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Home loan terms, fees & rates.
Terms, rates and fees for our home lending products.
Choices Fixed interest rates.
Fix your interest rate and be sure your repayments will stay the same.
| Rate | Term |
| 5.89% p.a. | 6 months - special* |
| 6.49% p.a. | 6 months |
| 5.29% p.a. | 1 year - special* |
| 5.89% p.a. | 1 year |
| 5.19% p.a. | 18 months - special* |
| 5.79% p.a. | 18 months |
| 4.99% p.a. | 2 years - special* |
| 5.59% p.a. | 2 years |
| 5.39% p.a. | 3 years - special* |
| 5.99% p.a. | 3 years |
| 5.39% p.a. | 4 years - special* |
| 5.99% p.a. | 4 years |
| 5.39% p.a. | 5 years - special* |
| 5.99% p.a. | 5 years |
* Minimum 20% equity, plus salary credit to a Westpac transaction account. Not available with any other Westpac home loan offers, or promotions or package discounts. Loans for business or Investment purposes excluded.
Lending criteria, terms and conditions, apply to home loans. For home loans with less than 20% equity, a low equity margin may apply, see low equity margins home loans explained for more details on how this is applied.
Interest rates are subject to change without notice.
If you don’t pay amounts when they’re due, your home loan account may exceed its limit and the interest rate applied to the over limit amount will be your annual interest rate plus an additional 5% p.a.
Choices Floating interest rates.
Keep your options open and pay off lump sums without prepayment costs.^
| Home loan option | Rate |
| Choices Floating | 6.99% p.a. |
| Choices Everyday Floating | 7.09% p.a. |
| Choices Floating with Offset | 6.99% p.a. |
^See Choices Home Loan account fees.
For home loans with less than 20% equity, a low equity margin may apply, see low equity margin home loans explained for more details on how this is applied.
Interest rates are subject to change without notice.
If you don’t pay amounts when they’re due, your home loan account may exceed its limit and the interest rate applied to the over limit amount will be your annual interest rate plus an additional 5% p.a.
Low Equity Margin.
When you take out a home loan and borrow more than 80% of the property’s value, a low equity margin may apply.
This is a percentage amount that is added to the interest rate on your home loan.
The low equity margin that applies depends on the Loan-to-Value ratio which is calculated by dividing the total amount of your home loan by the total value of your property.
| Loan-to-value-ratio | Low equity margin |
| 80.01% - 85.00% | 0.25% p.a. |
| 85.01% - 90.00% | 0.75% p.a. |
| 90.01% - 95.00% | 1.50% p.a. |
| Greater than 95.01% | 1.75% p.a. |
*Westpac NZ may change the low equity margin, replace it with a new margin from time to time.
See low equity margin home loans explained for more details on how this is applied.
Base rates.
The following base rates are listed for disclosure purposes. The Choices Floating interest rates are calculated as: a base plus a margin (if any).
For more information on Base Rates and to see which rate applies to your loan, see your loan terms and conditions#.
| Base rate type | Rate |
| Residential Base Rate | 6.99% p.a. |
| Transactional Base Rate (Choices Everyday Floating) | 7.09% p.a. |
| Housing Base Rate (Choices Floating with Offset) | 7.39% p.a. |
#Westpac NZ may change the Base Rate, replace it with a new Base Rate, or change the margin (if any) from time to time.
For home loans with less than 20% equity, a low equity margin may apply, see low equity margin home loans explained for more details on how this is applied.
If you don’t pay amounts when they’re due, your loan account may exceed its limit and the rate of interest that’ll be applied to the overlimit amount will be the interest rate + 5% p.a.
Choices Everyday Home Loan account fees.
| Fee type | Fee amount |
| Electronic transactions EFTPOS, Westpac ATM transfers/withdrawals, automatic payments once set up, direct debits/credits, bill payments, fund transfers and phone banking payments | Free |
| Manual transactions ATM deposits, branch deposits and withdrawals at a branch | Free |
Note: Other service fees may still apply. See home lending services fees below.
Choices Home Loan account fees.
| Fee type | Fee amount | Frequency |
| Electronic transactions EFTPOS, ATM transfers/withdrawals, automatic payments once set up (service fee applies to set up or amend), direct debits/credits, bill payments, online and phone banking payments | Free | Per transaction |
| Manual transactions (up to a maximum of $5 per monthly charge) | $0 | Per transaction |
| Rate lock break fee* | $30 | Per break |
*Only applicable on fixed rate Choices Home Loans.
Note: Other service fees may still apply. See home lending services fees below.
Home lending services fees.
| Fee type | Fee amount | Frequency |
| Home loan establishment fee | $0 | Per application |
| Home loan establishment fee (construction loan with multiple drawdowns) | $0 | Per application |
| Home loan documentation fee (For redocumentation, loan variations and top-ups) | $0 | Per application |
| Choices Everyday Home Loan temporary limit increase fee | $0 | On approval |
| Administration fee for processing a prepayment to a fixed rate loan1 (Choices Home Loan and business borrowing including partial or full payment to a fixed loan, moving from one fixed term to another or from fixed to floating) | $0 | Per payment |
| Security discharge fee2 | $50 | Per discharge request |
1 A prepayment cost may also apply as described in the loan agreement.
2 Additional disbursement charges may apply in some circumstances (includes discharge of securities, release of guarantees/life policies, priorities, variation memorandums that alter security arrangements through acting solicitor and collection of life policies under assignment) or where no solicitor is involved. Quotation is available on request.
Terms.
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Things you should know.
Interest rates and fees are subject to change. Westpac's home loan lending criteria, terms and conditions apply. A low equity margin may apply.