Westpac offers a basic variable loan, Flexi First Option, and packaged loans under its $395-a-year Premier Advantage Package. The package includes Rocket Repay, with up to 10 full offset accounts, and fixed rates from one to five years. Westpac waives LMI for a wide list of professionals, including nurses and allied health, and takes part in the 5% Deposit Scheme.

Westpac home loans at a glance
Loan What it is Fees to know
Flexi First Option Basic variable rate No package fee
Rocket Repay (variable) Variable rate with up to 10 full offset accounts; part can be fixed $395 a year Premier Advantage Package
Fixed Options Rate fixed for 1 to 5 years $395 a year with the package; break costs if you leave early

Is the $395 package worth it?

Only if you use what it pays for. The package brings the offset accounts and package pricing. An offset saves interest at your loan rate on every dollar held in it. At 6%, $7,000 sitting in offset saves about $420 a year, which covers the fee. With little in savings, the basic variable loan is usually the cheaper choice.

Which professionals get LMI waived at Westpac?

Westpac professional LMI waivers (as listed on 20 October 2026)
Profession Westpac policy
GPs, specialists and hospital doctors Up to 95%, no minimum income, loan to $5 million
Dentists Up to 95%, no minimum income
Optometrists, physiotherapists, chiropractors, vets Up to 90%, $90,000 minimum income
Pharmacists; registered nurses and midwives Up to 90%, $90,000 minimum income
Psychologists, podiatrists, radiographers, sonographers, audiologists, OTs, osteopaths, speech pathologists Up to 90%, $90,000 minimum income
Lawyers, solicitors and barristers Up to 90%, $120,000 minimum income
Accountants, actuaries and CFA charterholders From a 10% deposit, $120,000 minimum income

That nursing and allied health list is wider than most major banks publish. See home loans for nurses and LMI waivers by lender.

Who does Westpac suit?

  • Nurses, midwives and allied health workers on $90,000 or more who want to avoid LMI with 10% down.
  • Families running several savings pots who can use multiple offset accounts.
  • First home buyers using the 5% Deposit Scheme.
  • Borrowers who want a split, part fixed and part variable with offset.

How do you apply for a Westpac loan through a broker?

Links Property Finance prepares and lodges the application with Westpac, which assesses and approves it on its own policy. The rate and fees are Westpac’s. Links Property Finance is paid by the lender when a loan settles, and you pay no broker fee. The commission is disclosed before you go ahead.

How do you leave Westpac if you refinance or sell?

Westpac uses an online Property and Security Request form. It takes about 20 minutes and cannot be saved part way, and every borrower and guarantor signs. Westpac lists a loan discharge fee of $350 per settlement activity, so lodge it early and budget for the fee.

The NSW registration fee of $182.73 applies on top. The full process is in mortgage discharge in NSW.

How does Westpac compare with the other lenders we review?

Westpac is the only one of the five with a package fee as high as $395, and the only one offering up to 10 offset accounts inside a package. Like ANZ it takes part in the 5% Deposit Scheme; ING, Macquarie and Resimac do not. Its LMI waiver list is the widest of the five.

Compare it with the ING home loan review and the Macquarie home loan review; broker vs bank explains how a broker compares them all for you.

Questions people ask

Does Westpac lend to self-employed borrowers?

Yes, on the same loans as everyone else; Westpac does not offer low doc loans. Sole traders give the last two years of personal tax returns and the latest ATO notice of assessment, and partnerships, companies and trusts add business returns and financial statements. With a 20% deposit, Westpac’s Fast Track can assess you on your last two years of personal notices of assessment alone, if you pay yourself a salary or distributions and need no other income for the repayments (Westpac’s self-employed guide, read 4 November 2026). How other lenders treat business income is on self-employed home loans.

How many offset accounts does Westpac allow?

Up to 10 full offset accounts on Rocket Repay with the Premier Advantage Package.

What is the Westpac Premier Advantage Package fee?

$395 a year, as shown on Westpac’s home loan page on 27 October 2026.

Does Westpac waive LMI for nurses?

Yes, registered nurses and midwives earning $90,000 or more can borrow up to 90% without LMI, as listed on 20 October 2026.

Is Westpac in the 5% Deposit Scheme?

Yes, Westpac is a participating lender.

Charles Touma compares Westpac with the other lenders for your income, deposit and profession. A free 30-minute call covers which lender fits. General information only, not credit, tax or legal advice. Lender policies and products change, and your own circumstances decide what suits you.

Sources: Westpac, home loans; Housing Australia, 5% Deposit Scheme participating lenders, checked 27 October 2026.

General information only, not credit, legal or tax advice. Your situation is assessed properly before any recommendation. Government scheme details change; figures are current at the time of writing.