4
Overall Rating
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Lender Overview
Market Authority and Reliability
5
Customer Service
4
Loan Variety
4
Flexible Policies
2.5
Digital Experience
4
Application Process
4.5
Overall Rating
4
Westpac delivers solid performance across most categories with particular strength in reliability and customer service.
Westpac's Background
Established 1817
Australia's Oldest Bank
Established in 1817 as the Bank of New South Wales, Westpac is Australia's oldest bank and is one of the four largest financial institutions known as the "big four." Over the years, Westpac has expanded both within Australia and internationally, providing a range of banking and financial services.
Market Position
Big Four Banking
It is funded by retail deposits and wholesale capital markets. Today, it's recognized for its impressive range of home loan options and reliability as one of the most stable lenders. Westpac's longstanding reputation and prime customer service facilities make it a notable player in the Australian mortgage market.
200+
Years of Service
24/7
Customer Support
Big 4
Banking Status
AAA
Credit Rating
Why Choose Westpac?
Longest banking history in Australia
Strong financial stability
Comprehensive loan products
Nationwide branch network
Types of Westpac Home Loans
Available Loan Types
Fixed-rate home loans
Variable-rate home loans
Split loans (a mix of variable and fixed interest rate loans)
Interest-only loans
Waived LMI home loans
First Home Buyer loans
Refinance home loans
Bridging loans
Guarantor home loans
Home equity loans
Self-employed home loans
Not Available:
SMSF or low-doc home loans
Exclusive Packages
Rocket Repay
Westpac's variable home loan package with an offset account ideal for flexibility and interest rate saving
Flexi First
Westpac's basic home loan package with a lower variable interest rate and no ongoing fees, suitable for those who want simplicity
Premier Advantage Package
Westpac's home loan package that offers interest rate discounts and other benefits when combined with eligible accounts
Pros and Cons of Westpac Home Loans
Pros
Recognized as one of the big four banks of Australia; strong and reliable
Provides 24/7 customer service through various channels, including online chat, phone and in-branch services
Waived LMI loans available for high-income earning stable employment professionals such as doctors and lawyers
Has an online banking platform and a robust banking app
Wide range of loan options
Work with your mortgage broker
History of providing the best refinance cash-back rates and rebates
Refinancing with them for existing borrowers is an accessible option
Short loan application approval timeframe (1 to 3 business days)
Cons
They charge a loan account fee of $8 per month and a lending establishment fee of $600 for some of their home loan products
Strict eligibility criteria, so a self-employed home loan application approval is not easy with them
Non-flexible lending policies outside of limited specific packages, when compared to smaller banks and non-traditional lenders
Limited incentives or special offers for new offers apart from the government-incentivised First Home Buyers Loan
Interest rate discounts often tied to strict conditions or packages
Interest rates offered are not always competitive compared to other banks and non-traditional lenders
Customer Reviews and Feedback
Positive Feedback
Reliable customer service
Both borrowed and home loan applicants appreciate quick and effective customer service, especially through Westpac's customer service pages and portals on its website. In fact, Westpac 24/7 support receives plenty of internet attention on forums, such as Reddit and Google reviews, for providing help in resolving issues in the best possible way.
Smooth refinance process
Several customers refer to their experience with home loan refinancing as smooth, mentioning Westpac's best-in-the-market cashback deals.
User-friendly app and online banking
Users appreciate the efficiency of the Westpac mobile app and its design, which enables them to keep track of loan repayments and manage their finances with ease.
Areas for Improvement
Non-competitive interest rates
Many borrowers find that Westpac's rates are sometimes less competitive than those of other banks or credit unions, which may be a drawback for cost-conscious borrowers.
Strict eligibility criteria
Self-employed applicants often face challenges with approval due to Westpac's strict criteria.
Limited special offers
Some customers feel that Westpac lacks innovative incentives or special promotions for new borrowers, unlike other banks.
LMI costs
While waived LMI home loans are available for certain professionals, many non-qualifying borrowers find Westpac’s LMI fees expensive.
Final Verdict
Westpac is an excellent option for someone who has a good and non-complicated financial history. The bank is also highly reputable for borrowers who prioritise reliability and service quality over ultra-competitive interest rates. While it may not be the ideal lender for applicants with a unique or complicated financial history, overall, Westpac, as a lender, provides a solid home loan experience.
Want to compare Westpac home loans with some other lenders who fit your profile? Fill out our consultation form today so you can pick and choose from our panel of lenders.
