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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. In fact, 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 are able to get some help from family members who already have their own property and those that want to build or purchase a factory-made home.

With over 150 years of providing banking services to Kiwis, Westpac is all about supporting communities, extraordinary people, and promoting sustainability practices for the benefit of the country.

Home loans offered by Westpac

Name Product Standard Rates From Special Rates From 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 of time. Interest rates vary from 3.59% to 4.89% p.a. depending on the term and whether you qualify for a special rate, and your repayments will stay the same until your rate expires.
  • Choices Floating. If you want more flexibility with making extra repayments and redrawing up to your limit at any time, a floating home loan allows you to do this. The current floating rate sits at 4.84% p.a. but will move up and down according to the market so your regular repayments may change.
  • Choices Everyday Floating. By combining your home loan and daily transactions into one account, you can save on interest as your credited income automatically reduces your loan balance. This account has a floating interest rate starting at 4.94% p.a.
  • Choices Offset. Using the balance of your transaction and savings accounts, an offsetting home loan only charges interest on the difference. If you have a lot of money in savings, you could reduce 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 on 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’ll have two separate loans – one of your own and one that you share with family members using their home as security.
  • 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, build only and partial contract.
  • Prebuilt. A prebuilt home loan is suitable for people that want to buy a home that has been made in a factory and have at least 10% deposit.

Features and benefits

  • Different repayment options. Choose from reducing, table, interest-only or revolving credit loans to suit how you want to pay back your home loan.
  • Lock in interest rates. If you see an interest rate that you like, you can lock it in up to 60 days before your current rate expires or before you draw down on your 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 take advantage of special interest rates.
  • Transfer of property. You may be able to take your loan with you if you move to another home before you’ve repaid 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.

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 will need to be at least 18 years of age, be a NZ citizen or permanent resident, and agree to a credit check.

Documents and information required

When you complete an application form online, you’ll be asked 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.

You should make sure 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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