Your selected home loans
Discounted interest rate for the first 2 years (T&Cs apply)
No upfront or ongoing fees
Free redraw facility.
No offset account available
Discounted introductory rate is only available for new lending (i.e. no refinancers)
There is a $350 discharge fee, although this is relatively low according to Mozo’s database.
No upfront or ongoing fees, a free redraw facility, and a discounted interest rate. This isn’t your typical Big Four home loan.
The introductory variable rate on Westpac’s Flexi First Option Home Loan is a cool 6.54% p.a. (6.86% p.a. comparison rate*), for the first 24 months – usually 8.18% p.a. (8.18% p.a. comparison rate*).
After the two-year intro period, you’ll be moved onto a permanently discounted (by -1.24%) variable rate of 6.94% p.a. (6.86% p.a. comparison rate*) for the rest of your loan term (T&Cs apply). Unfortunately, the discount is only for borrowers taking out a new home loan and won’t be made available for refinancers.
Westpac’s Flexi First Option has no application, valuation, legal, or settlement fees, and does not charge an ongoing fee. The only fee you’ll have to think about is a $350 discharge fee when you pay off or refinance your mortgage with a new lender. This is relatively low compared to a lot of the home loans Mozo tracks, however.
Your selected home loans
These people are merciless. They have no care of concern for their customers. They also have no interest in helping or negotiating with you if you have less than a 1 million dollar loan with them. With a mortgage of $475K, I was told that I was an "easy loss" for the bank.
Slow reaction to illegal payments from your account. In one instance disregarded an illegal payment from my account after being notified.
Fair but no fuss home loan provider
The amount of times we had to verify another signature even though my partner and I signed infront of a bank clerk was quite alot of times. Also the set up on the app is nice and very easy to access, that being said there is still a bit of work to be done to improve of features to keep it modern and current.
I have had one the customer service/lending people contact me asking me to come in to the branch to see if the variable rate could be reviewed in order to be decreased! Wow!
Reliable bank with competitive rates. Great awareness on scam protection and secure online activity.
Westpac is like all the banks there in it for profit And don’t forget it your getting a good deal make sure you keep looking at your statments
I just needed a home loan at the time and they were the Only ones that would do it
I'm very happy with my banking needs with Westpac they give me flexibility with my payments and are always understanding with my needs.
Easy to sign up but they have no intention on initiative to tell you when interest rates go up.
Westpac says customers could get conditional approval – importantly, not a guaranteed approval – in as little as one business day. However, unconditional home loan approval usually takes between four to six weeks for most lenders. So, it’s important to budget your time accordingly, even with a Big Four bank like Westpac.
Westpac offers 90-day pre-approval to help you work out how much you might be able to borrow from them. It’s also free to get pre-approved through Westpac, which is a bonus.
If you’re facing financial hardship, you may be eligible to pause the repayments on your Westpac home loan. However, this feature is only really available to those who have made additional repayments and are ahead of schedule on their loans. How long you can pause your repayments for is dependent on how much extra you’ve contributed to your home loan already.
Other eligibility requirements include:
If you pause your Westpac home loan, interest will continue to accrue. When you take your loan off pause, you’ll notice your repayments have increased to account for the extra interest and to ensure you pay off your loan by the end of the agreed-upon term.
Westpac only offers offset accounts on its variable rate Rocket Repay home loan for borrowers on principal and interest repayments.
Using an offset account is free if you pay the annual fee for the Rocket Repay Package, but those who get the non-packaged version will pay a monthly fee to make use of it.
* 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.
^See information about the Mozo Experts Choice Home Loan Awards
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