due date will reduce your principal, and thus reduce the amount of interest you have to pay.

Westpac allows extra lump sum repayments on their Floating interest home loan – their Fixed home loan does allow extra repayments, but Westpac warns that prepayment/break costs will likely apply. Terms and conditions apply; contact your lender for details.

Find out how making extra repayments could save money in interest over the life of your loan in this article or use our Extra Repayments Calculator for yourself:


Yes, Westpac’s variable rate home loans offer the option to top up your home loan (i.e. borrow back more money that you’ve already paid off). You can apply for a loan top up using Westpac Internet Banking. Fees and charges may apply to use of a redraw facility; contact your lender for details or learn more about redraw facilities here.

If you’re in the market for a home loan, compare your home loan options with Canstar:

Compare Home Loans

Westpac’s origins in New Zealand date back to 1861, when the Bank of New South Wales opened seven branches in New Zealand on the back of the Otago gold rush. The company was the first to introduce mainstream credit cards to NZ customers in 1979, before changing its name to Westpac in 1982. The company employs more than 5,000 employees in New Zealand, collectively serving around 1.34 million customers. 

Westpac was named the world’s most sustainable bank in 2016 by the Dow Jones Sustainability Index, demonstrating in the bank’s commitment to sustainability and community. In 2015, Westpac invested more than $5.6 million into local community initiatives such as Westpac Rescue Helicopters, NZ Arts, SeniorNet and Dementia Friendly Banking, to name a few. The bank has a key strategic focus to increase lending to the CleanTech sector, including renewable energy, green buildings and forestry. 

Compare Home Loans

Westpac - Choices Special Fixed

Canstar Research
Award: 4 Star Rating Home Loans

Residential Fixed Rate

Choices Special Fixed

View the 2018 Home Loans Star Ratings Report

Written by: Regina Collins | Last updated: May 15, 2018