Market Authority and Reliability
Customer Service
Loan Variety
Flexible Policies
Digital Experience
Application Process
Overall Rating
Westpac’s Background
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. 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 the the most stable lenders. Westpac’s longstanding reputation and prime customer service facilities make it a notable player in the Australian mortgage market.
Types of Westpac Home Loans
Types of Westpac Home Loans
Westpac offers a range of home loan options based on interest rates, including:
Split loans (a mix of variable and fixed interest rate loans)
Interest-only loans.
And also extends popular home loan types such as:
Bridging loans
Guarantor home loans (for immediate family members such as parents, siblings, or legal guardians)
Note: They do not offer SMSF or low-doc home loans.
Below are the home loan offers packaged exclusively by Westpac:
Rocket Repay: This is Westpac's variable home loan package with an offset account ideal for flexibility and interest rate saving
Flexi First: This is 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: This is Westpac’s home loan package that offers interest rate discounts and other benefits when combined with eligible accounts.
Westpac offers a range of home loan options based on interest rates, including:
Split loans (a mix of variable and fixed interest rate loans)
Interest-only loans.
And also extends popular home loan types such as:
Bridging loans
Guarantor home loans (for immediate family members such as parents, siblings, or legal guardians)
Note: They do not offer SMSF or low-doc home loans.
Below are the home loan offers packaged exclusively by Westpac:
Rocket Repay: This is Westpac's variable home loan package with an offset account ideal for flexibility and interest rate saving
Flexi First: This is 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: This is Westpac’s home loan package that offers interest rate discounts and other benefits when combined with eligible accounts.
Recognized as one of the big four banks of Australia; strong and reliable
Pros
Cons
Pros and Cons of Westpac Home Loans
Provides 24/7 customer service through various channels, including online chat, phone and in-branch services
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)
Waived LMI loans available for high-income earning stable employment professionals such as doctors and lawyers
They charge a loan account fee of $8 per month and a lending establishment fee of $600 for some of their home loan products
Non-flexible lending policies outside of limited specific packages, when compared to smaller banks and non-traditional lenders
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
Strict eligibility criteria, so a self-employed home loan application approval is not easy with them
Limited incentives or special offers for new offers apart from the government-incentivised First Home Buyers Loan
Recognized as one of the big four banks of Australia; strong and reliable
Pros
Cons
Pros and Cons of Westpac Home Loans
Provides 24/7 customer service through various channels, including online chat, phone and in-branch services
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)
Waived LMI loans available for high-income earning stable employment professionals such as doctors and lawyers
They charge a loan account fee of $8 per month and a lending establishment fee of $600 for some of their home loan products
Non-flexible lending policies outside of limited specific packages, when compared to smaller banks and non-traditional lenders
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
Strict eligibility criteria, so a self-employed home loan application approval is not easy with them
Limited incentives or special offers for new offers apart from the government-incentivised First Home Buyers Loan
Recognized as one of the big four banks of Australia; strong and reliable
Pros
Cons
Pros and Cons of Westpac Home Loans
Provides 24/7 customer service through various channels, including online chat, phone and in-branch services
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)
Waived LMI loans available for high-income earning stable employment professionals such as doctors and lawyers
They charge a loan account fee of $8 per month and a lending establishment fee of $600 for some of their home loan products
Non-flexible lending policies outside of limited specific packages, when compared to smaller banks and non-traditional lenders
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
Strict eligibility criteria, so a self-employed home loan application approval is not easy with them
Limited incentives or special offers for new offers apart from the government-incentivised First Home Buyers Loan
Recognized as one of the big four banks of Australia; strong and reliable
Pros
Cons
Pros and Cons of Westpac Home Loans
Provides 24/7 customer service through various channels, including online chat, phone and in-branch services
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)
Waived LMI loans available for high-income earning stable employment professionals such as doctors and lawyers
They charge a loan account fee of $8 per month and a lending establishment fee of $600 for some of their home loan products
Non-flexible lending policies outside of limited specific packages, when compared to smaller banks and non-traditional lenders
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
Strict eligibility criteria, so a self-employed home loan application approval is not easy with them
Limited incentives or special offers for new offers apart from the government-incentivised First Home Buyers Loan
Recognized as one of the big four banks of Australia; strong and reliable
Pros
Cons
Pros and Cons of Westpac Home Loans
Provides 24/7 customer service through various channels, including online chat, phone and in-branch services
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)
Waived LMI loans available for high-income earning stable employment professionals such as doctors and lawyers
They charge a loan account fee of $8 per month and a lending establishment fee of $600 for some of their home loan products
Non-flexible lending policies outside of limited specific packages, when compared to smaller banks and non-traditional lenders
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
Strict eligibility criteria, so a self-employed home loan application approval is not easy with them
Limited incentives or special offers for new offers apart from the government-incentivised First Home Buyers Loan
Customer Reviews and Feedback
Customer Reviews and Feedback
Below are some recurring positive feedback on Westpac home loans circulated in various forums and social media platforms that stand out:
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.
Below are some recurring negative feedback on Westpac home loans circulated in various forums and social media platforms that stand out:
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.
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 free consultation form today so you can pick and choose from our panel of lenders.
Ready to Get Your Dream Home With Us.
Select Loan & Mortgage is a one-stop solution for home loan consulting services in Australia.
ABN: 86 680 285 143
ACN: 680 285 143
Address: Level 10, 90 King William Street Adelaide SA 5000
Select Loan & Mortgage
Home Loan Calculators
Select Loan and Mortgage Pty Ltd | Credit Representative Number 563198 is authorized under Australian Credit License 389328 | 86 680 285 143 |
This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.
Ready to Get Your Dream Home With Us.
Select Loan & Mortgage is a one-stop solution for home loan consulting services in Australia.
ABN: 86 680 285 143
ACN: 680 285 143
Address: Level 10, 90 King William Street Adelaide SA 5000
Select Loan & Mortgage
Home Loan Calculators
Select Loan and Mortgage Pty Ltd | Credit Representative Number 563198 is authorized under Australian Credit License 389328 | 86 680 285 143 |
This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.
Ready to Get Your Dream Home With Us.
Select Loan & Mortgage is a one-stop solution for home loan consulting services in Australia.
ABN: 86 680 285 143
ACN: 680 285 143
Address: Level 10, 90 King William Street Adelaide SA 5000
Select Loan & Mortgage
Home Loan Calculators
Select Loan and Mortgage Pty Ltd | Credit Representative Number 563198 is authorized under Australian Credit License 389328 | 86 680 285 143 |
This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.
Ready to Get Your Dream Home With Us.
Select Loan & Mortgage is a one-stop solution for home loan consulting services in Australia.
ABN: 86 680 285 143
ACN: 680 285 143
Address: Level 10, 90 King William Street Adelaide SA 5000
Select Loan & Mortgage
Home Loan Calculators
Select Loan and Mortgage Pty Ltd | Credit Representative Number 563198 is authorized under Australian Credit License 389328 | 86 680 285 143 |
This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.
Ready to Get Your Dream Home With Us.
Select Loan & Mortgage is a one-stop solution for home loan consulting services in Australia.
ABN: 86 680 285 143
ACN: 680 285 143
Address: Level 10, 90 King William Street Adelaide SA 5000
Select Loan & Mortgage
Home Loan Calculators
Select Loan and Mortgage Pty Ltd | Credit Representative Number 563198 is authorized under Australian Credit License 389328 | 86 680 285 143 |
This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.