Variable Rate Home Loan
Featured interest rates and offer
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Get $3K cashback when you refinance to us** |
Apply by 30th November 2021, settle by 28th February 2022. Owner Occupier loans (P&I repayments) and Investment Property loans, with LVR+ less than 90% 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. |
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.
Get ahead
Pay down your loan faster, with no cap on extra repayments and no redraw fee (subject to approval).
Pay no setup fee
Ready to refinance from another bank?
Use our refinance calculator to see how much you might be able to save in repayments when you switch your home loan from another bank to us.
Rates
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.
View our Owner Occupier rates:
| Annual rate | Comparison rate* | |
|---|---|---|
| Special offer^ | 2.29% p.a. | 2.30% p.a. |
New loans: 1.64% p.a. discount for the life of the loan^
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.
| Annual rate | Comparison rate | |
|---|---|---|
| New loans: 0.53% p.a. discount for the life of the loan^^ | 3.99% p.a. | 4.00% p.a. |
The discounted rate does not apply to refinances within the Westpac Group.
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 principal needs to be paid back in a shorter timeframe)
- Your interest rate may be higher compared to Principal & Interest.
View our investor rates:
| Annual rate | Comparison rate* | |
|---|---|---|
| Special offer^ | 2.59% p.a. | 2.60% p.a. |
New loans: 1.89% p.a. discount for the life of the loan^
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.
| Annual rate | Comparison rate* | |
|---|---|---|
| New loans: 1.65% p.a. discount for the life of the loan^^ | 3.09% p.a. | 3.10% p.a. |
The discounted rate does not apply to refinances within the Westpac Group.
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 principal needs to be paid back in a shorter timeframe)
- Your interest rate may be higher compared to Principal & Interest.
Fees
| Fee | Cost |
|---|---|
| Lending establishment fee | $0 |
| Loan account fee | $0 |
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!
Already started an application? Retrieve your application
What else can you do with a Westpac Home Loan?
Parental leave
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 your owner occupied 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.
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-keeping 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 could your loan look like?
Use our calculators to research repayments, borrowing power, stamp duty and more.
Estimate borrowing power
Find out how much you could be able to borrow with a Westpac Home Loan.
Get a sense of repayments
Use our calculator as a guide to what repayments could be on your new home loan.
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.
No. Only our variable rate Rocket Repay Home Loan comes with an optional offset account.
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 | Our lowest variable rate | Variable rate package discount of 1.29%p.a. on loans over $150k |
| Annual fee | $0 | $0 ($395 if packaged) |
| Monthly fee | $0 | $8 ($0 if packaged) |
| Establishment fee | $0 | $600 ($0 if packaged) |
| Redraw fee | $0 | $0 |
| Extra repayments | Unlimited | Unlimited |
| Redraws | Unlimited | Unlimited |
| 100% offset option | No | Yes |
| Offset account-keeping fee | - | $5/month1 ($0 if packaged) |
| Package option | No | Yes |
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. 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 25/11/2021. Includes a 1.64% p.a. discount off our Flexi First Option Home Loan Variable Rate with Principal & Interest repayments for the life of the loan.
- For an investment property: Offer commences 25/11/2021. Includes a 1.89% p.a. discount off our Flexi First Option Investment Property Loan Variable Rate with Principal & Interest repayments 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. 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 28/09/2021. Includes a 1.65% p.a. discount off our Flexi First Option Investment Property Loan Variable Rate with Interest Only repayments for the life of loan.
1. Offset is only available with our Rocket Repay Home Loan. Monthly $5 offset Westpac Choice account-keeping fee waivers:
- The account’s linked to our packaged Rocket Repay Home Loan
- You deposit at least $2,000 each month
- You're under 21 years old, or a full-time tertiary student
- You have an Australian Pensioner Concession Card or Health Care Card
- You’re new to Australia, or an expatriate customer (for the first 12 months).
*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: Conditions, credit criteria, fees, charges, eligibility criteria and exclusions apply. Apply between 1st July 2021 to 30th November 2021 and settle by 28th February 2022 for refinance applications. Offer may be varied or withdrawn at any time. Min Loan amount $250k and LVR must be less than 90% (LMI may apply). 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 $3,000 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, Equity Access Loans, 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.