Basic Variable Home Loan

Our lowest variable home loan rate, with redraw and no ongoing fees.
Category: Home Loans  Last Updated April 28, 2022  Effective May 8, 2022

 General Lending Rates

Rates listed below are for a VARIABLE Owner Occupied P&I product. Additional Information Basic Home Loan Promotional Rate: This offer is only available for new Owner Occupier Basic Home Loan applications with Principal and Interest repayments. Discount applies to our Basic Home Loan offer for the life of the loan. Excludes internal refinances and switches within St.George, Bank of Melbourne and BankSA. This offer may be varied or withdrawn at any time. Interest rates subject to change.
Interest Rate
2.04%PA
Comparison Rate
2.06%PA*
Product rates will vary depending upon your financial position< LVR, and other criteria. The product may also vary depending upon the rate type, repayment type, or loan purpose. We encourage you to contact us for a full understanding of the product and terms.
Product Variations
Product rates and conditions will usually vary based on the LVR and other conditions..
  LVR from 0 to 50%
  • Lending Rate Type: Variable
  • Interest Rate: 3.88%, Comparison Rate 3.93%
  • Repayment Type: Principal And Interest
  • Loan Purpose: Owner Occupied
  LVR from 0 to 50%
  • Lending Rate Type: Variable
  • Interest Rate: 4.73%, Comparison Rate 4.78%
  • Repayment Type: Interest Only
  • Loan Purpose: Investment
  LVR from 0 to 50%
  • Lending Rate Type: Variable
  • Interest Rate: 4.44%, Comparison Rate 4.49%
  • Repayment Type: Principal And Interest
  • Loan Purpose: Investment
  LVR from 0 to 50%
  • Lending Rate Type: Variable
  • Interest Rate: 3.09%, Comparison Rate 3.11%
  • Repayment Type: Interest Only
  • Loan Purpose: Owner Occupied
  LVR from 0 to 50%
  • Lending Rate Type: Variable
  • Interest Rate: 2.04%, Comparison Rate 2.06%
  • Repayment Type: Principal And Interest
  • Loan Purpose: Owner Occupied
  LVR from 0 to 50%
  • Lending Rate Type: Variable
  • Interest Rate: 2.64%, Comparison Rate 2.66%
  • Repayment Type: Interest Only
  • Loan Purpose: Investment
  LVR from 0 to 50%
  • Lending Rate Type: Variable
  • Interest Rate: 2.44%, Comparison Rate 2.46%
  • Repayment Type: Principal And Interest
  • Loan Purpose: Investment
  LVR from 50.01% to 60%
Minimum: 50.01 PERCENT Maximum: 60 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 4.47%, Comparison Rate 4.52%
  • Repayment Type: Interest Only
  • Loan Purpose: Owner Occupied
  LVR from 50.01% to 60%
Minimum: 50.01 PERCENT Maximum: 60 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 3.88%, Comparison Rate 3.93%
  • Repayment Type: Principal And Interest
  • Loan Purpose: Owner Occupied
  LVR from 50.01% to 60%
Minimum: 50.01 PERCENT Maximum: 60 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 4.73%, Comparison Rate 4.78%
  • Repayment Type: Interest Only
  • Loan Purpose: Investment
  LVR from 50.01% to 60%
Minimum: 50.01 PERCENT Maximum: 60 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 4.44%, Comparison Rate 4.49%
  • Repayment Type: Principal And Interest
  • Loan Purpose: Investment
  LVR from 50.01% to 60%
Minimum: 50.01 PERCENT Maximum: 60 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 3.09%, Comparison Rate 3.11%
  • Repayment Type: Interest Only
  • Loan Purpose: Owner Occupied
  LVR from 50.01% to 60%
Minimum: 50.01 PERCENT Maximum: 60 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 2.04%, Comparison Rate 2.06%
  • Repayment Type: Principal And Interest
  • Loan Purpose: Owner Occupied
  LVR from 50.01% to 60%
Minimum: 50.01 PERCENT Maximum: 60 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 2.64%, Comparison Rate 2.66%
  • Repayment Type: Interest Only
  • Loan Purpose: Investment
  LVR from 50.01% to 60%
Minimum: 50.01 PERCENT Maximum: 60 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 2.44%, Comparison Rate 2.46%
  • Repayment Type: Principal And Interest
  • Loan Purpose: Investment
  LVR from 60.01% to 70%
Minimum: 60.01 PERCENT Maximum: 70 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 4.52%, Comparison Rate 4.57%
  • Repayment Type: Interest Only
  • Loan Purpose: Owner Occupied
  LVR from 60.01% to 70%
Minimum: 60.01 PERCENT Maximum: 70 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 3.93%, Comparison Rate 3.98%
  • Repayment Type: Principal And Interest
  • Loan Purpose: Owner Occupied
  LVR from 60.01% to 70%
Minimum: 60.01 PERCENT Maximum: 70 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 4.78%, Comparison Rate 4.83%
  • Repayment Type: Interest Only
  • Loan Purpose: Investment
  LVR from 60.01% to 70%
Minimum: 60.01 PERCENT Maximum: 70 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 4.49%, Comparison Rate 4.54%
  • Repayment Type: Principal And Interest
  • Loan Purpose: Investment
  LVR from 60.01% to 70%
Minimum: 60.01 PERCENT Maximum: 70 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 3.14%, Comparison Rate 3.16%
  • Repayment Type: Interest Only
  • Loan Purpose: Owner Occupied
  LVR from 60.01% to 70%
Minimum: 60.01 PERCENT Maximum: 70 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 2.09%, Comparison Rate 2.11%
  • Repayment Type: Principal And Interest
  • Loan Purpose: Owner Occupied
  LVR from 60.01% to 70%
Minimum: 60.01 PERCENT Maximum: 70 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 2.69%, Comparison Rate 2.71%
  • Repayment Type: Interest Only
  • Loan Purpose: Investment
  LVR from 60.01% to 70%
Minimum: 60.01 PERCENT Maximum: 70 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 2.49%, Comparison Rate 2.51%
  • Repayment Type: Principal And Interest
  • Loan Purpose: Investment
  LVR from 70.01% to 80%
Minimum: 70.01 PERCENT Maximum: 80 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 4.52%, Comparison Rate 4.57%
  • Repayment Type: Interest Only
  • Loan Purpose: Owner Occupied
  LVR from 70.01% to 80%
Minimum: 70.01 PERCENT Maximum: 80 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 3.93%, Comparison Rate 3.98%
  • Repayment Type: Principal And Interest
  • Loan Purpose: Owner Occupied
  LVR from 70.01% to 80%
Minimum: 70.01 PERCENT Maximum: 80 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 4.78%, Comparison Rate 4.83%
  • Repayment Type: Interest Only
  • Loan Purpose: Investment
  LVR from 70.01% to 80%
Minimum: 70.01 PERCENT Maximum: 80 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 4.49%, Comparison Rate 4.54%
  • Repayment Type: Principal And Interest
  • Loan Purpose: Investment
  LVR from 70.01% to 80%
Minimum: 70.01 PERCENT Maximum: 80 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 3.14%, Comparison Rate 3.16%
  • Repayment Type: Interest Only
  • Loan Purpose: Owner Occupied
  LVR from 70.01% to 80%
Minimum: 70.01 PERCENT Maximum: 80 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 2.09%, Comparison Rate 2.11%
  • Repayment Type: Principal And Interest
  • Loan Purpose: Owner Occupied
  LVR from 70.01% to 80%
Minimum: 70.01 PERCENT Maximum: 80 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 2.69%, Comparison Rate 2.71%
  • Repayment Type: Interest Only
  • Loan Purpose: Investment
  LVR from 70.01% to 80%
Minimum: 70.01 PERCENT Maximum: 80 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 2.49%, Comparison Rate 2.51%
  • Repayment Type: Principal And Interest
  • Loan Purpose: Investment
  LVR from 80.01% to 90%
Minimum: 80.01 PERCENT Maximum: 90 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 4.57%, Comparison Rate 4.62%
  • Repayment Type: Interest Only
  • Loan Purpose: Owner Occupied
  LVR from 80.01% to 90%
Minimum: 80.01 PERCENT Maximum: 90 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 3.98%, Comparison Rate 4.03%
  • Repayment Type: Principal And Interest
  • Loan Purpose: Owner Occupied
  LVR from 80.01% to 90%
Minimum: 80.01 PERCENT Maximum: 90 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 4.83%, Comparison Rate 4.88%
  • Repayment Type: Interest Only
  • Loan Purpose: Investment
  LVR from 80.01% to 90%
Minimum: 80.01 PERCENT Maximum: 90 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 4.54%, Comparison Rate 4.59%
  • Repayment Type: Principal And Interest
  • Loan Purpose: Investment
  LVR from 80.01% to 90%
Minimum: 80.01 PERCENT Maximum: 90 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 3.19%, Comparison Rate 3.21%
  • Repayment Type: Interest Only
  • Loan Purpose: Owner Occupied
  LVR from 80.01% to 90%
Minimum: 80.01 PERCENT Maximum: 90 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 2.14%, Comparison Rate 2.16%
  • Repayment Type: Principal And Interest
  • Loan Purpose: Owner Occupied
  LVR from 80.01% to 90%
Minimum: 80.01 PERCENT Maximum: 90 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 2.74%, Comparison Rate 2.76%
  • Repayment Type: Interest Only
  • Loan Purpose: Investment
  LVR from 80.01% to 90%
Minimum: 80.01 PERCENT Maximum: 90 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 2.54%, Comparison Rate 2.56%
  • Repayment Type: Principal And Interest
  • Loan Purpose: Investment
  LVR from 90.01% to 120%
Minimum: 90.01 PERCENT Maximum: 120 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 4.57%, Comparison Rate 4.62%
  • Repayment Type: Interest Only
  • Loan Purpose: Owner Occupied
  LVR from 90.01% to 120%
Minimum: 90.01 PERCENT Maximum: 120 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 3.98%, Comparison Rate 4.03%
  • Repayment Type: Principal And Interest
  • Loan Purpose: Owner Occupied
  LVR from 90.01% to 120%
Minimum: 90.01 PERCENT Maximum: 120 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 4.83%, Comparison Rate 4.88%
  • Repayment Type: Interest Only
  • Loan Purpose: Investment
  LVR from 90.01% to 120%
Minimum: 90.01 PERCENT Maximum: 120 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 4.54%, Comparison Rate 4.59%
  • Repayment Type: Principal And Interest
  • Loan Purpose: Investment
  LVR from 90.01% to 120%
Minimum: 90.01 PERCENT Maximum: 120 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 3.19%, Comparison Rate 3.21%
  • Repayment Type: Interest Only
  • Loan Purpose: Owner Occupied
  LVR from 90.01% to 120%
Minimum: 90.01 PERCENT Maximum: 120 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 2.14%, Comparison Rate 2.16%
  • Repayment Type: Principal And Interest
  • Loan Purpose: Owner Occupied
  LVR from 90.01% to 120%
Minimum: 90.01 PERCENT Maximum: 120 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 2.74%, Comparison Rate 2.76%
  • Repayment Type: Interest Only
  • Loan Purpose: Investment
  LVR from 90.01% to 120%
Minimum: 90.01 PERCENT Maximum: 120 PERCENT
  • Lending Rate Type: Variable
  • Interest Rate: 2.54%, Comparison Rate 2.56%
  • Repayment Type: Principal And Interest
  • Loan Purpose: Investment

 Product Features

  • Other Additional Information: A no frills loan : A home loan with a lower variable interest rate, useful for anyone who doesn't want to pay for features they won't use.
  • Other Additional Information: Make extra repayments at no extra cost : Pay off your loan sooner and save on interest.
  • Redraw Additional Information: Redraw facility : If you have made any extra repayments, you have access to redraw them.
  • Other Additional Information: Family Pledge : You could use the equity in a family member's home to help you on your home buying journey and maximise the amount you can borrow
  • Other Additional Information: Take a break from repayments : You may be able to pause or reduce your repayments for a set period (keep in mind after the break your repayments may be higher for the rest of your loan term)
  • Cashback Offer Additional Information: $4K Cashback when you Refinance. Apply by 31st May 2022 and settle by 31st August 2022. Owner Occupier (P&I repayments) and Residential Investment loans, with LVR upto 80%. Available on our Advantage Package home loans, with a $395 annual package fee and Basic Home Loans (no annual fee). $250k min loan. Only one $4K cashback offer available per primary applicant within a 12 month period. Excludes refinances from within Westpac Group.
  • Other Additional Information: Substituting a security : You may ask us to accept a new mortgage over other land as a substitute for any mortgage which is security for your loan. We may agree to this if you satisfy any reasonable requirements that we have, such as repaying part of the loan amount. We will require the new mortgage to be provided at the same time that the existing mortgage is discharged. We charge a fee for substituting a mortgage or other security.
  • Other Additional Information: Statements of account : We will send you a statement of your loan account at least every six months or more frequently if you request

 Product Eligibility

  • Min Age - 18. Additional Information: Applicant should be 18 years or over
  • Residency Status - Should Be An Australian Or New Zealand Citizen(s) Or Permanent Resident(s).

 Bank Fees and Charges

  • Lending Establishment Fee (Upfront), Amount: 500.00.
  • Loan Account Fee (Periodic), Amount: 0.00.
  • Overseas Withdrawal Fee (Transaction), Amount: 5.00. Additional Information: The fee is Nil ($0) for cash withdrawals from Global ATM Alliance and Westpac Group partner ATMs. To find an overseas ATM visit the link below
  • Foreign Currency Conversion Fee (Event), Amount: Not Listed..
  • Bank Cheque Fee (Event), Amount: 10.00. Additional Information: Per Cheque Fee
  • Renegotiation Fee (Event), Amount: 500.00. Additional Information: Fee payable whenever we agree to renegotiate or vary conditions on a loan other than a conversion (switch) to a different interest rate or home loan type
  • Loan Payment Dishonour Fee (Event), Amount: 9.00. Additional Information: Fee payable whenever a direct debit order for payment from another institution is dishonoured:
  • Repayment Pause (Event), Amount: 500.00. Additional Information: Fee payable when customer requests to pause the repayments
  • Document Processing Fee (Event), Amount: 100.00. Additional Information: The Settlement Processing Fee, is a fee charged as apart of the fees for Loan Establishment. It is the fee charged for the processing of settlement services. These can include document validation, value transaction processing and, conveyancing activities required for mortgage lending settlements.
  • Property Valuer Fee (Variable), Amount: Not Listed.. Additional Information: The Fee starts from $ 164 and the amount payable is dependent on location/value of security property(is)
  • External Property Inspection (Variable), Amount: Not Listed.. Additional Information: From $92.25
  • Electronic Property Market Value Estimate (Variable), Amount: Not Listed.. Additional Information: From $10.25
  • Property Market Value Assessment (Variable), Amount: Not Listed.. Additional Information: From $71.75
  • Additional Security Property Fee (Event), Amount: 100.00.
  • Substituting Securities On Existing Home Loans (Event), Amount: 500.00.
  • Missed Payment Fee (Event), Amount: 15.00. Additional Information: Fee payable when we send customer an arrears letter relating to an overdue amount
  • Safe Custody Of Your Title Deeds (Event), Amount: 30.00. Additional Information: Fee payable per lodgement when customer opts to keep title deeds in safe custody envelope
  • Copy Of Withdrawal Or Deposit Form (Event), Amount: 10.50.
  • Loan Discharge Fee (Event), Amount: 350.00. Additional Information: Per Mortgage
  • Lenders Mortgage Insurance Premium (Variable), Amount: Not Listed.. Additional Information: If your deposit is less than 20% then Lenders Mortgage Insurance is usually required. There may be other circumstances where Lenders Mortgage Insurance is also required. As Lenders Mortgage Insurance reduces bank?s risk as a lender when providing a home loan, you may be able to apply for a home loan and get into your home sooner, with a lower deposit. Lenders Mortgage Insurance insures bank for any shortfall in the event that you default on your loan and if the proceeds from the property sale are not enough to pay off the loan in full. The cost of Lenders Mortgage Insurance is calculated as a percentage of the loan amount. The percentage applied will vary depending on a number of factors. Please speak to your lender if you would like to understand this process in more detail. The cost of Lenders Mortgage Insurance premium is passed on to you. We do not receive a commission on Lenders Mortgage Insurance.

 Document Downloads

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