Westpac · rate lock
Westpac rate lock fee0.1% of the loan
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 3 November 2026 and quote it below.
Westpac’s own page on rate lock- Fee
- 0.10% of the loan
- Lock period
- 90 days
- Lender’s term
- Rate Lock
- Last checked
- 3 November 2026
What it comes to on your loan
A 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.
In Westpac’s words
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. This ensures your rate remains unchanged, even if market rates rise before your loan starts. The non-refundable cost is 0.10% of your loan amount. And your locked-in rate is valid for up to 90 days.”
How the others compare
Every lender we checked, on the same $600,000 loan.
Questions
How much is the Westpac rate lock fee?
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. This ensures your rate remains unchanged, even if market rates rise before your loan starts. The non-refundable cost is 0.10% of your loan amount. And your locked-in rate is valid for up to 90 days." 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 3 November 2026.
How long does a Westpac rate lock last?
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.
Which rate does the Westpac rate lock lock in?
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.
Is the Westpac rate lock fee worth paying?
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.
Do other lenders charge less than Westpac?
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 3 November 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.
Fixing with Westpac? Check the rate first
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.
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