Flexi First: Our lowest online variable home loan rate
Value starts with a discounted basic variable home loan rate. Eligibility, T&Cs apply.
Online Offer: our lowest online variable rate
Flexi First Option home loan, on P&I repayments:
- Rates include: Online Offer life-of-loan 2.09% p.a. discount on a Flexi First home loan on P&I repayments (Owner Occupier) or 2.49% p.a. discount (Investor); and 0.10% p.a. discount for LVR+ up to 70%.
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.
To qualify for this online offer, you must:
- Apply online, and select a Flexi First Option Owner Occupier or Investment loan with P&I and IO repayments.
- Have an LVR 80% or less (LVR up to 70% includes a 0.10% p.a. rate discount)
- Excludes internal refinances within the Westpac Group.
Explore online rate with less deposit
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 Offer may be varied or withdrawn at any time.
| 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.) | |
| Construction option | Yes | |
| Reduced Repayments | Up to 50% for up to 12 months (subject to approval) |
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^ |
5.69% p.a. | 5.70% p.a. |
Online Offer^ |
5.24% p.a. | 5.25% p.a. |
Discounted rate includes a 1.64% p.a. discount for the life of the loan. Excludes product switches.
Online Offer includes a 2.09% p.a. discount for the life of the loan. Excludes internal refinances within the Westpac Group.
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^ |
7.39% p.a. | 6.71% p.a. |
Online Offer^ |
5.93% p.a. | 5.53% p.a. |
Discounted rate includes a 0.53% p.a. discount for the life of the loan. Excludes product switches.
Online Offer includes a 1.99% p.a. discount for the life of the loan. Excludes internal 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 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^ |
5.99% p.a. | 6.00% p.a. |
Online Offer^ |
5.39% p.a. | 5.40% p.a. |
Discounted rate includes a 1.89% p.a. discount for the life of the loan. Excludes product switches.
Online Offer includes a 2.49% p.a. discount for the life of the loan. Excludes internal refinances within the Westpac Group.
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^ |
6.49% p.a. | 6.49% p.a. |
Online Offer^ |
5.64% p.a. |
5.56% p.a. |
Discounted rate includes a 1.65% p.a. discount for the life of the loan. Excludes product switches.
Online Offer includes a 2.50% p.a. discount for the life of the loan. Excludes internal 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 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.
Why choose our Flexi First Option home loan
Light on fees
A basic variable loan, with no establishment or ongoing monthly fees and a sweet interest rate.
Repay faster & save
Pay off your home sooner by making unlimited extra repayments
Unlimited redraw
You can redraw your extra repayments if you need to.
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
Basic home loan fees
| Fee | Cost |
|---|---|
| Lending establishment fee | $0 |
| Loan account fee | $0 |
What’s better, a fixed or variable rate home loan?
The best rate will depend on your circumstances and what you want out of your loan. A fixed loan’s designed to give people more certainty, while a variable loan’s 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. Or we can help you choose right now.
Here’s how our 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 basic variable rate | Variable rate package discount# ($395 annual package fee applies) of 2.34% p.a. on loans over $150k |
| Interest rate offer - investor | Our basic variable rate | Variable rate package discount# ($395 annual package fee applies) of 2.69% p.a. on loans over $150k |
| Loan account fee | $8 per month ($0 if packaged#, $395 annual package fee applies) | |
| Lending establishment fee | $0 | $600 ($0 if packaged#, $395 annual package fee applies) |
| Redraw fee | $0 | $0 |
| Extra repayments | Unlimited | Unlimited |
| Redraws | Unlimited | Unlimited |
| 100% offset option | No | Yes |
| Package option | No | Yes |
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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 personal objectives, circumstances and needs into account. You should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.
Taxation considerations contained in this article (on this page) are general in nature. They do not take into account your personal circumstances and they should not be interpreted or used as tax advice or a tax guide. You should seek independent tax advice to determine the appropriate tax consequences relevant to your circumstances before making any 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 Offer. Only available for online applications for new Flexi First Option Owner Occupier and Investment loans with Principal & Interest and Interest Only repayments. Rate includes a special life-of-loan discount with a loan-to-value ratio up to 80%. Excludes company and trust borrowers, bridging loans, construction loans and internal refinances within the Westpac Group.
#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 293KB)
*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.