Westpac raises fixed home loan rates for second time in three weeks

By Tom Watson · · 2 min read
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The deluge of hikes to fixed interest home loan rates show no signs of letting up, with major bank Westpac adding to the swell this morning by increasing rates by 10 to 30 basis points on a number of loans.

This is the second time Westpac has lifted its fixed rates already this year, having made similar increases in late January, and it’s now the fifth increase made by the bank since the start of November.

The latest changes impact the rates available to both new owner occupier and investor borrowers on two of Westpac’s loans: the Fixed Options Home Loan and the Fixed Options Home Loan (Premier Advantage Package).

That means that the lowest advertised fixed rates from Westpac that are available to owner-occupier borrowers (80% LVR) are now:

  • 1-year: 2.59% p.a. (3.64% p.a. comparison rate*) with the Fixed Options (Package)
  • 2-year: 2.84% p.a. (3.62% p.a. comparison rate*) with the Fixed Options (Package)
  • 3-year: 3.24% p.a. (3.69% p.a. comparison rate*) with the Fixed Options (Package)
  • 4-year: 3.64% p.a. (3.82% p.a. comparison rate*) with the Fixed Options (Package)
  • 5-year: 3.89% p.a. (3.94% p.a. comparison rate*) with the Fixed Options (Package)

The changes aren’t limited to Westpac though, as Westpac Group lenders Bank of Melbourne, BankSA and St.George made similar rate increases to their respective mortgages this morning.

Westpac’s fellow major banks have also been involved in the fixed rate hike action, with ANZ lifting rates on Tuesday after CBA and NAB made moves of their own last week.

As a result, here’s a snapshot of the lowest advertised fixed rates available to owner occupiers (with an 80% LVR) from the four major banks across one, three and five-year terms:

Lowest big four fixed home loan rates - February 10, 2022

1-year3-year5-year
ANZ2.49% p.a. (3.37% p.a. comparison rate*)3.39% p.a. (3.52% p.a. comparison rate*)3.99% p.a. (3.82% p.a. comparison rate*)
CBA2.59% p.a. (4.15% p.a. comparison rate*)3.24% p.a. (4.11% p.a. comparison rate*)3.79% p.a. (4.24% p.a. comparison rate*)
NAB2.64% p.a. (3.94% p.a. comparison rate*)3.34% p.a. (3.96% p.a. comparison rate*)3.69% p.a. (4.06% p.a. comparison rate*)
Westpac2.59% p.a. (3.64% p.a. comparison rate*)3.24% p.a. (3.69% p.a. comparison rate*)3.89% p.a. (3.94% p.a. comparison rate*)

The major banks have hardly been alone in raising fixed rates though. Since the end of 2021 our fixed rate averages, which are pulled from loans being tracked in the Mozo database, have all skyrocketed - particularly for the longer three, four and five-year terms.

RELATED: Home loan rate check: How do ANZ, CBA, NAB and Westpac compare?

Curious to see how competitive your own home loan rate is at present?

Compare it to a range of different loans from Australian lenders using our handy home loan comparison tables, or get comparing straight away by casting your eyes over some of the great offers in the table below.

Last updated 20 April 2025 Important disclosures and comparison rate warning*
What are your home loan needs?
Loan purpose
Buying or Refinancing
  • Promoted

    Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.74 % p.a.
    Variable
    Comparison rate
    5.65 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • Built by CommBank
    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees
  • Promoted

    Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.78 % p.a.
    Variable
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,927
    Go to site
    • $0 application fee to pay
    • Unlimited additional repayments
    • Apply in as little as 15 minutes
  • Promoted

    Basic Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 30% min deposit
    • Redraw available
    Interest rate
    5.39 % p.a.
    Fixed 2 years
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,805
    Go to site
    • No ongoing fees
    • Free redraw from your loan using Macquarie Online.
    • No application or account management fees
  • Promoted

    Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    5.91 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • No ongoing annual fees
    • Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
    • Lock in for up to 5 years.
  • Promoted

    Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • Interest only
    • 20% min deposit
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    5.96 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • Free extra repayments of up to $25,000 during the fixed rate period.
    • Split loan available
    • Weekly, fortnightly, or monthly repayment options
  • Promoted

    Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.79 % p.a.
    Variable
    Comparison rate
    5.83 % p.a.
    Initial monthly repayment
    $2,931
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.

  • Basic Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 30% min deposit
    • Redraw available
    Interest rate
    5.39 % p.a.
    Fixed 2 years
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,805
    Go to site
    • No ongoing fees
    • Free redraw from your loan using Macquarie Online.
    • No application or account management fees

  • 2-Year Discounted - Simple Home Loan Variable

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.49 % p.a.
    Variable for 24 months and then 5.74% p.a.
    Comparison rate
    5.69 % p.a.
    Initial monthly repayment
    $2,836
    Go to site

  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    5.91 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • No ongoing annual fees
    • Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
    • Lock in for up to 5 years.

  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • Interest only
    • 20% min deposit
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    5.96 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • Free extra repayments of up to $25,000 during the fixed rate period.
    • Split loan available
    • Weekly, fortnightly, or monthly repayment options
Showing 7 results from 415 home loans. Use the filters to see more

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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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