Choose the version of this loan that suits you best
Availability | Loan type | LVR | Min loan amount | Max loan amount | |
---|---|---|---|---|---|
|
Owner Occupier | Principal & Interest | < 70% | $25,000 | |
|
Owner Occupier | Principal & Interest | 70%-80% | $25,000 | |
|
Owner Occupier | Principal & Interest | 80%-95% | $25,000 | |
|
Owner Occupier | Principal & Interest | < 70% | $25,000 | |
|
Owner Occupier | Principal & Interest | 70%-80% | $25,000 | |
|
Owner Occupier | Principal & Interest | 80%-95% | $25,000 | |
|
Owner Occupier | Interest Only | 70%-80% | $25,000 | |
|
Owner Occupier | Interest Only | < 70% | $25,000 |
If you're an owner occupier looking for a home loan with a major bank, it's hard to look past some of the features available with the Flexi First Option Home Loan from Westpac. This home loan also picked up a 2022 Mozo Experts Choice Home Loan Award in the First Home Buyer Loan category.
Westpac offers a low starting variable rate of 6.44% p.a. (6.76% p.a. comparison rate*) for the first two years which is pretty great as far home loan rates go. Just bear in mind that while you will be able to borrow up to 95% of the property value with the Westpac Flexi First Option Home Loan, borrowers with an LVR over 80% may be required to take out lenders mortgage insurance.
There are different rates depending on the LVR tier you're on. The tiers are:
As the name suggests, the Flexi First Option is also about giving borrowers a bit of extra flexibility. You'll be able to make repayments on a schedule which suits your pay cycle (with weekly, fortnightly and monthly options available), plus you can make extra repayments at any time and there's a redraw facility at hand should you need to dip into them.
And while there are no one-off fees borrowers should remember that there's an $8 loan account fee, which is charged monthly, and a $350 loan discharge fee.
The Flexi First Option Home Loan could be a good match for owner occupier borrowers who are looking for a basic home loan from a major bank which has a number of flexible features available.
There’s no offset account attached to the loan, which may be an essential feature for many borrowers.
6.84% p.a. |
|
6.44% p.a. |
|
24 Months |
|
Variable |
|
6.76% p.a. |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
$0.00 |
|
$0.00 |
|
$0.00 |
|
$0.00 |
|
n/a |
|
$0.00 |
|
$350.00 |
$25,000 |
|
none |
|
none |
|
70.00% |
Owner Occupier |
|
Principal & Interest |
|
Weekly, Fortnightly, Monthly |
|
yes - free |
|
yes |
|
yes - free |
|
none |
|
yes |
|
no |
|
none |
|
none |
|
none |
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
6.94% p.a. |
|
6.54% p.a. |
|
24 Months |
|
Variable |
|
6.86% p.a. |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
$0.00 |
|
$0.00 |
|
$0.00 |
|
$0.00 |
|
n/a |
|
$0.00 |
|
$350.00 |
$25,000 |
|
none |
|
70.00% |
|
80.00% |
Owner Occupier |
|
Principal & Interest |
|
Weekly, Fortnightly, Monthly |
|
yes - free |
|
yes |
|
yes - free |
|
none |
|
yes |
|
no |
|
none |
|
none |
|
none |
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
7.24% p.a. |
|
6.84% p.a. |
|
24 Months |
|
Variable |
|
7.16% p.a. |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
$0.00 |
|
$0.00 |
|
$0.00 |
|
$0.00 |
|
n/a |
|
$0.00 |
|
$350.00 |
$25,000 |
|
none |
|
80.00% |
|
95.00% |
Owner Occupier |
|
Principal & Interest |
|
Weekly, Fortnightly, Monthly |
|
yes - free |
|
yes |
|
yes - free |
|
none |
|
yes |
|
no |
|
none |
|
none |
|
none |
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
8.08% p.a. |
|
n/a |
|
n/a |
|
n/a |
|
8.13% p.a. |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
$600.00 |
|
$0.00 |
|
$0.00 |
|
$0.00 |
|
n/a |
|
$0.00 |
|
$350.00 |
$25,000 |
|
none |
|
none |
|
70.00% |
Owner Occupier |
|
Principal & Interest |
|
Weekly, Fortnightly, Monthly |
|
yes - free |
|
yes |
|
yes - free |
|
none |
|
yes |
|
no |
|
none |
|
none |
|
none |
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
8.18% p.a. |
|
n/a |
|
n/a |
|
n/a |
|
8.18% p.a. |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
$0.00 |
|
$0.00 |
|
$0.00 |
|
$0.00 |
|
n/a |
|
$0.00 |
|
$350.00 |
$25,000 |
|
none |
|
70.00% |
|
80.00% |
Owner Occupier |
|
Principal & Interest |
|
Weekly, Fortnightly, Monthly |
|
yes - free |
|
yes |
|
yes - free |
|
none |
|
yes |
|
no |
|
none |
|
none |
|
none |
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
8.48% p.a. |
|
n/a |
|
n/a |
|
n/a |
|
8.48% p.a. |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
$0.00 |
|
$0.00 |
|
$0.00 |
|
$0.00 |
|
n/a |
|
$0.00 |
|
$350.00 |
$25,000 |
|
none |
|
80.00% |
|
95.00% |
Owner Occupier |
|
Principal & Interest |
|
Weekly, Fortnightly, Monthly |
|
yes - free |
|
yes |
|
yes - free |
|
none |
|
yes |
|
no |
|
none |
|
none |
|
none |
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
8.77% p.a. |
|
n/a |
|
n/a |
|
n/a |
|
8.77% p.a. |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
$0.00 |
|
$0.00 |
|
$0.00 |
|
$0.00 |
|
n/a |
|
$0.00 |
|
$350.00 |
$25,000 |
|
none |
|
70.00% |
|
80.00% |
Owner Occupier |
|
Interest Only |
|
Monthly |
|
yes - free |
|
yes |
|
yes - free |
|
none |
|
yes |
|
no |
|
none |
|
none |
|
none |
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
8.67% p.a. |
|
n/a |
|
n/a |
|
n/a |
|
8.67% p.a. |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
$0.00 |
|
$0.00 |
|
$0.00 |
|
$0.00 |
|
n/a |
|
$0.00 |
|
$350.00 |
$25,000 |
|
none |
|
none |
|
70.00% |
Owner Occupier |
|
Interest Only |
|
Monthly |
|
yes - free |
|
yes |
|
yes - free |
|
none |
|
yes |
|
no |
|
none |
|
none |
|
none |
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
Westpac is well located in my area and love how they have branches available if needed. Good access and app for internet banking and as a new customer, I have been reasonably happy with rates, fees and charges
Read full reviewWestpac is well located in my area and love how they have branches available if needed. Good access and app for internet banking and as a new customer, I have been reasonably happy with rates, fees and charges
Very approachable and understanding when we changed our home loan over. I trust I could go into the branch and have my questions answered
Read full reviewVery approachable and understanding when we changed our home loan over. I trust I could go into the branch and have my questions answered
Excellent customer service and competitive rates, highly recommended
Read full reviewExcellent customer service and competitive rates, highly recommended
I would not go with Westpac for a home loan again - They refused to help with either the first home-owners grant or the home buyers assistance account even though it is the lender who is supposed to submit both. Also they didn't actually ask for any information about my budgets, then when the home loan got approved, I noticed in the paperwork they had written this up and guessed everything that I spend money on! They also listed my income to be about $20 000 less than what I earn... lender seemed inexperienced.
Read full reviewI would not go with Westpac for a home loan again - They refused to help with either the first home-owners grant or the home buyers assistance account even though it is the lender who is supposed to submit both. Also they didn't actually ask for any information about my budgets, then when the home loan got approved, I noticed in the paperwork they had written this up and guessed everything that I spend money on! They also listed my income to be about $20 000 less than what I earn... lender seemed inexperienced.
Westpac offer very competitive rates. Staff at local branch’s are always friendly and helpful. If they can’t help you right then and there, they will provide you with a phone number to call or get someone to reach out to you. In my experience the branch staff always go above and beyond. I have had issues with my direct debit recently, but after a quick phone call they were able to set everything back to normal.
Read full reviewWestpac offer very competitive rates. Staff at local branch’s are always friendly and helpful. If they can’t help you right then and there, they will provide you with a phone number to call or get someone to reach out to you. In my experience the branch staff always go above and beyond. I have had issues with my direct debit recently, but after a quick phone call they were able to set everything back to normal.
Home Value Loan
6.09% p.a. variable
6.09% p.a.
Fixed Rate
6.59% p.a.
fixed 3 years
7.06% p.a.
Elevate
6.09% p.a.
6.20% p.a.
Fixed Rate Loan (with Orange Advantage)
5.99% p.a.
fixed 3 years
6.12% p.a.
Fixed Rate
6.59% p.a.
fixed 3 years
7.06% p.a.
Home Value Loan
6.09% p.a.
6.09% p.a.
$0.00
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.