Flexi First Option Home Loan
Easy access to any extra repayments you’ve made with a handy redraw facility
When you set up a redraw facility you’ll be able to get same-day access to any extra repayments you’ve made to your home loan.
- $25 each
Increase your home loan
You can apply to increase your home loan using our top up / loan increase feature. This lets you extend the credit limit on your existing loan.
- $350 per top up / loan increase
Let your home loan move with you to your new home
If you’re moving house you can avoid the establishment and other fees of setting up a new loan by taking your current home loan with you and keeping the same account number (security criteria apply). That’s real portability.
- $350 per move
You can take a repayment holiday when you’ve made extra repayments
If you’ve made extra repayments, you can take a partial or full break from making repayments (conditions apply).
- Fee free
If you’re having a child you can apply to reduce your repayments by up to 50% for up to 6 months
Flexi First Option Home Loan’s parental leave feature means you could reduce your repayments by up to 50% for up to 6 months while you are on maternity/paternity leave. This feature is available after you’ve had your loan for 18 months. Conditions apply.
- $95 to activate
Reduce your repayments by up to 50% for up to 6 months
There are a number of reasons why you might want to reduce your repayments at some stage. You might be taking an extended holiday, taking a career break or planning major renovations.
This feature is available after you’ve had the loan for 12 months and is available twice during the life of the loan. Reduced repayments are subject to repayment history criteria and other conditions. At the end of the reduced repayment period your repayments will be adjusted so the loan is repaid within its approved term.
- $95 to activate
When building a home you can make progress draws on your loan to pay builders and other contractors
Being able to progressively draw down funds means you’re able to minimise interest costs, by only accessing funds when you need them (drawings must be completed within 12 months).
- $95 per draw
Limited time offer: Take up our Flexi First Option Home Loan and we'll waive the establishment fee - saving you $600.
All fees shown apply to Flexi First Option Home Loans and low doc loans unless otherwise included.
|Fee||Flexi First Option Home Loan|
|Loan establishment fee||$600 (one upfront fee)|
|Monthly loan maintenance fee||$0|
|Redraw fee||$25 each|
|Top up / Loan increase fee||$350 each|
(Taking your home loan with you)
|$350 per move|
|Repayment holiday fee||$0|
|Parental leave fee||$95 to activate|
|Reduced repayments fee||$95 to activate|
|Progress draw set up fee||$95 per draw|
Below is the Flexi First Option home loan interest rate with principal and interest repayments plus the special limited time offer.
We've removed the 'Home Loan Establishment Fee' on new Flexi First Option Home and Investment Loans - SAVING you $600. Plus you can also opt for our special offer below.
|Special offer||Variable interest rate2||Comparison rate1|
Limited Time Special offer2
Flexi First Option Home Loan variable rate includes a 0.65% p.a. discount applied for the first 3 years on new Owner Occupier loans with principal and interest repayments. For a limited time only
|3.99% p.a.||4.37% p.a|
Flexi First Option Home Loan with principal and interest repayments
|Loan||Variable interest rate||Comparison rate2|
|Flexi First Option Home Loan||4.64% p.a.||4.69% p.a.|
Ways to pay off your home loan sooner
Save a little more before you buy
If you've started 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.
Use a home loan offset account
A Westpac offset account allows you to offset the balance of your eligible transaction account against the balance of your Rocket Repay Home Loan. This means you only have to pay interest on the difference between these account balances, which could save you thousands on interest payments and cut years off the life of your home loan. Our Rocket Repay Home Loan provides you with a 100% offset transaction account linked to your home loan. Every dollar you have in your transaction account saves you interest. To see how you could save with an offset account use our Westpac Home Loan Offset Calculator
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.
All our home and investment property loan applications are completed with the help of one of our home loan experts, either over the phone or at a branch. Our expert will first listen and discuss your individual needs, then give you the information that will help you choose the right home loan for you.
To get started you can:
- Fill out an enquiry form and a home loan expert will call you back
- Call 1300 650 105 and talk to a home loan expert (8am-8pm, 7 days a week)
- Pop into your local branch and have a chat.
Our home loan experts can give you the information you need to help decide which loan is best for you. They can also help you with your application.
What you’ll need to kick start your application
We’ve put together this checklist of what you’re likely to need when you apply. Having this information ready before you start could help speed up the process.
- Details of monthly expenses (including loans and credit card debts)
- Lists of assets (what you own) and liabilities (what you owe)
- Income confirmation (including trusts and investments)
- Superannuation balances
- Proof of savings (statements)
- Property contract of sale (if you’ve chosen a property you’d like to purchase and if available)
If you’re a PAYG employee:
- Your 2 most recent payslips
- Your most recent payment summary or tax return.
If you’re self-employed:
- Your business/company tax returns for the last 2 years
- Your personal tax returns and assessment notices for the last 2 years.
If you’re refinancing:
- Loan statements for the last 6 months
- Property details
If you’re building a home:
- Plans, specifications, council approval and builders contract
- Owner Builder Independent Adviser’s Report (if you’re the builder).
Things you should know
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.
1. Comparison Rate
This comparison rate is based on a secured loan of $150,000 over the term of 25 years. WARNING: The comparison rate applies only to the examples given. Different amounts and terms will result in different Comparison Rates. Costs such as redraw or early repayment fees, and cost savings such as fee waivers, aren't included in the calculation of the comparison rate but may influence the cost of the loan.
2. Limited Time Special Offer
Credit criteria, fees, charges apply. Terms and conditions available on request. Based on Westpac's credit criteria, residential lending is not available for Non-Australian Resident borrowers. Offer commences 14th November 2016. Offer is only available for a limited time and may be withdrawn at any time. This special offer is only available on new Flexi First Option Home Loans with principal and interest repayments. Discounts do not apply to internal switches. Offer cannot be taken in conjunction with, or in addition to other special offers, negotiated rates or discounts. Not available to company and trust account holders.
Includes a 0.65% p.a. discount off our Flexi First Option Home Loan Variable Rate for three years from loan settlement date reverting to a 0.15% p.a. discount off the then applicable variable Flexi First Option Home Loan interest rate for the remaining loan term. Interest rates are subject to change.