Flexi First Option Home Loan
Essentials
- Low rate basic home loan
- Variable rate 6.66% p.a. 1, comparison rate 6.71% 2 p.a.
- A basic home loan where you pay only for the features you use
- Flexible features include redraw, top-up 3 and repayment holiday
- No account keeping fees 4
- Suitable for both first home loan buyers and existing home owners'
- Extra repayments allowed at any time without charge
- Interest only loan available for up to 15 years.
Did you know?
Flexi First Option Home Loan helps you save money - you don’t pay for features you don’t use.
Things you should know
- 1. Interest rate is subject to change. Terms and Conditions are available on request.
- 2. Warning: The 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.
- 3. Subject to Bank's approval.
- 4. Other fees and charges apply.
- (i). This comparison rate is based on a secured loan of $150,000 over the term of 25 years. Warning: The 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.
Features
| Feature | Description | Fee |
|---|---|---|
|
Top-up 1 |
Lets you increase your loan if you need access to additional funds. |
$350 each |
|
Redraw 1 |
Gives you same day access to any extra repayment in your loan account. To activate your redraw facility fill out the Redraw Authority form (PDF 58kb). |
$25 each |
|
Portability 1 |
Allows you to retain your account number when you move properties. You avoid the hassle and establishment fees associated with taking out a new loan. Security criteria apply. |
$350 per move |
|
Repayment holiday 1 |
Lets you skip full or partial repayments when you’re ahead with your payments. |
Fee free |
|
Lets you reduce your repayments by up to 50% for as long as 6 months when you are having a child. Available after the initial 18 months of a loan. Conditions apply. |
$95 to activate |
|
|
Reduced repayment 1 |
Lets you reduce your repayments by up to 50% for as long as 6 months when you have large expenses, such as extended holidays or renovations. Available after the initial 12 months of a loan. Conditions apply. |
$95 to activate |
|
Progress draws (for construction) |
Lets you progressively draw down funds to pay builders and other contractors, to minimise interest costs. Drawings must be completed within 12 months. |
$95 per draw |
Things you should know
- 1. Subject to Bank's approval.
Fees
| Fee | Amount |
|---|---|
| Loan establishment fee | $600 (one upfront fee) |
| Monthly loan maintenance fee | NIL |
| Annual service fee | NIL |
Things you should know
- 1. Other fees and charges apply.
Rates
| Loan | Annual rate | Comparison rate 2 |
|---|---|---|
| Flexi First Option Loan | 6.66% p.a. |
6.71% p.a. (i) show more comparison rates |
| Amount of loan | Term | Annual interest rate 1 | Comparison rate 2 |
|---|---|---|---|
| $50,000 | 7 years | 6.66% p.a. | 7.13% p.a. |
| $70,000 | 25 years | 6.66% p.a. | 6.76% p.a. |
| $100,000 | 25 years | 6.66% p.a. | 6.73% p.a. |
| $130,000 | 25 years | 6.66% p.a. | 6.71% p.a. |
| $150,000 | 25 years | 6.66% p.a. | 6.71% p.a. |
| $200,000 | 25 years | 6.66% p.a. | 6.70% p.a. |
| $225,000 | 25 years | 6.66% p.a. | 6.69% p.a. |
| $250,000 | 25 years | 6.66% p.a. | 6.69% p.a. |
| $275,000 | 30 years | 6.66% p.a. | 6.68% p.a. |
| $300,000 | 30 years | 6.66% p.a. | 6.68% p.a. |
Things you should know
- 1. Interest rate is subject to change. Terms and Conditions are available on request.
- 2. Warning: The 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.
- (i). This comparison rate is based on a secured loan of $150,000 over the term of 25 years. Warning: The 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.
Options
Consider other types of loans
Combination loan – split your loan between fixed and variable to give you both flexibility and certainty.
Repayment methods
- Principal, interest and fees
- Interest only loans available for terms up to 15 years
- Monthly, fortnightly or weekly repayment frequency available
- Payments must be made via direct debit from a Westpac account.
Things you should know
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