The new contract has secured Lovett at the Club through until the end of the 2017 NRL season.
The 22-year-old made his NRL debut in Round 1 against the Gold Coast Titans and has played a total of 19 first grade games this season.
Primarily a backrower, Lovett came through the Balmain development system – playing for Five Dock RSL and Leichhardt Juniors – before graduating to Wests Tigers’ Holden Cup squad in 2012.
“I’m stoked with the new deal,” Lovett said. “I love playing for the Club and I’ve really enjoyed this season in the NRL.
“It was obviously a goal of mine to play first grade this year and that opportunity came in Round 1, which I wasn’t really expecting, but I’ve enjoyed the challenge.
“Getting the contract out of the way is something I was looking forward to; I’m keen to finish this season strong and to keep working on my consistency.”