Variable Rate Home Loan
Featured interest rates and offer
Get $3K cashback when you refinance to us - $2K for each property refinanced, plus a bonus $1K for your first refinance application.**
Owner Occupier loans (P&I repayments) and Investment loans, with LVR+ up to 80% and min $250k loan per property. Flexi First Option or packaged# home loans only ($395 annual package fee). Apply by 30th June 2021, settle by 30th September 2021. Excludes refinances within Westpac Group.
Why choose our Flexi First Option home loan?
A low variable rate
Sometimes you just want a low variable rate and some flexibility, without paying for extras you don't need.
Pay down your loan faster, with no cap on extra repayments and no redraw fee (subject to approval).
Pay no setup fee
We'll waive your establishment fee, saving you $600 (offer may be varied or withdrawn at any time).
Rates and fees
Extra discount for new home loans
If you are taking out a new home loan, and borrowing less than 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 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.
A $395 annual package fee applies to loans on the Premier Advantage Package.#
Loans on principal and interest repayments
|Annual rate||Comparison rate*|
|Special introductory offer^^||2.59% p.a.||3.10% p.a.|
Special introductory offer includes a 1.89% p.a. discount for 2 years from loan settlement date reverting to a 1.29% p.a. rate discount off the standard variable rate thereafter^^. Valid from 18 September 2020, excludes internal refinances with Westpac Group.
Loans on interest only repayments
|Annual rate||Comparison rate*|
|New loans: 1.35% p.a. discount for the life of the loan2||3.39% p.a.||3.40% p.a.|
The discounted rate does not apply to refinances within the Westpac Group.
|Switch loan or split balance||$350|
|Discharge settlement fee||$350|
|Progress draw set up||$95|
Applying is simple, get started online
1. Apply online
Tell us some details about you and see how much you could borrow. Don’t worry, we’ll save as you go and there won’t be a credit check until you’ve spoken with a home finance manager.
2. Talk it through
A home finance manager will be in touch to answer all your questions, and progress things to the next stage.
3. Conditional approval, if needed
We may be able to provide you conditional approval to help you confidently bid or make an offer knowing how much you can afford. Conditional approval is valid for 90 days . Need more time? We can renew it.
4. Full approval
Once we’ve valued your property and completed other verification, we’ll let you know when your application’s been approved. Accept our loan offer and you’re on your way to settlement – congrats!
What else can you do with a Westpac Home Loan?
You can apply to reduce your repayments by up to 50% for up to 12 months when you go on parental leave. You may be eligible to apply if you’ve had a Flexi First Option home loan for more than 12 months and have a job to return to once your parental leave ends. Subject to approval, terms, conditions and fees apply. To determine if this feature is right for you, please visit our Parental Leave page.
Increase your home loan
Apply to access more funds using our "top up / loan increase" facility if you have equity in your loan and need access to extra cash. A $350 fee applies when you set up a top up/loan increase.
An increase in your loan amount will also mean your repayments and interest charges will be higher. Before you apply, consider potential changes to your financial situation in the future and make sure your budget can accommodate higher repayments. Loan increases are subject to formal approval. Read more about loan increases.
Switch to interest only repayments
Choose to pay principal and interest or interest only. Interest only available for up to 5 years to keep your repayments to a minimum. Conditions apply.
Waive your monthly Choice account service fee
Each customer is eligible for one fee waiver with a Flexi First Option loan that has a direct debit set up from a Choice account or a Choice account under the same name.##
Want to learn more?
What else do you need to know?
Save a little more before you buy
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
Paying fortnightly means that there are 26 fortnightly repayments each year which adds up to the equivalent of 13 monthly repayments. That's one extra monthly repayment every year to help you own your home sooner. This could work well if you’re paid fortnightly.
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.
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.
+LVR stands for the initial loan to value ratio at loan approval. LVR is the amount of your loan compared to the banks 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: Variable rate subject to change (and margins may apply). Credit criteria, fees and charges, terms & conditions apply. Based on Westpac's credit criteria, residential lending is not available for Non-Australian Resident borrowers.
^Flexi First Option Intro offer: Offer commences 18/09/2020 and may be varied or withdrawn at any time. This offer is only available on new Flexi First Option Home Loans with Principal & Interest repayments. Rate includes a 1.64% p.a. discount off our Flexi First Option Home Loan Variable Rate for two years from the loan settlement date, at the end of the period it will revert to a 1.14% 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.
^^ Offer commences 18/09/2020. Includes a 1.89% p.a. discount off our Flexi First Option Investment Property Loan Variable Rate with Principal & Interest repayments for two years from loan settlement date, at the end of the period it will revert to a 1.29% p.a. discount for the remainder of the life of the loan. Interest rates are subject to change.
1. Offer commences 5/06/2020. Includes a 0.53% p.a. discount off our Flexi First Option Home Loan Variable Rate with Interest Only repayments for the life of loan. Interest rates are subject to change.
2. Offer commences 5/06/2020. Includes a 1.35% p.a. discount off our Flexi First Option Investment Property Loan Variable Rate with Interest Only repayments for the life of loan. Interest 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: Credit criteria, fees and charges apply. Terms and conditions available at Westpac. $2,000 Refinance Cashback per property for new refinance applications received between 23rd September 2019 to 30th June 2021 and settled by 30th September 2021. Offer current as at 23rd September 2019. Only 1 cashback per property refinance will be paid regardless of the number of loans involved. One $1,000 Bonus Refinance Cashback for a new refinance application received between 18th September 2020 to 30th June 2021 and settled by 30th September 2021 with maximum LVR of 80%. Offer current as at 18th September 2020. Only 1 bonus cashback will be paid for the initial application regardless of the numbers of customers, properties or applications involved. Offers available for Owner Occupier with Principal & Interest repayments and Investment Loans. Offers available on the Premier Advantage Package and Flexi First Option Home Loans. Offers may be varied or withdrawn at any time. $250K min loan per property refinanced applies for the $2,000 and $1,000 bonus Refinance Cashback. Excludes Equity Access Loans, switches and refinances of home loans within the Westpac Group which include St.George, Westpac, Bank of Melbourne, BankSA and RAMS. Offer not available for Owner Occupier Interest Only loans or residential lending originated under family or company trusts. The cashback(s) will be paid into a Westpac Choice transaction account within 60 days of settlement. The transaction account must be in the same name as the home loan account and linked to the home loan at the time of settlement. This account must be kept open for 60 days after settlement. 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 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.
##Before deciding to acquire a Westpac Choice account, read the terms and conditions, and consider whether the product is right for you.