Westpac joins digital home loan revolution with new option for refinancers

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?

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.
Browse and compare online home loans.
Compare online home loan options - last updated 14 August 2022
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Unloan Variable
Owner Occupier, Refinance Only
interest rate
comparison rate
Initial monthly repayment3.14% p.a. variable3.06% p.a.For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.
CompareCompareUnloan Variable
For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.
- interest rate
- 3.14% p.a. variable
- comparison rate
- 3.06% p.a.
- interest rate
- 3.14% p.a. variable
- comparison rate
- 3.06% p.a.
- Upfront fees
- $0
- Ongoing fees
- -
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $10,000
- maximum borrowing amount
- $3,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
Read our Mozo Review to learn more about the Unloan Variable
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Featured Product
Neat Home Loan
Owner Occupier, Principal & Interest, LVR <60%
interest rate
comparison rate
Initial monthly repayment3.64% p.a. variable3.66% p.a.Low variable rate No annual fees to pay. Unlimited additional repayments. Free redraw facility available. Fast digital application. 40% deposit required. Winner of Mozo Experts Choice Australia's Best Essential Bank 2022^.
CompareCompareNeat Home Loan
Low variable rate No annual fees to pay. Unlimited additional repayments. Free redraw facility available. Fast digital application. 40% deposit required. Winner of Mozo Experts Choice Australia's Best Essential Bank 2022^.
- interest rate
- 3.64% p.a. variable
- comparison rate
- 3.66% p.a.
- interest rate
- 3.64% p.a. variable
- comparison rate
- 3.66% p.a.
- Upfront fees
- $250
- Ongoing fees
- $0.00
- Discharge Fee
- $300.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 60.00%
- minimum borrowing amount
- $80,000
- maximum borrowing amount
- $5,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
Read our Mozo Review to learn more about the Neat Home Loan
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PAYG Home Loan
Owner Occupier, Principal & Interest, LVR<80%
interest rate
comparison rate
Initial monthly repayment3.29% p.a. variable3.33% p.a.Low variable rate. Ideal for new home buyers or refinancers. Unlimited additional repayments. Unlimited free redraw. Application completely online. Optional 100% offset can be added for $120 p.a.. 20% deposit required.
CompareComparePAYG Home Loan
Low variable rate. Ideal for new home buyers or refinancers. Unlimited additional repayments. Unlimited free redraw. Application completely online. Optional 100% offset can be added for $120 p.a.. 20% deposit required.
- interest rate
- 3.29% p.a. variable
- comparison rate
- 3.33% p.a.
- interest rate
- 3.29% p.a. variable
- comparison rate
- 3.33% p.a.
- Upfront fees
- $840
- Ongoing fees
- $0.00
- Discharge Fee
- $500.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- Optional - $10 per month
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $250,000
- maximum borrowing amount
- $3,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
Read our Mozo Review to learn more about the PAYG Home Loan
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Smart Booster Home Loan
2 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR
interest rate
comparison rate
Initial monthly repayment3.60% p.a.variable for 24 months and then 4.00% p.a. variable3.96% p.a.Already includes July RBA rate increase. New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.
CompareCompareSmart Booster Home Loan
Already includes July RBA rate increase. New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.
- interest rate
- 3.60% p.a.variable for 24 months and then 4.00% p.a. variable
- comparison rate
- 3.96% p.a.
- interest rate
- 3.60% p.a.variable for 24 months and then 4.00% p.a. variable
- comparison rate
- 3.96% p.a.
- Upfront fees
- $520
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- Optional - with 0.10% additional interest
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $50,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
Read our Mozo Review to learn more about the Smart Booster Home Loan
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Celebrate Variable Home Loan
<60% LVR, Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment3.79% p.a. variable3.79% p.a.Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required.
CompareCompareCelebrate Variable Home Loan
Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required.
- interest rate
- 3.79% p.a. variable
- comparison rate
- 3.79% p.a.
- interest rate
- 3.79% p.a. variable
- comparison rate
- 3.79% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- yes
- Maximum loan to value ratio
- 60.00%
- minimum borrowing amount
- $100,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
Read our Mozo Review to learn more about the Celebrate Variable Home Loan
* 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, loan amount and term entered. 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.
^See information about the Mozo Experts Choice Home Loan Awards
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