Why choose a Basic Home Loan?
No monthly fees and a lower interest rate
You also get…
No-frills low rate loan
Designed for someone who wants a no-frills, basic home loan.
Redraw facility
If you have made any extra repayments, you have access to redraw them. (fees apply)2.
Flexible repayments
Choose to make your repayments weekly, fortnightly or monthly.
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.
Learn more
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).2
New Owner Occupier Loans
-
2.74% p.a Basic Home Loan Variable rate.
Principal & Interest repayments.**
Rate includes 1.19% p.a. discount off the Basic Home Loan Rate.
LVR+ above 60% up to 80% -
2.76% p.a Comparison rate*
New Residential Investment Loans
-
3.29% p.a Basic Home Loan Variable rate.
Principal & Interest repayments.***
Rate includes 1.20% p.a. discount off the Basic Home Loan Rate.
LVR+ above 60% up to 80% -
3.31% p.a Comparison rate*
Fees
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$0 Establishment Fee if loan amount is greater than $150,0003 for customer making Principal & Interest repayments only.
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$0 Monthly administration fee
Calculators
View all rates
Property market research
Refinance cashback offer
$2k
Cashback per property^ refinanced
For new Owner Occupier with Principal & Interest repayments and Investment loans. Available on our Advantage Package and Basic home loans. $395 annual package fee. $250k min loan per property refinanced. Excludes refinances from within Westpac Group. Apply by 31 July 2020, and settle by 30 September 2020.
The Detail
Start your application online
Important information
Conditions, fees and credit criteria apply.
Before making a decision, it’s best to read the terms and conditions:
- Residential Loan Agreement – General Terms and Conditions (PDF 284KB)
- Loan Accounts – Charges for specific services and accounts (PDF 183KB)
Please read these documents and keep a copy. You can request a paper copy at a branch.
The information on our website is prepared without knowing your personal financial circumstances. Before you act on this, please consider if it’s right for you. If you need help, call 13 33 30.
* Comparison Rate: The comparison rate is based on a loan of $150,000 over a term of 25 years.WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
** Basic Home Loan Promotional Rate:
This offer is only available for new Owner Occupier Basic Home Loan applications with Principal and Interest repayments received from 28 October 2019. 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.
*** Basic Home Loan Promotional Rate:
This offer is only available for new Residential Basic Home Loan applications with Principal and Interest repayments received from 9 September 2019. 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.
Advantage Package Terms and Conditions apply. A $395 annual package fee applies and is payable from an eligible St.George transaction account. An Advantage Package discount has been included in the advertised eligible rate. The discount and fee savings apply for the duration of the package. Before deciding to acquire a St.George transaction account, read the terms and conditions (PDF 2MB), and consider if the product is right for you.
1. As compared to our standard variable interest rate.
2. Redraw, repayment pause and rate lock requests are subject to our approval. Fees apply.
3. Upfront fees and other fees and charges may apply.
+LVR stands for the initial loan to value ratio at loan approval. LVR is the amount of your loan compared to the banks valuation of your property offered to secure your loan expressed as a percentage. Home loan rates for new loans are set based on the initial LVR and don’t change because of changes to the LVR during the life of the loan. Any applicable LVR discount has been included in the advertised eligible rate.