Flexi First: Basic variable home loan
Key benefits of our basic variable rate home loan
Our lowest variable rate
Get a low rate with lots of loan flexibility.
Save on fees
You won't pay any lending establishment or loan account fees.
Make unlimited repayments and redraw
Repay and redraw on your loan when it suits you, with no fee.
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).
Looking for something else?
Refinance your home loan with Westpac
$2K cashback when you refinance with us **
Apply by 31st October 2022, settle by 31st January 2023. 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.
Featured rate
3.24% p.a. 2yr introductory variable rate^ |
| |
3.58% p.a. Comparison rate* |
Rate includes a 1.94% p.a. discount for 2 years from loan settlement reverting to a 1.54% p.a. discount thereafter^. For new Flexi First Option Owner Occupier loans, P&I repayments. Excludes refinances within Westpac Group.
Loan details
| 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 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) |
Your home loan pathway
Get started
Start your application online – let us know what you’re looking for and some details about your finances.
What we’ll do
We’ll show you how much you could borrow before you submit the form. Once you submit, we’ll send you an email with your lender’s details.
Talk to us
Your lender will call you to discuss your application, make any changes, and take you through everything.
What we’ll do
After speaking to you we’ll run a credit check and, if everything checks out, give you conditional approval, so you know exactly how much you can borrow.
Make your offer
Make an offer or bid on the property you want, then let us know when it’s been accepted.
What we'll do
We’ll value your potential new home, and give you final approval.
Already started an application? Retrieve your application
Get started
Start your application online – tell us about your property, how much you’d like to borrow and your finances.
What we take care of
We’ll show you how much you could borrow before you submit the form. Once you submit, we’ll send you an email with your lender’s details.
Talk to us
Your lender will call you to answer any questions, discuss your application and talk you through the process.
What we take care of
After speaking to you, we'll run a credit check, value your property, complete other verifications and let you know when your application is approved.
All done
Accept our loan offer and that’s it. Congratulations and welcome to Westpac!
What we take care of
We’ll ask your current lender to prepare a discharge of mortgage for your existing home loan – then welcome you to Westpac.
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.
Not quite ready to apply?
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 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 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 21/06/2022. Includes a 1.94% p.a. discount for two years from the loan settlement date, at the end of the period it will revert to a 1.54% p.a. discount for the life of the loan.
- For an investment property: Offer commences 21/06/2022. Includes a 2.09% p.a. discount for two years from the loan settlement date, at the end of the period it will revert to a 1.69% p.a. discount for the life of the loan.
^^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 21/06/2022. Includes a 2.05% p.a. discount for two years from the loan settlement date, at the end of the period it will revert to a 1.65% p.a. discount for the life of 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.
**$2K refinance cashback offer: Conditions, credit criteria, fees, charges, eligibility criteria and exclusions apply. Apply between 1st August 2022 to 31st October 2022 and settle by 31st January 2023 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 $2,000 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.
#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)
##Before deciding to acquire a Westpac Choice account, read the terms and conditions, and consider whether the product is right for you.