Basic home loan

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Why choose a Basic Home Loan?

A haggle free loan

A home loan with your lowest variable interest rate up front¹, useful for anyone who doesn’t want to pay for features they won’t use.

Make extra repayments at no extra cost

Pay off your loan sooner and save on interest.

$0 monthly service fee

And a $0 establishment fee if you borrow more than $150k² when making Principal & Interest repayments (see fees section).

Redraw facility

If you have made any extra repayments, you have access to redraw them. (fees apply)³.

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.

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).³

New Owner Occupier Loans

2.49% p.a Basic Home Loan Variable rate.
Principal & Interest repayments.^**
Rate includes 1.44% p.a. discount off the Basic Home Loan Rate.
LVR⁺ above 60% up to 80%
2.51% p.a Comparison rate*

New Residential Investment Loans

2.79% p.a Basic Home Loan Variable rate.
Principal & Interest repayments.^***
Rate includes 1.70% p.a. discount off the Basic Home Loan Rate.
LVR⁺ above 60% up to 80%
2.81% p.a Comparison rate^*

Fees

$0 Establishment Fee if loan amount is greater than $150,000² for customer making Principal & Interest repayments only.
$0 Monthly administration fee

Get 4K cashback when you refinance

$4K

Cashback^ When you Refinance

For new Owner Occupier (P&I repayments) and Investment loans. Available on our Advantage Package home loans, with a $395 annual package fee and Basic home loans (no annual fee). $250k min loan per property refinanced. Excludes refinances from within Westpac Group. Apply by 30th June 2021, and settle by 30th September 2021. Only 1x $2k cashback per property refinance will be paid regardless of the number of loans involved. Only 1x $2k bonus cashback will be paid for the initial application regardless of the numbers of customers, properties or applications involved with a maximum LVR up to 80% at time of approval.^

Looking to refinance?

Full Terms and Conditions

^{^}How does the refinance cashback offer work: Credit criteria, fees and charges apply. Terms and conditions available at St.George. $2,000 Refinance Cashback per property for new refinance applications received between 1st April 2020 to 30th June 2021 and settled by 30th September 2021. Offer available for Owner Occupier with Principal and Interest repayment and investment loans. Offer current as at 1st April 2020. Only 1 cashback per property refinance will be paid regardless of the number of loans involved. One $2,000 Bonus Refinance Cashback for a new refinance application received between 18th September 2020 to 30th June 2021 and settled by 30th September 2021. Offer available for Owner Occupier with Principal and Interest repayments and investment loans with maximum LVR of 80%. Offer available on the Advantage Package and Basic Home Loans. Offer current as at 18th September 2020. Only 1 bonus cashback will be paid for the initial application regardless of the numbers of customers, properties or applications involved. Offer may be varied or withdrawn at any time. $250k min loan per property refinanced applies for the $2,000 refinance cashback and $2,000 bonus Refinance Cashback. Excludes Portfolio Loans, switches and refinances of home loans within the Westpac Group which include St.George, Westpac, Bank of Melbourne, BankSA and RAMS. Offer not available for Owner Occupier Interest Only loans, residential lending originated under family or company trusts. Advantage Package Terms and Conditions apply. A $395 annual package fee applies and is payable from an eligible St.George transaction account. Applicants home loan repayments must be direct debited from this transaction account. Read the St.George transaction account terms and conditions and consider if the product is right for you. Refer to stgeorge.com.au. The cashback will be paid into a St.George transaction account within 60 days of settlement. The transaction account must be in the same name as the home loan account and linked to the home loan at the time of settlement. This account must be kept open for 60 days after settlement. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters.

FAQs

How do these two Refinance Cashback offers work?

You may be able to get one or both of these offers.

$2,000 Refinance Cashback per property for applications received between 1st April 2020 - 30th June 2021 and settled by 30th September 2021. You can refinance any number of properties.
One-off $2,000 Bonus Cashback on initial applications for Owner Occupiers and Investors applying between 18th September 2020 – 30th June 2021, and settled by 30th September 2021.

Example of how the two Cashback offers works:

Home loan scenario	Total cashback for eligible Investors	Total cashback for eligible Owner-Occupiers
I’m switching 1 property	You’ll receive $4,000 Cashback $2K Refinance Cashback per property x1 + $2K Bonus Cashback x1 max	You’ll receive $4,000 Cashback $2K Refinance Cashback per property x1 + $2K Bonus Cashback x1 max
I’m switching 2 properties	You’ll receive $6,000 Cashback $2K Refinance Cashback per property x2 + $2K Bonus Cashback x1 max	You’ll receive $6,000 Cashback (your other property is an investment) $2K Refinance Cashback per property x2 + $2K Bonus Cashback x1 max

Home loan scenario

Total cashback for eligible Investors

Total cashback for eligible Owner-Occupiers

I’m switching 1 property

You’ll receive $4,000 Cashback

$2K Refinance Cashback per property x1
+ $2K Bonus Cashback x1 max

You’ll receive $4,000 Cashback

$2K Refinance Cashback per property x1
+ $2K Bonus Cashback x1 max

I’m switching 2 properties

You’ll receive $6,000 Cashback

$2K Refinance Cashback per property x2
+ $2K Bonus Cashback x1 max

You’ll receive $6,000 Cashback (your other property is an investment)

$2K Refinance Cashback per property x2
+ $2K Bonus Cashback x1 max

The cashbacks will be paid into a St.George transaction account within 60 days of settlement. The transaction account must be in the same name as the home loan account and linked to the home loan at the time of settlement. This account must be kept open for 60 days after settlement.

For the $2,000 cashback offer, tax consequences may arise for investors and you should seek independent advice.

What does ‘refinance’ and ‘Owner Occupier’ mean?

I’m an owner-occupier: can I get $4K cashback?

I’m an Investor: can I get $4K cashback?

How do I know if I’m eligible?

For the $2,000 Cashback offer, you’ll need to meet these conditions:

It’s an Investment home loan on either interest only or principal & interest repayments, or an Owner Occupier home loan with Principal & Interest repayments
It’s either our Basic Home Loan, or a Fixed or Variable Rate home loan under our Advantage Package^#($395 annual package fee applies)
Loan size needs to be at least $250k.
You apply before 30th June 2021 and settle by 30th September 2021.

Plus, for the one-off $2,000 Bonus Cashback offer, you’ll also need to meet these conditions:

It’s an Investment home loan on either interest only or principal & interest repayments, or an Owner Occupier home loan with Principal & Interest repayments
Your loan has an LVR up to 80% at time of formal approval – in other words, you've got at least 20% of your property’s bank valuation as a deposit
It's your first application and you apply before 30th June 2021 and settle by 30th September 2021.

Are there any exclusions?

Yes there are some. The $2,000 Cashback offer:

Excludes Owner Occupier home loans with Interest Only repayments
Excludes Portfolio Loans and residential lending originated under family or company trusts
Excludes home loan switches and internal refinances within the Westpac Group, including St.George, Bank of Melbourne, Westpac, BankSA and RAMS

The $2,000 bonus Cashback offer also:

Excludes Owner Occupier Interest Only loans, residential lending originated under family or company trusts
Excludes loan with an LVR above 80%

How many times can I get the $2K Bonus Cashback offer?

Start your application online

Learn how much you could borrow.

Receive indicative approval in under 15 minutes.

A home loan expert will call you once you have submitted your application to talk through next steps.

Calculator & tools

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Compare home loans & rates

Got insurance?

Home and Contents Insurance helps you get back on your feet if your home or personal belongings are affected in an unforeseen event. Plus save up to 25%.^{^^}

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Important information

Conditions, fees and credit criteria apply.

Before making a decision, it’s best to read the terms and conditions:

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 Principal and Interest Rate: This offer is only available for new Owner Occupier Basic Home Loan applications with Principal and Interest repayments received from 9/03/2021. Discount applies to our Basic Home Loan offer for the life of the loan. Excludes internal refinances and switches within the Westpac Group, which includes Westpac, St.George, Bank of Melbourne, BankSA and RAMS. This offer may be varied or withdrawn at any time. Interest rates subject to change.

^*** Residential Investment Basic Principal and Interest Promotional Rate: This offer is only available for new Residential Investment Basic Home Loan applications with Principal and Interest repayments received from 9/03/2021. Discount applies to our Basic Home Loan offer for the life of the loan. Excludes internal refinances and switches within the Westpac Group, which includes Westpac, St.George, Bank of Melbourne, BankSA and RAMS. 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, and consider if the product is right for you.

^1.Haggle free home loan rate: Available on Basic Variable (Simplicity) home loans only. Interest rates are subject to change. Applicable discounts off the Basic Home Loan rate may be withdrawn or varied at any time. Basic Variable Home Loan rate discount is valid for 14 days once the application is submitted.

2. Upfront fees and other fees and charges may apply.

3. Redraw, repayment pause and rate lock requests are subject to our approval. Fees 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.

^{^}How does the refinance cashback offer work: Credit criteria, fees and charges apply. Terms and conditions available at St.George. $2,000 Refinance Cashback per property for new refinance applications received between 1st April 2020 to 30th June 2021 and settled by 30th September 2021. Offer available for Owner Occupier with Principal and Interest repayment and investment loans. Offer current as at 1st April 2020. Only 1 cashback per property refinance will be paid regardless of the number of loans involved. One $2,000 Bonus Refinance Cashback for a new refinance application received between 18th September 2020 to 30th June 2021 and settled by 30th September 2021. Offer available for Owner Occupier with Principal and Interest repayments and investment loans with maximum LVR of 80%. Offer available on the Advantage Package and Basic Home Loans. Offer current as at 18th September 2020. Only 1 bonus cashback will be paid for the initial application regardless of the numbers of customers, properties or applications involved. Offer may be varied or withdrawn at any time. $250k min loan per property refinanced applies for the $2,000 refinance cashback and $2,000 bonus Refinance Cashback. Excludes Portfolio Loans, switches and refinances of home loans within the Westpac Group which include St.George, Westpac, Bank of Melbourne, BankSA and RAMS. Offer not available for Owner Occupier Interest Only loans, residential lending originated under family or company trusts. Advantage Package Terms and Conditions apply (PDF 174KB). A $395 annual package fee applies and is payable from an eligible St.George transaction account. Applicants home loan repayments must be direct debited from this transaction account. Read the St.George transaction account terms and conditions and consider if the product is right for you. Refer to stgeorge.com.au. The cashback will be paid into a St.George transaction account within 60 days of settlement. The transaction account must be in the same name as the home loan account and linked to the home loan at the time of settlement. This account must be kept open for 60 days after settlement. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters.

^{^^}Quote and buy online and save 15% off your annual premium for the first year with promotional code COVER. Plus, save a further 10% when you combine home and contents located at the same address under one policy. Home and Contents Insurance is issued by Westpac General Insurance Limited ABN 99 003 719 319 (except workers compensation cover where applicable). St.George – a Division of Westpac Banking Corporation ABN 33 007 457 141 (the Bank) distributes the insurance, but does not guarantee the insurance.