Westpac · rate lock
Holds the rate for 90 days.
Westpac calls it the Rate Lock. The fee is 0.1% of the fixed loan amount, which is $600 on $600,000. Non-refundable. Without it, Westpac applies the fixed rate on the settlement date or the day the fixed term starts. No minimum or cap is published, and the page does not say whether you get a lower rate if rates fall. The fixed rate current when the lock is taken, before settlement, held for up to 90 days. We read Westpac’s own page on 22 September 2026 and quote it below.
Westpac’s own page on rate lockA percentage fee scales with the loan. Against it, what a quarter-point rise before settlement would cost over a three-year fixed term.
| Fixed loan | Westpac lock fee | +0.25% for 3 years |
|---|---|---|
| $400,000 | $400 | $3,000 |
| $600,000 | $600 | $4,500 |
| $800,000 | $800 | $6,000 |
| $1,000,000 | $1,000 | $7,500 |
The right-hand column is the extra interest over three years if the fixed rate rose a quarter of a point between application and settlement and you hadn’t locked. It is the cost the lock insures against, not a prediction.
From the page we read, so you can check us.
Westpac — Rate Lock
“Our rate lock feature lets you secure the current fixed interest rate on your loan before settlement. And your locked-in rate is valid for up to 90 days. The fixed rate lock-in fee is 0.10% of your loan amount.”
Every lender we checked, on the same $600,000 loan.
0.1% of the fixed loan amount, so $600 on a $600,000 loan and $1,000 on $1,000,000. Westpac's own page says: "Our rate lock feature lets you secure the current fixed interest rate on your loan before settlement. And your locked-in rate is valid for up to 90 days. The fixed rate lock-in fee is 0.10% of your loan amount." Non-refundable. Without it, Westpac applies the fixed rate on the settlement date or the day the fixed term starts. No minimum or cap is published, and the page does not say whether you get a lower rate if rates fall. Checked 22 September 2026.
90 days from the day the lock is applied. If the loan hasn't settled by then, the lock lapses and you settle at the fixed rate on the day, unless Westpac agrees to extend it. Ask before you pay if your settlement is further out than that.
The fixed rate current when the lock is taken, before settlement, held for up to 90 days. If fixed rates fall before settlement, ask whether you get the lower rate; most lenders pass it on, but the fee is not refunded.
On a $600,000 loan a 0.25 percentage point rise costs about $125 a month, or roughly $4,500 over a three-year fixed term. Against a fee of $600, one rate move between application and settlement covers it. It is worth it when settlement is weeks away and rates are expected to hold or rise; it isn't on a quick refinance when they are falling.
It depends on the loan size. The full table, with what each fee comes to on $600,000, is on the rate lock page.
Checked against Westpac’s own page on 22 September 2026. Lenders change fees and lock periods without much warning; if something here doesn’t match what they’ve told you, theirs is right and we’d like to know. Arthr Pty Ltd provides marketing and lead-generation services only; credit assistance is provided by 1st Street Pty Ltd, Credit Representative 490057 under Australian Credit Licence 389328.
The lock fee only matters if the fixed rate is worth taking. The rate monitor shows where Westpac’s rates sit against every lender on the panel, and a broker at 1st Street can tell you whether a package waives the fee.