Find a branch
Contact
Help
Home loan interest rates.
A great rate is a great place to start. Talk to our experts about the best options for you.
Get cash back on your first home loan.
Apply for a new Westpac home loan of $250,000 or more for your first home and you could get $5,000 or more cash back, to help make your home greater.
How it works
- All applicants must be first home buyers as determined by Westpac.
- Available on new Westpac residential home loans of $250,000 or more.
- This limited offer may be withdrawn at any time without notice.
Talk to our experts to see whether a Westpac home loan is right for you.
Featured rates.
¹ 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 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 deposit options to help you get into your first home sooner.
You don’t always need a 20% deposit to buy your first home. Explore our range of low deposit options to get closer to a home you can call your own.
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 Floating1 | 6.99% p.a. |
| Choices Everyday Floating1 | 7.09% p.a. |
| Choices Floating with Offset1 | 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.
1. For existing customers, until 10 March 2025:
Choices Floating Rate remains at 7.39% p.a.
Choices Everyday Floating Rate remains at 7.49% p.a.
Choices Floating with Offset Rate remains at 7.39% 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.
More choices.
Calculators
Get in touch.
Meet with an expert
Our Home Loan Experts can come to you, when it suits you best.
Already bank with us? Apply online.
The fastest way for existing customers to apply for a home loan is in Westpac One®.
Things you should know.
Interest rates and fees are subject to change without notice.
Westpac's home loan lending criteria, terms and conditions apply. A low equity margin may apply.
Documents and fees
See the detailed terms and conditions, and fees, for our home loans:
- Choices Home Loan Summary - Sample
- Choices Everyday Home Loan Summary - Sample
- Choices Home Loan Terms and Conditions
- Choices Everyday Home Loan Terms and Conditions
- Transaction and Service Fees
- Westpac General Terms and Conditions
View terms and conditions for all our home lending products here.