Westpac

Westpac: personal, business and corporate banking in Australia

Westpac is a banking institution operating in Australia that offers a range of financial products and services aimed at personal, business and corporate customers. Its offering is built around bank accounts, home loans, credit cards, personal loans, investments and insurance, among other solutions.

Products for personal customers

The institution offers transaction and savings accounts such as Westpac Choice, an everyday account with a debit card, and Westpac Life, a goal-based savings account that can earn bonus interest for regular savers. It also offers Westpac eSaver, an online savings account with an introductory rate for new customers for five months, and Westpac Bump Savings, a savings account designed for children and teenagers. It also has term deposits with options for terms and maturities.

In the personal loans segment, the offering includes the unsecured personal loan, which can be used to consolidate debt, renovate the home, buy or repair a vehicle or make a major purchase; the car loan, intended for eligible petrol, diesel or LPG vehicles and which can be secured by the vehicle to obtain a lower interest rate; and the Flexi Loan, a product that allows you to apply once, draw funds at any time and pay interest only on the amount used.

Mortgages and home financing

Westpac offers several types of home loan. These include the basic variable home loan, presented as the institution's lowest online variable rate, with unlimited extra repayments and no establishment fee or monthly fees; the fixed rate home loan, which allows you to fix the interest rate for one to five years; and the Rocket loan, a variable rate option with offset that allows up to ten full offset accounts, unlimited extra repayments and the option to fix a portion of the loan. The institution also offers the Rocket Repay packaged home loan, which according to its information can generate interest savings.

Credit cards

The card range includes the Altitude Qantas Black, a premium card that earns Qantas Points and offers airport lounge access, insurance and concierge service; the Altitude Rewards Black, a premium rewards card with the institution's highest points earn rate, flexibility to redeem, lounge access and insurance; the Low Rate card, with a lower interest rate on purchases and a reduced monthly fee; and the Low Annual Fee card, with an annual fee of $30 (no charge if you spend $5,000 per year) and up to 55 days interest-free on purchases.

Promotions current at the time of analysis

The website showed various promotions subject to conditions and eligibility criteria. These included an offer to save on interest with the Rocket Repay packaged home loan, based on a $550,000 variable loan and a $395 annual fee; the chance to earn up to 500,000 Qantas Points when funding eligible business loans of between $20,000 and $1 million; a $50 cashback offer when opening a Westpac Choice account and an eligible savings account before 31 March 2027, with a minimum spend of $50 on the debit card within 15 days of opening; a Spend&Save promotion for people aged 18 to 40 who could earn up to 5.95% p.a. variable interest on the first $150,000 of savings with a Life Savings and Choice account, meeting balance growth conditions and 20 card purchases; and up to 150,000 bonus Qantas Points with the Altitude Qantas Black card, plus a Low Rate card offer with up to $450 cashback or 0% p.a. for 20 months on balance transfers.

Digital and investment services

The institution provides access to its services through online banking for personal, business and corporate customers, as well as an online investment platform. It also offers home loan calculators and product search tools and FAQs.