Flexi First: Basic variable home loan
Value starts with a discounted variable home loan rate for life.^
Key benefits of our basic variable rate home loan
$0 monthly and annual fees
You won't pay any lending establishment or loan account fees.
Unlimited repayments and redraw
Repay and redraw on your loan when it suits you, with no fee.
Australia’s number #1 banking app**
Manage your home loan in Australia’s number #1 banking app.
Reduced repayments while on parental leave
New arrival? Reduce your repayments by up to 50% for up to 12 months while on parental leave (subject to approval).
At a glance
$0
Annual or ongoing fees
$0
Establishment fee
$0
Redraw fees
Featured variable rates
Other rates and fees
| 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.) | |
| Parental Leave repayment reduction | Up to 50% for 12 months (T&Cs apply) |
Extra discount for new home loans
If you are taking out a new home loan, and borrowing up to 70% of the bank's valuation of the property, you could be eligible to get an extra 0.10% p.a. discount off the standard interest rate. This LVR+ discount is available to new lending only.
LVR stands for the initial 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.
For a new home loan, with LVR+ up to 70%.
View our Owner Occupier rates:
The below rates include our 0.10% p.a. discount for LVRs+ up to 70%:
| Annual rate | Comparison rate* | |
|---|---|---|
Discounted rate^ |
6.19% p.a. | 6.20% p.a. |
Discounted rate includes a 1.64% p.a. discount for the life of the loan^. Excludes product switches.
With Principal & Interest repayments:
- You will be repaying both principal loan amount and the interest
- Your interest rate may be lower compared to Interest Only.
The below rates include our 0.10% p.a. discount for LVRs+ up to 70%:
| Annual rate | Comparison rate | |
|---|---|---|
Discounted rate^ |
7.89% p.a. | 6.94% p.a. |
Discounted rate includes a 0.53% p.a. discount for the life of the loan^. Excludes product switches.
By repaying Interest Only during a 1-5 year term:
- Your repayments will be lower (and then increase at the end of your Interest Only term, as your loan balance needs to be paid back in a shorter timeframe)
- Your interest rate may be higher for a set period compared to Principal & Interest.
Extra discount for new home loans
If you are taking out a new home loan, and borrowing up to 70% of the bank's valuation of the property, you could be eligible to get an extra 0.10% p.a. discount off the standard interest rate. This LVR+ discount is available to new lending only.
LVR stands for the initial 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.
For a new home loan, with LVR+ up to 70%.
View our investor rates:
The below rates include our 0.10% p.a. discount for LVRs+ up to 70%:
| Annual rate | Comparison rate* | |
|---|---|---|
Discounted rate^ |
6.49% p.a. | 6.49% p.a. |
Discounted rate includes a 1.89% p.a. discount for the life of the loan^. Excludes product switches.
With Principal & Interest repayments:
- You will be repaying both principal loan amount and the interest
- Your interest rate may be lower compared to Interest Only.
The below rates include our 0.10% p.a. discount for LVRs+ up to 70%:
| Annual rate | Comparison rate* | |
|---|---|---|
Discounted rate^ |
6.99% p.a. | 6.84% p.a. |
Discounted rate includes a 1.65% p.a. discount for the life of the loan^. Excludes product switches.
By repaying Interest Only during a 1-5 year term:
- Your repayments will be lower (and then increase at the end of your Interest Only term, as your loan balance needs to be paid back in a shorter timeframe)
- Your interest rate may be higher for a set period compared to Principal & Interest.
| Fee | Cost |
|---|---|
| Lending establishment fee | $0 |
| Loan account fee | $0 |
Applying is simple, get started online
1. Apply for your home loan now
Apply in around 10-20 mins, or save and come back later. Tell us about you and see how much you could borrow. And don't worry, we'll let you know before the credit check. Need help? You can live chat with us to help you complete the application.
2. Fast approval
You could get unconditional refinance approval the same day you apply. Or conditional approval within 1 business day to help you confidently bid or make an offer for up to 90 days.
3. Discuss your rate and features with a lender
A dedicated lender will be in touch to go over the finer points of your loan. You’ll have an opportunity to negotiate your rate, as there’s no obligation until you accept your rate and loan offer.
4. On to settlement
Your lender will finalise your loan through to settlement. Accept our loan offer, and that’s it.
Already started an application? Retrieve your application
Frequently asked questions
A variable rate home loan has an interest rate that may go up or down at different stages over the life of the loan.
If the interest rate goes down, you pay less in interest. You could then either lower your regular repayments or keep them the same to pay down your loan faster.
If the interest rate goes up, you pay more in interest. And if the interest rate goes above your original interest rate, your regular repayment amount will also increase.
Variable interest rate home loans are designed for people who need flexibility in their home loan, and want the interest on their loan to be in line with the current market.
There are no fees for making lump sum repayments, no fees redrawing funds, and no break fees if you change your loan.
Here’s how our basic variable 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 lowest variable rate | Variable rate package discount of 2.34% p.a. on loans over $150k |
| Interest rate offer - investor | Our lowest variable rate | Variable rate package discount of 2.69% p.a. on loans over $150k |
| Loan account fee | $0 | |
| Lending establishment fee | $0 | $600 ($0 if packaged) |
| Redraw fee | $0 | $0 |
| Extra repayments | Unlimited | Unlimited |
| Redraws | Unlimited | Unlimited |
| 100% offset option | No | Yes |
| Package option | No | Yes |
Because interest rates go up and down, if the interest rate goes up you may pay more in interest and your repayments could increase.
If you need help deciding what 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. They’re qualified advisers and they’re there to help. They can help you choose the loan that might suit you best.
A fixed interest rate stays the same for a fixed term (usually 1 – 5 years) while a variable rate might go up and down during same period in line with the market rate.
The best rate will depend on your circumstances and what you want out of your loan. A fixed loan is designed to give people more certainty, while a variable loan is 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. They’re qualified advisers and here to your questions. They can help you choose the loan that might suit you best.
Save a little more before you buy
If you have a 10% deposit, you might still be able to get a home loan. However, you may need to pay Lenders Mortgage Insurance.
If you wait a little longer to save a 20% deposit on your new home, you could avoid paying Lenders Mortgage Insurance.
To see how long it might take you to save for a larger deposit, check out our Home Saver Calculator.
If you're already saving, you may start looking at buying once you have around 10% of the purchase price. However, if you have less than 20% of the purchase price, you may need to pay Lenders Mortgage Insurance. It may mean waiting a little longer, but if you can save a 20% deposit on your new home, you could avoid paying Lenders Mortgage Insurance.
Pay fortnightly versus monthly
If you pay fortnightly, you’ll make 26 repayments each year. That’s the same as making 13 monthly repayments every year, rather than 12. That extra monthly repayment could help you own your home sooner. If you’re paid fortnightly, repaying fortnightly might also make budgeting easier.
Benefit from extra and lump sum repayments
Any extra payments you make will reduce the balance of your loan and the interest charged. Lump sums such as a tax return, a bonus from work, a gift or an inheritance can help you save on interest and shorten the life of your loan. Even paying a little bit extra on a regular basis can make a difference in the longer term. Rounding up your home loan repayment just a small amount can make a dent on your home loan interest. For example, consider a loan amount of $300,000 at 5% over 25 years. If the monthly repayments of $1754 were rounded up to $2000 per month and continued until the end of the loan term, the loan would be repaid around 5 years early, and the interest owed reduced by around $54,000.
Regularly review your home loan
Over time, your personal situation or financial needs may change. It makes sense to review your loan regularly to ensure you're only paying for the features or benefits you actually use or need. We can help to assess your requirements and ensure you’ve got the products and services that are right for you at each stage of your life.
If you have a new arrival, you can reduce your repayments by up to 50% for up to 12 months while on parental leave (subject to approval).
Looking for something else?
Not quite ready to apply?
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 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, professional tax advice on any taxation matters before making a decision based on this information.
+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.
Online Refinance Offer: This online refinance offer is available for new refinance Flexi First Option Home Loans and Investment Property Loans. This includes both Principal & Interest and Interest Only repayments. Includes a special life-of-loan discount for online applications only with a loan-to-value ratio up to 80%. Not available for trust or company borrowers, internal refinances or switches within the Westpac Group, which includes St.George, Westpac, Bank of Melbourne, BankSA and RAMS. Interest rates are subject to change. Offer may be varied or withdrawn at any time.
*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.
**Available via online banking. T&C's apply. Australia's top app as recognised by The Forrester Digital Experience ReviewTM. Australian Mobile Banking Apps, Q4 2023, an evaluation of five Australian Banks.
1Sustainable Upgrades home loan and Sustainable Upgrades investment loan comparison rate: The comparison rate is based on a loan of $30,000 over the term of 5 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.