Westpac joins digital home loan revolution with new option for refinancers

By Evlin DuBose · · 2 min read
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Digital home loans are all the rage. After the success of CommBank’s new digital home loan, Unloan, another Big Four bank has waded into the space. 

This week, Westpac announced a new digital mortgage option for select customers refinancing to its Flexi First Option home loan. With a streamlined process and advanced AI-driven features, Westpac claims eligible customers could get unconditional approval within 10 minutes.

For customers hoping for the convenience of an online loan with the power of a big bank, this could prove to be a compelling new option.

What is Westpac’s new digital home loan?

Collage of people trapped in mobile phone reading out to each other, like someone refinancing their digital home loan.

Rather than creating a new product from scratch, Westpac will be launching a digital version of their variable rate Flexi First Option for owner-occupiers looking to refinance with at least 20% equity and a PAYG income. 

Even better? The Flexi First Option won a 2022 Mozo Experts Choice Home Loan Award in the First Home Buyer category, making it already one of the best home loans on the market. 

By drawing upon modern technologies like third-party data and advanced analytics, Westpac will expedite processes like credit checks, verifications, and even property valuations, which can sometimes prove to be the most time-intensive steps of applying for a home loan.

“Our customers have told us they want an easier way to refinance their home loan and more certainty about the outcome of their application,” says Westpac consumer & business banking chief executive, Chris de Bruin.

“While we are speeding up the home loan process, we are still performing the right checks and balances to ensure we are lending responsibly. Customers who do not meet the criteria for a digital loan or have more complex needs will have their applications assessed by a lender.”

De Bruin was also optimistic that by simplifying mortgage processes for one loan, they can speed up approval times for the rest of Westpac’s home loans.

RELATED: Westpac wins award for Australia’s Best Major Bank for third year in a row

The loan is set to go live from late 2022 before expanding to more customers in 2023. From a big bank known for making recent headlines with rate hikes, this new move may remind customers why Westpac is one of the best around.

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Last updated 5 December 2025 Important disclosures and comparison rate warning*
What are your home loan needs?
Loan purpose
Buying or Refinancing
  • Promoted

    Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.10 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • The first home loan with an automatic loyalty discount (conditions apply)
    • No application or banking fees
    • Built by CommBank

  • First Home Buyer Loan

    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • For first home buyers
    • Offset available
    • Redraw available
    Interest rate
    4.99 % p.a.
    Variable
    Comparison rate
    5.04 % p.a.
    Initial monthly repayment
    $2,681
    Go to site
    • Competitive interest rate – 4.99% p.a. (comparison rate* 5.04% p.a.)
    • Offset account to reduce interest and save on repayments
    • No establishment or monthly fees, plus valuation fees waived up to $1,000 (limited time)

  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    Interest rate
    5.09 % p.a.
    Fixed 2 years
    Comparison rate
    5.43 % p.a.
    Initial monthly repayment
    $2,712
    Go to site
    • No ongoing annual fees
    • Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
    • Lock in for up to 5 years.

  • Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.10 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • The first home loan with an automatic loyalty discount (conditions apply)
    • No application or banking fees
    • Built by CommBank

  • Discount Great Rate Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.20 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • Get up to $3,000 cashback when you apply online (T&Cs apply)
    • No paperwork or payslips required (see site for details)
    • Low variable rate

  • Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.29 % p.a.
    Variable
    Comparison rate
    5.33 % p.a.
    Initial monthly repayment
    $2,773
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.

  • Offset Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.39 % p.a.
    Variable
    Comparison rate
    5.42 % p.a.
    Initial monthly repayment
    $2,805
    Go to site
    • No ongoing monthly loan maintenance fees to pay.
    • Pre-approval valid for 3 months
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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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