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2.19%^ p.a. variable rate (2.53% p.a. comparison rate*)

2 year introductory rate on new Flexi First Option Home Loans

Rate includes a 1.99% p.a. discount for 2 years from loan settlement reverting to a 1.59% p.a. discount thereafter^. For new Flexi First Option Owner Occupier loans, P&I repayments. Excludes refinances within Westpac Group.​

Why choose a variable rate home loan?

Make extra repayments

Get ahead on your loan with no cap on extra repayments.

Save interest with an offset

Keep funds in an offset facility to reduce the amount of interest you pay on your loan balance.

Redraw additional funds

Redraw any additional repayments you've made if you need access to extra cash.

Combine with a fixed rate

Put your balance into separate fixed and variable rate accounts for the best of both worlds.

Get $3K cashback when you refinance to us**

Apply by 31st May 2022, settle by 31st August 2022. Owner Occupier loans (P&I repayments) and Investment Property Loans, with LVR+ up to 80% and min $250k loan. Flexi First Option or packaged# home loans only ($395 annual package fee). Only one cashback offer available per primary applicant within a 12 month period. Excludes refinances within Westpac Group. Find out more

Featured variable rate home loans

Variable Rate Home Loan


  • 2.19% p.a.^ variable rate
  • 2.53% p.a. comparison rate*
  • Includes a 1.99% p.a. discount for two years from loan settlement date^
  • For new Flexi First Option owner occupier home loans with Principal and Interest repayments.


Variable Home Loan with Offset


  • 3.54% p.a. variable rate1 with the Premier Advantage Package#
  • 3.94% p.a. comparison rate*
  • For Owner Occupiers making Principal and Interest repayments
  • $395 annual package fee applies#
  • No establishment fee with Premier Advantage Package (saving you $600)
  • Includes a 1.29% p.a. variable rate discount for the life of the loan (excludes internal refinances within Westpac Group).

Frequently asked questions

A variable rate home loan is a home loan with an interest rate that may change over time. If you choose a variable rate home loan, you may be able to take advantage of any interest rate decreases over your loan’s term. If your rate decreases, it means you pay less interest on the home loan balance.


On the other hand, you may also find that your rate increases, which would involve paying a higher interest rate and regular repayment amount than at the start of your loan term. 

Things you should know

Credit criteria, fees and charges apply. Terms and conditions available on request. Based on Westpac's credit criteria, residential lending is not available for Non-Australian Resident borrowers. This information has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice. This includes any tax consequences arising from any promotions for investors and customers should seek independent advice on any taxation matters.



1Interest rates are subject to change


*Comparison rate: The comparison rate is based on a loan of $150,000 over the term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.


**$3K refinance cashback offer: Conditions, credit criteria, fees, charges, eligibility criteria and exclusions apply. Apply between 1st December 2021 to 31st May 2022 and settle by 31st August 2022 for refinance applications. Offer may be varied or withdrawn at any time. Min Loan amount $250k and LVR up to 80%. Offer available for Owner Occupier with Principal & Interest repayments and Investment Property Loans (Principal and Interest & Interest Only repayments). Premier Advantage Package ($395 annual package fee and T&Cs apply) and Flexi First Option Loans. Limit of one $3,000 cashback payment regardless of the number of applications, applicants, properties or loans involved per 12 month period. For joint applications, only one cashback payment will be paid to the primary applicant. Excludes Owner Occupier Interest Only, residential lending originated under family or company trusts and refinances within Westpac Group (Westpac, St.George, Bank of Melbourne, BankSA and RAMS). The cashback will be paid into an open Westpac Choice transaction account within 60 days of settlement. This account must be in the same name as the home loan account and linked to the home loan at settlement. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters. 


+LVR stands for the initial loan to value ratio at loan approval. LVR is the amount of your loan compared to the Bank’s valuation of your property offered to secure your loan expressed as a percentage. Home loan rates for new loans are set based on the initial LVR and don’t change because of changes to the LVR during the life of the loan.


^Flexi First Option offer: This offer is only available on new Flexi First Option Home Loan applications with Principal & Interest repayments received from 17/05/2022. Rate includes a 1.99% p.a. discount for two years from the loan settlement date, at the end of the period it will revert to a 1.59% p.a. discount for the remainder of the life of the loan. Excludes internal refinances or switches within the Westpac Group, which includes refinances from Westpac, St.George, Bank of Melbourne, BankSA and RAMS. Not available to company and trust account holders. Interest rate is subject to change.


#Premier Advantage Package: Conditions of Use and $395 annual package fee applies. You must either hold or be approved for a Westpac Choice transaction account in order to qualify and continue to receive the benefits of the Premier Advantage Package. Applicants must have a Westpac Choice transaction account linked to the home loan at the time of settlement and must keep this account open for 60 days after settlement. Before deciding to acquire a Westpac Choice account, read the terms and conditions, and consider whether the product is right for you. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters.
Premier Advantage Package Conditions of Use (PDF 88KB)