# Westpac mortgage rates: fixed and floating home loan rates

> Westpac's home loan rates for all fixed terms and floating, checked on its website on 11 November 2026. The 1-year rate is 5.19%. Compare them with the other main banks.

By Jason Dark, last checked 2026-11-11. Part of [Mortgage rates](https://buyingahouse.co.nz/mortgage-rates) on Nester.

## The short version

- Westpac offers a 1-year fixed rate of 5.19% and a floating rate of 6.39%.
- To get Westpac's special rates, you need at least 20% equity and your salary paid into a Westpac account.
- Westpac has the lowest rate among the main banks for the 18-month, 2-year, 3-year, 4-year and 5-year terms.

These home loan rates are from Westpac's website, checked on 11 November 2026.

## Westpac fixed rates

- 6 months: 4.89% special, 5.49% standard
- 1 year: 5.19% special, 5.79% standard
- 18 months: 5.19% special, 5.79% standard
- 2 years: 5.29% special, 5.89% standard
- 3 years: 5.59% special, 6.19% standard
- 4 years: 5.65% special, 6.25% standard
- 5 years: 5.75% special, 6.35% standard

To get the special rates, you need at least 20% equity and your salary paid into a Westpac account. If you don't meet these conditions, Westpac charges its standard rates.

## Westpac floating rate

Westpac's floating rate is 6.39%. With a floating rate, you can pay extra or pay off the loan at any time, but it usually costs more than a fixed rate.

## Less than 20% equity

If you have less than 20% equity, Westpac adds a low equity margin to your rate: 0.25% for [LVRs](https://buyingahouse.co.nz/glossary/lvr) of 80% to 85%, 0.75% for 85% to 90%, 1.50% for 90% to 95% and 1.75% above that. The [First Home Loan guide](https://buyingahouse.co.nz/buying/first-home-grant) explains how to buy with a smaller deposit.

## How Westpac compares

- 6 months: 4.89%, 0.10 points above 4.79% at ANZ, ASB and BNZ
- 1 year: 5.19%, 0.20 points above 4.99% at ANZ, ASB and BNZ
- 18 months: 5.19%, the lowest
- 2 years: 5.29%, the lowest
- 3 years: 5.59%, the lowest, tied with ANZ, ASB, BNZ and Kiwibank
- 4 years: 5.65%, the lowest, tied with ASB and BNZ
- 5 years: 5.75%, the lowest, tied with ASB and BNZ

The [mortgage rates comparison](https://buyingahouse.co.nz/mortgage-rates/compare) shows each bank's rate for every term.

## Repayments at Westpac's 1-year rate

On a $630,000 loan over 30 years at 5.19%, the fortnightly repayment is $1,594.08. $630,000 is about the national median house price less a 20% deposit. Use the [mortgage calculator](https://buyingahouse.co.nz/tools/mortgage-repayments?rate=5.19) to see your own repayments at this rate.

## Common questions

### What are Westpac's mortgage rates?

Westpac offers a 1-year fixed rate of 5.19% and a floating rate of 6.39%. Its fixed rates range from 4.89% to 5.75%, depending on the term. These rates were checked on 11 November 2026.

### What does Westpac charge if I have less than a 20% deposit?

If you have less than 20% equity, Westpac adds a low equity margin to your rate: 0.25% for LVRs of 80% to 85%, 0.75% for 85% to 90%, 1.50% for 90% to 95% and 1.75% above that.

## Sources

- [Westpac: Home loan interest rates](https://www.westpac.co.nz/home-loans-mortgages/interest-rates/)