1.1. At a glance

With a Westpac fixed rate home loan you know how much your regular repayments are, giving you the security to budget with confidence. Westpac also offers some flexibility for increased loan repayments, free of charge.

A fixed rate loan is best suited to

• Customers who prefer a repayment amount that does not fluctuate.
• Customers who need a disciplined repayment structure.
• Customers who are unlikely to want to make large lump sum payments within the fixed rate term.
  

Features and benefits of Westpac's fixed rate loan

• Maximum term: 30 years.
• Repayment frequency: fortnightly or monthly.
• Extra repayments: you can pay up to 20% more than your minimum regular payment free of charge.  Lump sum payments incur an administration fee and may incur a break fee.  See full details here.  

• 60 Day lock rate for both new and existing lending.
• Loan repayment holidays.
• Loan top ups may be available.
• Interest only repayments from 5 years and up to 30 years may be available, depending upon your LVR, among other things.  See details here.
  
• Choices Everyday not available.
  

How a fixed interest rate loan works

A fixed interest rate is guaranteed not to change for a specified period. If market conditions change and interest rates move up or down, your interest rate and the amount of your repayments will stay the same during the fixed interest rate term, even if rates decrease. This means you are shielded from any rise in interest rates and have the assurance of knowing how much you will pay for the fixed interest rate term.

See here for details.

Next: Making extra payments