Westpac home loans

3.4
Based on 3,379 Westpac home loan product reviews.
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Last updated

About Westpac home loans


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Westpac Flexi First Option Home Loan (Special Offer) review

Flexi First Option Home Loan Special Offer

  • Principal & Interest
  • 70-80% LVR
Interest rate
6.54 % p.a.
Variable for 24 months and then 6.94% p.a.
Comparison rate
6.86 % p.a.
No Partner link
  • 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.

Our verdict

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. 

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 426 home loans using the filters.
Last updated 11 December 2024 Important disclosures and comparison rate warning*
What are your home loan needs?

Your loan-to-value ratio (LVR): 50%

Loan amount and LVR will affect interest rates.

  • Fixed Options Home Loan LVR

    • Principal & Interest
    • LVR <70%
    Interest rate
    5.89 % p.a.
    Fixed 2 years
    Comparison rate
    7.46 % p.a.
    Initial monthly repayment
    $2,962
    No Partner link

  • Fixed Rate Investment Loan

    • Principal & Interest
    • LVR <70%
    Interest rate
    6.09 % p.a.
    Fixed 2 years
    Comparison rate
    7.93 % p.a.
    Initial monthly repayment
    $3,027
    No Partner link

  • Fixed Options Home Loan LVR

    • Principal & Interest
    • LVR <70%
    Interest rate
    6.19 % p.a.
    Fixed 2 years
    Comparison rate
    8.32 % p.a.
    Initial monthly repayment
    $3,059
    No Partner link

  • Fixed Rate Investment Loan LVR

    • Principal & Interest
    • LVR <70%
    Interest rate
    6.39 % p.a.
    Fixed 2 years
    Comparison rate
    8.78 % p.a.
    Initial monthly repayment
    $3,124
    No Partner link

  • Flexi First Option Home Loan Special Offer

    • Principal & Interest
    • LVR <70%
    Interest rate
    6.44 % p.a.
    Variable for 24 months and then 6.84% p.a.
    Comparison rate
    6.76 % p.a.
    Initial monthly repayment
    $3,267
    No Partner link

  • Flexi First Option Investment Loan Special Offer

    • Principal & Interest
    • LVR <70%
    Interest rate
    6.74 % p.a.
    Variable for 24 months and then 7.04% p.a.
    Comparison rate
    6.98 % p.a.
    Initial monthly repayment
    $3,336
    No Partner link

  • Rocket Repay Home Loan

    • Principal & Interest
    • LVR <70%
    Interest rate
    7.44 % p.a.
    Variable
    Comparison rate
    7.78 % p.a.
    Initial monthly repayment
    $3,476
    No Partner link

  • Rocket Investment Loan

    • Principal & Interest
    • LVR <70%
    Interest rate
    7.99 % p.a.
    Variable
    Comparison rate
    8.32 % p.a.
    Initial monthly repayment
    $3,665
    No Partner link

  • Flexi First Option Home Loan LVR <70%

    • Principal & Interest
    Interest rate
    8.08 % p.a.
    Variable
    Comparison rate
    8.13 % p.a.
    Initial monthly repayment
    $3,697
    No Partner link

  • Rocket Repay Home Loan LVR

    • Principal & Interest
    • LVR <70%
    Interest rate
    8.73 % p.a.
    Variable
    Comparison rate
    8.86 % p.a.
    Initial monthly repayment
    $3,926
    No Partner link

  • Rocket Investment Loan LVR

    • Principal & Interest
    • LVR <70%
    Interest rate
    9.28 % p.a.
    Variable
    Comparison rate
    9.36 % p.a.
    Initial monthly repayment
    $4,124
    No Partner link

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Westpac home loan ratings

Overall customer rating for Westpac home loans

3.4
Based on 3,379 product reviews.

Customer reviews

Important disclosures

Westpac products

FAQs about Westpac home loans

How long does home loan approval take with Westpac?

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. 

Does Westpac do home loan pre-approval?

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. 

Can I pause my home loan with Westpac?

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: 

  • Being on a Westpac variable interest rate home loan (i.e. Flexi First Option Home Loan) 
  • Making principal and interest repayments. 

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. 

Does Westpac have an offset account?

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. 

Home loan quick links


* 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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