Flexi First: Basic variable home loan
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).
2-yr intro discount on variable rate^^^
Variable rate includes 2-year 1.64% p.a. discount from loan settlement, reverting to 1.24% p.a. life-of-loan discount thereafter^^^ (excludes refinances within Westpac Group), and a 0.10% p.a. discount for LVR+ up to 70%. For new Owner Occupier loans and P&I repayments. Credit criteria, T&Cs apply.
Other rates and fees
|Total loan term||Up to 30 years|
|Repayment||Weekly, fortnightly, monthly|
|Repayment types||Principal and interest, Interest only.|
|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 Account.|
|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)|
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.
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.
Joining Westpac comes with added benefits
Sweet discounts on the every day
Your Westpac debit or credit card gives you sweet discounts, offers and cashback from everyday brands and stores.
Finance at your fingertips
The Westpac App offers incredible budgeting tools to check your balance, rate and interest, plus make transfers any time.
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 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 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 Home loan with 2-year intro variable rate (excludes Owner Occupier Interest only option) and life of loan discount thereafter. The life of loan discount is applicable to Flexi First Option special offer rates and will be removed if you switch to another product during your loan term. New lending only.
^^Flexi First Option special offer rates with Interest Only repayments
Special offers are only available on new Flexi First Option Home and Investment Loans with Interest Only repayments. Discounts do not apply to 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. Offer may be varied or withdrawn at any time. Interest rates are subject to change:
- For a property to live in (Owner Occupier): 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.
- For an investment property: Offer commences 24/11/2023. Includes a 1.65% p.a. discount for two years from the loan settlement date, at the end of the period it will revert to a 1.25% p.a. discount for the life of loan.
^^^Flexi First Option special offer rates with Principal & Interest repayments
Special offers are only available on new Flexi First Option Home and Investment Loans with Principal & Interest repayments. Discounts do not apply to 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. Offer may be varied or withdrawn at any time. Interest rates are subject to change:
- For a property to live in (Owner occupier): Offer commences 24/11/2023. Includes a 1.64% p.a. discount for two years from the loan settlement date, at the end of the period it will revert to a 1.24% p.a. discount for the life of the loan.
- For an investment property: Offer commences 24/11/2023. Includes a 1.89% p.a. discount for two years from the loan settlement date, at the end of the period it will revert to a 1.49% p.a. discount for the life of the loan.
*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.
#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.