Flexi First: Our lowest online variable home loan rate
Value starts with a discounted basic variable home loan rate. Read on to find out more.
ONLINE OFFER: our lowest online variable rate
Flexi First Option home loan with Principal & Interest (P&I) repayments
- Online offer rates include: Life-of-loan discount of 2.09% p.a. on a Flexi First home loan on P&I repayments (Owner Occupier) or 2.49% p.a. (Investor) for LVR up to 80%; plus 0.10% p.a. discount for LVR up to 70%.
LVR over 80% or not applying online? Explore all home loan rates.
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.
To qualify for this online offer:
- Apply online, and select a Flexi First Option Owner Occupier or Investment loan with P&I and IO repayments.
- Have an LVR 80% or less (LVR up to 70% includes a 0.10% p.a. rate discount)
- Excludes company and trust borrowers, bridging loans, construction loans and internal refinance within the Westpac Group.
Flexi First Option home loan with Interest only (IO) repayments
Online Offer rates include: life-of-loan discount of 1.99% p.a. on a Flexi First home loan on IO repayments (Owner Occupier) or 2.50% p.a. (Investor) plus 0.10% p.a. discount for LVR up to 70%.
| Featured rates | Owner Occupier | Investor |
|---|---|---|
| Online offer basic variable rate | 5.93% p.a. | 5.64% p.a. |
| Comparison rate | 5.53% p.a. |
5.56% p.a. |
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.
To qualify for this online offer:
- Apply online, and select a Flexi First Option Owner Occupier or Investment loan with P&I and IO repayments.
- Have an LVR 80% or less (LVR up to 70% includes a 0.10% p.a. rate discount)
- Excludes company and trust borrowers, bridging loans, construction loans and internal refinance within the Westpac Group.
| Total loan term | Up to 30 years | |
| Repayment | Weekly, fortnightly, monthly | |
| Repayment types | Principal and interest, Interest only. | |
| Extra repayments | Yes | |
| Split with a fixed interest rate loan | Yes | |
| Redraw extra repayments | Yes (subject to activation) | |
| Offset account | No. See our variable interest home loan with offset. | |
| Increase loan | Yes, (subject to formal approval. Read more about loan increases.) | |
| Construction option | Yes | |
| Reduced Repayments | Up to 50% for up to 12 months (subject to approval) |
LVR stands for the loan-to-value ratio. 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 won't change during the life of the loan as the LVR changes.
Flexi First Option Home Loans and Investment Loans: Life-of-loan discount is available for new Owner Occupier and Investment Property loans. This includes both Principal & Interest and Interest Only repayments. Offer does not apply to product switches. Interest rates are subject to change. Offer may be varied or withdrawn at any time.
Why choose a Flexi First Option home loan?
Simple with low fees
A basic variable loan, with no ongoing fees and a sweet interest rate. We've kept it simple, so no offset is available with this loan.
Repay faster to save
Pay off your home sooner with unlimited extra repayments. You can choose to repay weekly, fortnightly or monthly.
Access extra funds
Redraw your extra repayments whenever you need. Just make sure redraw is activated. You can even apply for a loan increase.
Handy loan options
Benefit from a loan term of up to 30 years. Split by fixing part of it or reduce repayments for up to 12 months (subject to approval).
What to know before and after you apply
Your eligibility
You must be:
- An Australian citizen or permanent resident
- Employed or self-employed
- 18 years or over.
Buying property with one other. To speed up the process, the first applicant submits the application for both of you. A lender then calls you both to finalise your application.
Refinancing with one other. The first applicant starts the application and submits their part. The second then gets an email inviting them to submit their part. A lender then calls both of you to finalise your application.
Applications with 3 to 8 borrowers. You won’t be able to apply online. Book an appointment with a lender who can work out your combined maximum loan amount. Remember to talk with your tax adviser and legal agent about the complexities of structuring ownership this way.
Switching your home loan to us?
If you qualify for Priority Refinance (PDF 2MB), you may be able to settle within a week. We may be able to:
- Securely verify your ID online
- Auto-verify your income, when it’s paid to other financial institutions.
Priority Refinance: Only available: on eligible new Westpac home loans; on eligible home loans with your current lender; if your other lender is on the Priority Refinance process list of eligible financial institutions. Your other lender may charge you an additional settlement agent fee, as well as fixed rate home loan break costs. Loan suitability for the Priority Refinance product is determined by Westpac in conjunction with the insurance product guidelines. Priority Refinance is provided by First American Title Insurance Company of Australia Pty Limited ABN 64 075 279 908 Australian Financial Services Licence 263876, trading as First Title, an Australian general insurance company authorised by the Australian Prudential Regulation Authority. Conditions, fees and charges apply. Lending criteria apply to approval of credit products. This info doesn't take your personal objectives, circumstances or needs into account, so please consider Priority Refinance's appropriateness and read the disclosure documents for your selected loan, including the Terms & Conditions, before deciding.
Your lender will be in touch
Once you submit your application, we'll match you with a lender and email you their details. They’ll then call to:
- Finalise your interest rate (you may be able to negotiate)
- Review your documents and info
- Answer questions
- Match you with the right loan deal
- Walk you through your next steps
- Help you apply for any applicable government grants or schemes.
Documents you may need
We'll let you know what home loan documents to share with your lender. You can upload your supporting documents online anytime. They may include:
- Bank statements
- Living expenses and tax returns
- Proof of income (self-employed? See what you'll need)
- Existing property details, if you have one
- New to Westpac? You’ll need 2 types of ID: passport, driver licence, Medicare card, birth certificate.
Pre-approval to buy a property
If everything looks good, you could get a 90-day conditional approval. This is also called pre-approval or approval in principle.
Need more time? You can extend it for another 90 days if you’re yet to find the right property. Just confirm that your financial circumstances haven’t changed.
Full approval and settlement
- We’ll value your property and make some final checks
- If offered full (unconditional) approval, you can accept the home loan contract online
- Then sit back, be guided through loan settlement, and pick up the keys on settlement day.
Your loan offer and contract will usually include:
- Details of the security (e.g. the property held as security against the loan)
- The loan amount
- Repayments, including: repayment type (Interest Only or Principal & Interest), repayment amount, frequency and any charges or fees payable
- Interest rate and type
- The loan terms and conditions.
Like any legal document, we recommend that you get independent professional advice. Check for errors and ensure you understand the details before you accept and sign.
Save time, apply online
Fees and costs
| Standard fees (fees may change) | Amount |
|---|---|
| Lending establishment fee | $0 |
| Loan account fee | $0 |
| Extra repayments (up to $30k on fixed loans) | $0 |
| Redraw (if activated and extra funds are available) | $0 |
| Repayment holidays or Reduced Repayments of up to 50% for up to 12 months (subject to approval) | $0 |
| Construction loan option (property valuer fees may apply) | $0 |
| Portability option (keeping your loan but changing the property securing the loan | $0 |
| Loan switching (changing loan or repayment type) Break costs may apply to a fixed rate loan | $0 |
Break costs on fixed loan prepayments and switching: customers can make total prepayments of up to $30,000 (cumulative) for fixed loans, without costs or fees applying. You may incur a break cost and administration fee if your prepayments exceed this threshold, or if at any time before the end of a fixed rate period you switch to another product, interest rate (fixed or variable) or repayment type.
| Standard fees (fees may change) | Amount |
|---|---|
| Lenders Mortgage Insurance premium (may be payable if your loan-to-value ratio is more than 80% of your property’s value) | Individual calculation |
| Additional bank cheque at settlement | $10 |
| Missed payment fee | $15 |
| Overdrawn fee | $15 |
Document processing fee (may be payable if we deal with the mortgage or title document after settlement) |
$150 |
| Property valuer fee (may be payable if a valuation is needed) | Determined by external valuer's fee |
| Loan discharge fee | $350 per loan |
Upfront Government costs can include:
- Government transfer/stamp duty, based on your home’s value (first home buyers could be eligible for grants and concessions)
- Government mortgage registration fee
- Government land tax and registration of title.
Upfront non-bank costs can include:
- Legal or conveyancing fees
- Pest, building or strata reports
- Optional independent valuer’s fee.
Ongoing non-bank costs can include:
- Local Government council rates
- Utilities, like electricity
- Insurance
- Strata levies, for most units
- Home maintenance.
VIEW & GET ESTIMATED VALUES OF THE PROPERTIES SECURING YOUR WESTPAC HOME LOANS
Talk to us about your tailored interest rate discount for new home loans
Frequently asked questions
The best rate will depend on your circumstances and what you want out of your loan. A fixed loan’s designed to give people more certainty, while a variable loan’s designed to give more flexibility.
If you need help deciding which loan might work best for you, simply start by applying. In the next step in the application process, you’ll talk with one of our home lenders. Or we can help you choose right now.
Here’s how our Flexi First Option Home Loan compares to our variable Rocket Repay Home Loan with an optional offset account.
| Flexi First Option home loan | Rocket Repay home loan | |
|---|---|---|
| Interest rate offer - owner occupier | Our basic variable rate | Variable rate package discount# ($395 annual package fee applies) of 2.34% p.a. on loans over $150k |
| Interest rate offer - investor | Our basic variable rate | Variable rate package discount# ($395 annual package fee applies) of 2.69% p.a. on loans over $150k |
| Loan account fee | $8 per month ($0 if packaged#, $395 annual package fee applies) | |
| Lending establishment fee | $0 | $600 ($0 if packaged#, $395 annual package fee applies) |
| Redraw fee | $0 | $0 |
| Extra repayments | Unlimited | Unlimited |
| Redraws | Unlimited | Unlimited |
| 100% offset option | No | Yes |
| Package option | No | Yes |
A split home loan is when you separate your home loan balance into two different accounts. One will have a variable interest rate and the other a fixed interest rate.
Splitting your home loan balance with a fixed and variable interest rate allows you to get the best of both worlds. With the fixed portion of your home loan, you can lock in your interest rate. This means you can be certain that your repayment amounts won’t change for the duration of the fixed rate term.
The variable rate portion of your loan lets you take advantage of any interest rate decreases. It also lets you get ahead with no limit on the number of extra repayments you can make. Learn how it works.
Help when you need it
Things you should know
Conditions, credit criteria, fees and charges apply. Residential lending is not available for Non-Australian Resident borrowers.
This information is general in nature and has been prepared without taking your personal objectives, circumstances and needs into account. You should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.
Any tax information described is general in nature and it is not tax advice or a guide to tax laws. We recommend you seek independent, professional tax advice applicable to your personal circumstances.