• expired

Westpac - 2.19% Variable Intro Owner Occ (<70% LVR) - 1.89% 4 Years Fixed Owner Occ - from $3,000 Cashback


Westpac have announced a number of rate cuts, all available with their $3,000 cashback (refinances only, plus $2,000 per additional property). In addition, we are offering a broker cashback - further details below the rate tables.

Feel free to PM us through OzBargain or see contact details further down if you would like assistance with any of these offers.

Note that the intro variable rates are the lowest variable rates we've seen across the majors, and unlike the other majors, you can combine this basic variable product with the lowest fixed rate across two splits on one property.

Owner Occupied < 70% LVR
Description Interest Rate Comparison
2 Years Intro Variable     2.19% pa 2.62% pa
4 Years Fixed 1.89% pa 3.19% pa
2 Years Fixed 1.99% pa 3.40% pa
3 Years Fixed 1.99% pa 3.31% pa
5 Years Fixed 2.19% pa 3.21% pa
Owner Occupied 70% - 80% LVR
Description Interest Rate Comparison
2 Years Intro Variable     2.29% pa 3.10% pa
4 Years Fixed 1.99% pa 3.29% pa
2 Years Fixed 2.09% pa 3.50% pa
3 Years Fixed 2.09% pa 3.40% pa
5 Years Fixed 2.29% pa 3.31% pa
Investment < 70% LVR
Description Interest Rate Comparison
2 Years Intro Variable     2.49% pa 3.00% pa
2 Years Fixed 2.39% pa 3.90% pa
3 Years Fixed 2.39% pa 3.79% pa
Investment 70% - 80% LVR
Description Interest Rate Comparison
2 Years Intro Variable     2.59% pa 3.10% pa
2 Years Fixed 2.49% pa 4.00% pa
3 Years Fixed 2.49% pa 3.89% pa
Interest Only Investment
Description Interest Rate Comparison
2 Years Intro Variable < 70% LVR 3.29% pa 3.30% pa
2 Years Intro Variable 70-80% LVR    3.39% pa 3.40% pa
2 Years Fixed < 70% LVR 2.49% pa 4.12% pa
3 Years Fixed < 70% LVR 2.49% pa 4.00% pa
2 Years Fixed 70-80% LVR 2.59% pa 4.22% pa
3 Years Fixed 70-80% LVR 2.59% pa 4.10% pa

Fees & Notes

  • $0 upfronts on all of the above
  • Only applies to the above fixed rates - $395 per year.
  • Note that the intro variable products do not come with an offset account


  • $3,000 for the first property
  • $2,000 per additional property
  • $250k minimum lend per property
  • Refinances ONLY - however, we can do $4k cashback on purchases and refinances with Citibank at similar interest rates
  • Unfortunately if you are refinancing from within Westpac group, you are not eligible for this cashback - however, we can assist with $4k+ cashbacks from Citibank at similar pricing


In addition to the above, we are offering a $1k upfront cashback for utilised lending larger than $750k (excluding offset and redraw) for any fixed term loan of 2 years or more.


You can go direct to Westpac, but they'll probably be swamped.

Alternatively, as a premium online broker, we offer a completely free service and advice. Please reach out to one of our below senior brokers to discuss the above deal and other offers we may have available.

Leo Gonzales

E: [email protected]
Book time into their calendar: https://calendly.com/loanbase-leo/initial

Andrew Loucas

E: [email protected]
Book time into their calendar: https://calendly.com/loanbase-andrew/quickchat

Our Online Platform

Alternatively, you can register on our platform to review your options or to chat online with our team - https://loanbase.com.au/compare-home-loans-fva - note that SMS verification will be required.

The landing page linked above will not mention the $1k additional Loan Base cashback, please mention the OzBargain coupon code when speaking with our brokers to qualify.

About Us

We're one of Australia's leading online brokerages, having recently won numerous industry accolades including 2020 Finalist status from the Australian Broking Awards, and 2 Excellence awards from the AMA's for Digital Strategy and Young Gun of the Year. Our premium online platform streamlines the entire mortgage process from start to finish, and our focus on customer service ensures you receive outstanding support from our team of brokers.

Qualifying criteria for the Loan Base Cashback
  • Cashback only applies for fixed term loans of 2 years or more
  • You must mention the OzBargain coupon to qualify for this cashback.
  • If you proceed with an application for one of the above products and successfully settle total utilised lending (net of offset or redraw) of more than $750k, we will provide you with a $1,000 cashback after settlement.
  • This cashback offer is only available for applications submitted onwards from November 4th 2020, and expires December 31st 2020.
  • Maximum of 1 cashback per household (e.g. per couple)

Comparison Rates

Any quoted comparison rate is only true for the example given and may not include all fees and charges. Different terms, loan amounts or fees may result in a different comparison rate. Comparison rates are based on a loan amount of $150,000 over a loan term of 25 years.

Note that comparison rates can be misleading depending on your loan size, as the assumed $150k loan size means that fees have an outsized impact on the comparison rate calculation. This is why we include a "true rate" in the solution proposal we provide you with, as this factors in your actual total lending instead of the arbitrary $150k. Comparison rates also assume that the revert rate (in the case of fixed loans) will be the actual rate you remain on upon fixed expiry, where usually we would negotiate a new fixed term or variable rate discount with your lender on your behalf.

Company Details

Loan Base Pty Ltd (ABN 95 162 141 915) · Australian Credit Licence Number 508 308
Head Office: Level 1, 1-5 Link Road, Zetland, NSW, 2017. Phone: 1300 512 377.

Related Stores

Loan Base
Loan Base

closed Comments

  • +1

    Will the rate cut pass to existing customer?

    • +1

      Hi lklk901, like most banks Westpac decided not to reduce their standard variable rates in response to the latest RBA rate cut. Instead, they have reduced their owner occupied P&I fixed rates as per above, now with a low of 1.89% for 4 years < 70% LVR. If you're a current Westpac customer, I would recommend giving them a call to see what they can do, or feel free to speak to us if you want to look at refinancing elsewhere.

      • Is the 1.899% advertised? I cant see this rate on their website?

        • +2

          Hey, you can find all their rates listed here - https://www.westpac.com.au/personal-banking/home-loans/all-i...

          • @Loan Base: Cheers. Their main website does not show the premier package rate hence it was confusing.

            Can you point me to their fees section for this package for a new home loan?

            Four years on such low rate makes me think there are further cuts coming! but how it is all possible I've no idea

            • +1

              @lknight: Hi lknight, if you look at the ASX implied yield curve on the cash rate it looks pretty flat over the next few years - https://www.asx.com.au/data/trt/ib_expectation_curve_graph.p...

              I believe the reason that the banks are able to offer such a low rate on 4 years is because the RBA is providing guaranteed cheap funding over the future period. The banks can therefore leverage that to lock in their borrowing costs and hence pass on cheap long-term lending.

              Regarding the fees section, if you check the bottom of the page I linked it notes "#Premier Advantage Package: Conditions of Use and a $395 annual package fee applies."

              Hope that helps!

              • @Loan Base: Thanks, I did some quick numbers. If I go with 4 years fixed rate and put some percentage in variable, I dont think I end up saving much in the 4 year period. Their variable rate post 2 years is 2.69%, this is slightly high when compared to other current offerings (ex, Macq offers 2.49%). Also, given their pre-discounted variable rate is quite high (3.83%), dont think they are going to offer anything lower than others even after the discount is applied so this will negate the savings you can achieve from the low fixed rate unless of course you go completely fixed. Yes no one knows the future and lot can happen etc but as it stands it doesn't look very appealing unless you go fully fixed.

  • What are the rates for investment interest only? Variable or fixed?

    • Some of the people on PropertyChat seem to think that investment rates will come down early next year. So if you can wait that long, it might be worth your while.

    • +1

      Hi wswgin,

      Just added the below table to the OP regarding interest only rates.

      Description Interest Rate Comparison
      2 Years Intro Variable < 70% LVR 3.29% pa 3.30% pa
      2 Years Intro Variable 70-80% LVR    3.39% pa 3.40% pa
      2 Years Fixed < 70% LVR 2.69% pa 4.16% pa
      3 Years Fixed < 70% LVR 2.69% pa 4.06% pa
      2 Years Fixed 70-80% LVR 2.79% pa 4.26% pa
      3 Years Fixed 70-80% LVR 2.79% pa 4.15% pa

      Let me know if you have any other questions, thanks.

  • Have they announced this on their website?

  • The 4 years fixed is 1.89% and we need to take the Rocket Package of $395 annually, however the 2 years Intro variable 2.19%, we don't need package is it.

    If I need to have offset can I pay for the package hence pay $395, would the Variable still be 2.19% and what rate will go to after the 2 years.

    • Hi ahlala, the first part you have right - $395 annual fee for the 4 years 1.89% fixed deal, and the intro variable has no annual fee.

      However, for an offset account you can't get the 2.19% unfortunately - we would have to lodge a pricing request but it would likely be around ~2.59% for variable with offset. That said, the intro variable has unlimited redraw so you could pay down the loan and redraw as needed to avoid paying the premium for an offset account.

      The revert rate on the intro variable rate is 2.69% after 2 years. As a premium broker we conduct regular reviews for our clients and could assist with either negotiating with Westpac at that point, or help with refinancing elsewhere.

  • If we are looking to get cashback for a new home loan, would it be possible to set up a variable with a different bank account and then "refinance" with Westpace?

    • Hi jermytan, sure we could assist with the refinance component of that concept (but not the purchase as we would get a 100% clawback). Alternatively, we could organise a purchase through Citibank at comparable interest rates with a $4,000 cashback (they provide a cashback for both refinances and purchases). Feel free to PM me with further details about your scenario if you'd like to discuss further.

  • Just wondering - how often it is possible to do the loan refinance, is this one of criterias when
    Banks accept the next refinance or not?

    • Hi, credit assessors might not look kindly on frequent refinancing and the number of credit enquiries could impact your credit score. In general, your credit score is negatively affected based on the number of credit enquiries you have.

      Also, since lenders do not break even until a customer has been with them for an extended period of time, and brokers are subject to clawback, neither brokers nor lenders are generally interested in assisting customers who have a history of refinancing too regularly.

    • Do not go through a broker if you plan to refinance, or even keeping your options open for a refinance. You will be charge claw back fees if you refinance in less than two years. Just go to the bank and do it yourself. You have to provide the same documents anyway.

      • Never knew about clawback fee till now, I took advantage of the ANZ Cashback recently, but I wanting to refinance with st George again, can I check with previous broker with any clawback fee, or what’s best way to go about it ? Thank you

  • based on this, is 5 years is ok and 2 years too often?

    • Hey 092202, refinancing after 2 years shouldn't be an issue from this perspective.

  • No variable rate offerings that track the base Reserve rate?

  • What is non-intro variable rate?

  • Whats the broker cashback?

  • Imagine refinancing every 6 months omg

  • Am I eligible for cash back if i am coming from CBA, however hve existing loans with westpac, i.e not a ‘new’ customer

Login or Join to leave a comment