Australia’s oldest bank and its second-largest home lender on APRA’s figures. Home loans range from the fee-free Flexi First Option to the Rocket Repay loan with up to 10 offset accounts, alongside personal, car, business and equipment lending.
Westpac Banking Corporation is one of Australia’s four major banks. It offers home loans, car loans, business loans, equipment finance and personal loans.
On APRA’s August 2026 figures, Westpac Banking Corporation held $503.8 billion of home loans on its Australian books: 20.1% of the housing lending by the deposit-taking institutions APRA reports, the 2nd largest of the 64 with home loans.
We checked Westpac's products and eligibility on its own website on 30 September 2026.
What Westpac offers in each category, with the features, eligibility and trade-offs we note. Where we captured a current rate from Westpac’s own page in the last 60 days, it is shown with its comparison rate and a link to the source; for the other products, follow the link to Westpac’s rate card.
*Comparison rates are calculated on the lender's own example: for home loans usually $150,000 over 25 years, for car and personal loans usually $30,000 over five years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Westpac's home loans include the Flexi First Option home loan, a basic variable loan with no ongoing fees and no offset account, the Rocket Repay Home Loan, a variable loan with up to 10 offset accounts, and the Fixed Options home loan, with fixed terms of 1 to 5 years. Each comes in owner occupier and investment versions, with a total loan term of up to 30 years. Fixed loans allow up to $30,000 in extra repayments during the fixed term before break costs apply, and the Premier Advantage Package, which has a $395 annual fee, can be added to Rocket Repay and fixed loans.
The Unsecured Personal Loan lends $4,000 to $70,000 over 1 to 7 years at a fixed rate. The Car Loan, for eligible petrol, diesel or LPG cars, lends $10,000 to $130,000 over 1 to 7 years with the car as security and no balloon payment, and Westpac has separate Electric Car Loan and Hybrid Car Loan products with the same loan amounts and terms. The Flexi Loan lets you borrow $4,000 to $50,000 without security and with no set end date, and you only pay interest on what you use.
For businesses, the Westpac business loan starts from $10,000 with a variable rate, a rate fixed for up to 5 years, or a mix of both. The Unsecured Business Loan lends up to $250,000 over 1 to 5 years at a fixed rate with no monthly fees. Vehicle and equipment finance, listed at $15,000 to $250,000, covers business car and equipment loans secured by the asset with an optional balloon payment, as well as finance leases, hire purchase and novated leases.
To apply for a Westpac home loan you must be an Australian citizen or permanent resident, employed or self-employed, and 18 or over. Westpac says you usually need a 20% deposit, but with between 5% and 20% you may have options such as government grants and schemes, paying Lenders Mortgage Insurance, or its Family Security Guarantee, which lets a family member help you avoid paying LMI. Self-employed borrowers can apply for the same home loans as salary earners, and their business needs to have been trading for at least 2 full financial years. Its Fast Track assessment does not need business financials but requires a 20% deposit, and 1-year and standard 2-year income assessments are also available.
Personal loan and car loan applicants must be 18 or older, have a fixed, verifiable Australian residential address and receive a regular, verifiable Australian taxable income. They must be an Australian or New Zealand citizen, an Australian permanent resident, or a non-resident or migrant holding an acceptable visa with at least 1 year before expiry, and Westpac recommends a before-tax annual income of at least $25,000. A car used as security must be for personal use, 7 years old or less at application and comprehensively insured with Westpac shown as the financier. Business loans are for business entities, or individuals aged 18 and over, domiciled in Australia who need the funds wholly or predominantly for business purposes.
Westpac takes home loan applications online, by video chat, by phone and in person at a branch or with a mobile lender. An online application takes 10 to 20 minutes and can be saved for up to 4 weeks, and once it is submitted Westpac matches you with a lender who calls to finalise your rate and review your documents. You could get conditional approval within 1 business day, and pre-approval lasts 90 days. Applications with 3 to 8 borrowers cannot be made online, and Westpac also accepts home loan applications through mortgage brokers.
Personal loans and car loans can be applied for online, with a response in 60 seconds, or by phone or at a branch, and new customers need to visit a branch to be identified after accepting their contract. Business loan enquiries can be made online or by phone. Vehicle and equipment finance quotes can be generated online, or you can request a callback from a business lending specialist.
Westpac was established in 1817 as the Bank of New South Wales and changed its name to Westpac Banking Corporation in 1982. It describes itself as Australia's first bank and oldest company, and as one of four major banking organisations in Australia. Its brands comprise Westpac, St.George, Bank of Melbourne, BankSA and BT, which together serve over 12.7 million customers.
Unless otherwise specified, products on westpac.com.au are provided by Westpac Banking Corporation (ABN 33 007 457 141), which holds AFSL and Australian credit licence 233714. St.George, Bank of Melbourne and BankSA are divisions of Westpac Banking Corporation, whose registered office is at 275 Kent Street, Sydney. The group also operates Westpac New Zealand, which provides banking, wealth and insurance services in New Zealand.
Other lenders in our directory that offer home loans, car loans, business loans, equipment finance, personal loans, starting with other major bank lenders.
What Westpac offers, the trade-offs, and who should look elsewhere.
Unsecured personal loan up to $50,000, fixed terms 1 to 7 years. The product range, the features that matter, and the honest test on whether it is competitive in 2026.
Premier Advantage package, Flexi First Option, fixed 1 to 5 years. Where Westpac competes, the package discount maths, and the practical positioning.
Equipment loans and leases from one of Australia's biggest business banks, with the St.George, Bank of Melbourne and BankSA brands sharing the group's asset finance engine. What Westpac writes, how it prices, and when a broker beats walking into a branch.
Australia's two largest mortgage lenders side-by-side. Package discount maths, branch and digital experience, credit policy nuances, and which Big 4 wins for which file in 2026.
Yes. The Rocket Repay Home Loan allows up to 10 offset accounts per home loan, and their combined balances lower the amount of interest you pay. The Flexi First Option home loan and the Fixed Options home loan have no offset, although a fixed loan can be split with a Rocket loan that has one. A Westpac Choice account linked as an offset to a Rocket Repay Home Loan or Rocket Investment Loan has no monthly account-keeping fee.
The Westpac Car Loan lends $10,000 to $130,000 over 1 to 7 years, and your rate and repayments stay the same for the full term. You may be able to borrow more than the car's RedBook price to help cover registration, insurance and other on-road costs. There is a $250 establishment fee and a $15 monthly loan account fee, and a $175 prepayment fee applies if you choose a term over 2 years and pay the loan out within 2 years.
Yes, if you are 18 or older and an Australian citizen or permanent resident, including New Zealand citizens living in Australia. The online application takes 10 to 20 minutes, and Westpac won't run a credit check until you submit it. A lender then calls to finalise your interest rate, review your documents and walk you through the next steps. Applications with 3 to 8 borrowers need an appointment with a lender instead.
The Fixed Options home loan has fixed terms of 1 to 5 years, within a total loan term of up to 30 years. You can make up to $30,000 in extra repayments over the fixed term before break costs apply, and you can lock in a fixed rate for a fee. There is no offset on a fixed loan, but you can split it with a Rocket loan, which has offset.
Yes. Self-employed borrowers applying in their own name can choose the same home loans as salary earners, and the business needs to have been established and trading for at least 2 full financial years. Fast Track assessment uses your last 2 years of personal ATO Notices of Assessment instead of business financials, but needs a 20% deposit. Westpac also offers a 1-year income assessment and a standard 2-year assessment.
Yes. Westpac’s loans are provided by Westpac Banking Corporation, which is on APRA’s register of authorised deposit-taking institutions (ADIs), the list of banks, building societies and credit unions licensed under the Banking Act 1959. It is one of Australia’s four major banks.
Westpac Banking Corporation holds Australian Credit Licence 233714. You can check a licence on ASIC’s Professional Registers before you apply.