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Westpac home loans

Little or no deposit? Westpac may have an option to help you get into a home with First Home Loan and Family Springboard.

Whether you are investing in property, building or buying your first home, Westpac has a range of home loan options to suit all kinds of situations and financial circumstances. For example, Westpac has partnered with Kāinga Ora to offer low deposit home loans for first home buyers that want to get into the property market. There are also options for people who can receive some help from family members who already have a property and those that want to build or purchase a factory-made home.

With 160 years of providing banking services to Kiwis, Westpac is all about supporting communities, extraordinary people and promoting sustainability practices for the country’s benefit.

Home loans offered by Westpac

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Name Product Standard Rates From (p.a.) Special Rates From (p.a) Loan Terms Available Application Fee
Westpac Fixed Rate Home Loan
6 months to 5 years
Westpac Floating Rate Home Loan

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  • Choices Fixed. Choose a term of between 6 months and 5 years and only pay the indicated fixed-interest rate for that period. Interest rates vary depending on the term, and whether you qualify for a special rate, your repayments stay the same until your rate expires.
  • Choices Floating. If you want more flexibility to make extra repayments and redraw up to your limit at any time, a floating home loan allows you to do this. However, the floating rate moves up and down according to the market, so your regular repayments may change.
  • Choices Everyday Floating. Combining your home loan and daily transactions into one account allows you to save on interest as your credited income automatically reduces your loan balance.
  • Choices Offset. An offset home loan utilises your balance of transaction and savings accounts and charges interest on the difference. So, if you have a lot of money in savings, you could reduce both the amount of interest you pay and the length of your loan.
  • Choices Home Loan with Airpoints. Earn Airpoints Dollars every month at a rate of one Airpoints Dollar for every $1,000 of the outstanding balance on your home loan. This reward option is available at both fixed and floating interest rates.
  • Split Home Loan. If you can’t decide between fixed and floating, a Split Home Loan allows you to have a bit of both.
  • First Home Loan. For first home buyers that only have a 5% deposit and meet eligibility criteria, the First Home Loan allows you to get into homeownership sooner.
  • Family Springboard. If you have little or no deposit, Westpac’s Family Springboard option can get you into your first home with help from your family. You have two separate loans – yours and one that you share with family members using their homes as security.
  • Prebuilt. A prebuilt home loan is suitable for people who want to buy a home built in a factory and have at least a 10% deposit.
  • Construction loan. Westpac provides different mortgage options for people building a home or completing renovations on an existing home. Types of construction loans available include:
    • Turn-Key. The Turn-Key is a fixed-price contract with a builder that states that a renovation or build must be complete and ready to live in. For example, the contractors must complete the landscaping and decorating. A Turn-Key loan with Westpac requires at least a 10% deposit.
    • Build only. A Build Only loan states that the builder must get the property to a habitable standard but that the owner will complete some work. The minimum deposit required for a Build Only loan is typically 20%.
    • Partial contracts. This loan can include sub-contractors that the owner or a project manager may manage or an agreement with the builders for a labour-only arrangement. This lending is also suitable for kitset or relocated homes, but conditions apply. For a Partial Contract, you need a minimum of 35% as a deposit.

      Features and benefits

      • Different repayment options. Choose from reducing, table, interest-only or revolving credit loans to suit how you want to repay your home loan.
      • Increase your payments. You can increase your fixed-term loan payments by up to 20% without break costs.
      • Special interest rates. If you have a minimum of 20% equity and your salary is credited to a Westpac account, you can benefit from special interest rates.
      • Transfer of property. You may be able to take your loan with you if you move to another home before you repay your mortgage.
      • Home loans for low equity. Even if you don’t have a 20% deposit, Westpac may be able to approve you with an interest rate determined by your level of equity.
      • Mobile Mortgage Managers. Westpac has lending specialists that can visit you at a time and place that’s convenient to you, seven days a week.
      • Westpac Warm Up. Westpac is committed to helping provide Kiwis with warmer, healthier and more cost-effective homes, which is why it offers an interest-free loan of $10,000 for 5 years. Open to new or existing customers; you can use the loan for solar power, wood burners, heat pumps, insulation and double glazing. You can even repay the loan early and make lump payments without penalty. However, conditions do apply, so make sure you check them out.

      Westpac Fees

      When comparing Westpac mortgages, make sure you take into account the charges that you may incur, such as:

      • Choices home loan establishment fee. A fee of $140 per application applies. If you have a Choices construction loan with numerous drawdowns, you pay $350 for each application.
      • Choices Everyday account fees. These electronic and manual transactions are free, for example, direct debits, automatic payments (once arranged), branch deposits and withdrawals.
      • Choices home loan account fees. You will pay $2.50 per manual transaction (with a cap of $5.00 per month). For a fixed-rate Choices Home Loan, you pay a fee of $30 if you break your fee rate. However, electronic transactions are free.
      • Choices home loan documentation cost. If you need changes to your documents or variations to your loan, Westpac charges $50 a time.
      • Temporary increase to Choices Everyday home loan. If you receive approval for an increase to your home loan, then it costs $25.
      • Home loan discharge. Westpac charges you $50 to discharge your loan. You need to be aware that additional charges may also apply.

      Before you apply for a Westpac mortgage

      Before you apply for a mortgage with Westpac, ensure you look at your finances, which includes:

      • Expenses. These expenses include living costs (utility payments, food), credit cards, student loans and entertainment
      • Total income. For example, wages, rental income, shares etc
      • Deposit. If you have a more significant deposit, you can borrow less, which means repayments are lower, and you become mortgage-free faster

        How do I apply?

        If you are interested in applying for one of the Westpac home loans on offer, first check rates, fees and terms with other comparable lenders. Then, you can start your application either by logging into your Westpac Internet banking or by filling in the application form on the website.

        If you’d prefer to speak to someone in person, you can make an appointment at your local Westpac branch or with a Mobile Mortgage Manager.


        To be eligible for a Westpac home loan, you need to be at least 18 years of age, be an NZ citizen or permanent resident, and agree to a credit check.

        Documents and information required

        When you complete an application form online, Westpac asks you to provide the following information:

        • Personal details
        • What the loan is for and how much you want to borrow
        • Details on the property you wish to purchase (if you have them)
        • Employment information and annual income
        • Details of expenses and debts

        It’s possible to get conditional approval for your loan within 60 seconds, or a Westpac representative will be in touch to discuss your application. If applying with a Mobile Mortgage Manager or at a Westpac branch, you may receive conditional approval immediately for clear-cut applications if you provide all the necessary documents.

        You should ensure that you have documentation on hand to support your application, including photo ID, proof of address, proof of income, bank statements and expenses. If you’re already a Westpac customer, then you may not need to supply all of these, but your lending manager will let you know what is required.

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