Thumbnail icon for Westpac

Westpac Flexi First Option Home Loan

Advertiser disclosure

The details shown below are for an owner occupier taking out a principal & interest loan of at least $25,000 with an LVR below 95%

The details shown below are for an owner occupier taking out a principal & interest loan of at least $25,000 with an LVR below 70%

The details shown below are for an owner occupier taking out a principal & interest loan of at least $25,000 with an LVR below 95%

The details shown below are for an owner occupier taking out a principal & interest loan of at least $25,000 with an LVR below 70%

The details shown below are for an owner occupier taking out a interest only loan of at least $25,000 with an LVR below 80%

The details shown below are for an owner occupier taking out a principal & interest loan of at least $25,000 with an LVR below 95%

The details shown below are for an owner occupier taking out a interest only loan of at least $25,000 with an LVR below 70%

Choose the version of this loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR 70%-95%

    Loan: $25,000

  • Owner Occupier (Principal & Interest)

    LVR < 70%

    Loan: $25,000

  • Owner Occupier (Principal & Interest)

    LVR 70%-95%

    Loan: $25,000

  • Owner Occupier (Principal & Interest)

    LVR < 70%

    Loan: $25,000

  • Owner Occupier (Interest Only)

    LVR 70%-80%

    Loan: $25,000

  • Owner Occupier (Principal & Interest)

    LVR < 95%

    Loan: $25,000

  • Owner Occupier (Interest Only)

    LVR < 70%

    Loan: $25,000

Rate
2.29% p.a.variable for 24 months and then 2.79% p.a.
Comparison Rate
2.72% p.a.
Service fee
$0.00
Upfront fee
$0
Rate
2.19% p.a.variable for 24 months and then 2.69% p.a.
Comparison Rate
2.62% p.a.
Service fee
$0.00
Upfront fee
$0
Rate
2.79% p.a.
Comparison Rate
2.80% p.a.
Service fee
$0.00
Upfront fee
$0
Rate
2.69% p.a.
Comparison Rate
2.70% p.a.
Service fee
$0.00
Upfront fee
$0
Rate
3.99% p.a.
Comparison Rate
4.04% p.a.
Service fee
$0.00
Upfront fee
$600
Rate
3.93% p.a.
Comparison Rate
3.98% p.a.
Service fee
$0.00
Upfront fee
$600
Rate
3.89% p.a.
Comparison Rate
3.94% p.a.
Service fee
$0.00
Upfront fee
$600

Mozo editorial review Westpac Flexi First Option Home Loan

Last updated: 18 September 2020.

binocular icon
What's hot
  • Discounted 2.29% variable interest rate for 2 years
  • No loan maintenance fees
What's not
  • No offset but does allow extra repayments
Mozo snapshot

If you're looking for a home loan from one of the Big 4 Banks it's hard to look past some of the features offered by the Westpac Flexi First Option Home Loan. First up there is the discounted 2.29% variable rate for the first 2 years, saving you 0.50% p.a. on the standard loan interest rate, no loan maintenance fees and for a limited time the $600 loan establishment fee is also being waived. 

key icon
Key features

Westpac is running an introductory discounted offer which gives you a 0.50% discount off the ongoing rate, so you only pay 2.29% variable, then 2.79% after 2 years. You won't have to pay an establishment fee and there are no ongoing loan maintenance fees to pay.

You can borrow up to 95% of the property value with the Westpac Flexi First Option Home Loan, though loans over 80% LVR will require you to pay lenders mortgage insurance. 

As the name suggests, the Flexi First Option is about giving you flexibility. You can set up repayments to suit your pay cycle with weekly, fortnightly and monthly options available. You can make extra repayments on the loan at any time and there is a redraw facility but each time you withdraw you will be charged a $25 redraw fee.

What's great about this loan is that you only pay for the things you use. So, if you want to set up a repayment holiday (as long as you're ahead on your repayments) or you need to take time off for family reasons you can opt to reduce your repayments by 50% for 6 months. To do this, you'll need to pay the $95 activation fee. 


snapshot
Who is it good for

Borrowers who are looking for a basic home loan now but want to have the flexibility to add features if their circumstances change.

snapshot
Any catches

If you decide to move homes, the Flexi First Option Home Loan is portable but its not a free feature - there is a $350 fee to pay. The good news is that it means you won't have to pay new loan establishment fees which can often be much more expensive.

Details

Rates and fees information correct as at 28 October 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 2.79% p.a.

  • 2.29% p.a.

  • 24 Months

  • Variable

  • 2.72% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • $350.00

Other financial bits
  • $25,000

  • none

  • 70.00%

  • 95.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • yes

  • yes - free

  • none

  • yes

  • no

  • none

  • none

  • Receive $2,000 cashback per property plus $1,000 for the first application when you refinance a property of at least $250,000 and an LVR <80% with a Flexi First Option loan or a Premier Advantage Package (excludes refinances from Westpac Group).

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.

Details

Rates and fees information correct as at 28 October 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 2.69% p.a.

  • 2.19% p.a.

  • 24 Months

  • Variable

  • 2.62% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • $350.00

Other financial bits
  • $25,000

  • none

  • none

  • 70.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • yes

  • yes - free

  • none

  • yes

  • no

  • none

  • none

  • Receive $2,000 cashback per property plus $1,000 for the first application when you refinance a property of at least $250,000 and an LVR <80% with a Flexi First Option loan or a Premier Advantage Package (excludes refinances from Westpac Group).

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.

Details

Rates and fees information correct as at 28 October 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 2.79% p.a.

  • n/a

  • n/a

  • n/a

  • 2.80% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • $350.00

Other financial bits
  • $25,000

  • none

  • 70.00%

  • 95.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • yes

  • yes - free

  • none

  • yes

  • no

  • none

  • none

  • Receive $2,000 cashback per property plus $1,000 for the first application when you refinance a property of at least $250,000 and an LVR <80% with a Flexi First Option loan or a Premier Advantage Package (excludes refinances from Westpac Group).

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.

Details

Rates and fees information correct as at 28 October 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 2.69% p.a.

  • n/a

  • n/a

  • n/a

  • 2.70% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • $350.00

Other financial bits
  • $25,000

  • none

  • none

  • 70.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • yes

  • yes - free

  • none

  • yes

  • no

  • none

  • none

  • Receive $2,000 cashback per property plus $1,000 for the first application when you refinance a property of at least $250,000 and an LVR <80% with a Flexi First Option loan or a Premier Advantage Package (excludes refinances from Westpac Group).

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.

Details

Rates and fees information correct as at 28 October 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 3.99% p.a.

  • n/a

  • n/a

  • n/a

  • 4.04% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $600.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • $350.00

Other financial bits
  • $25,000

  • none

  • 70.00%

  • 80.00%

Features
  • Owner Occupier

  • Interest Only

  • Monthly

  • yes - free

  • yes

  • yes - free

  • none

  • yes

  • no

  • none

  • none

  • none

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.

Details

Rates and fees information correct as at 28 October 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 3.93% p.a.

  • n/a

  • n/a

  • n/a

  • 3.98% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $600.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • $350.00

Other financial bits
  • $25,000

  • none

  • none

  • 95.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • yes

  • yes - free

  • none

  • yes

  • no

  • none

  • none

  • Receive $2,000 cashback per property plus $1,000 for the first application when you refinance a property of at least $250,000 and an LVR <80% with a Flexi First Option loan or a Premier Advantage Package (excludes refinances from Westpac Group).

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.

Details

Rates and fees information correct as at 28 October 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 3.89% p.a.

  • n/a

  • n/a

  • n/a

  • 3.94% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $600.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • $350.00

Other financial bits
  • $25,000

  • none

  • none

  • 70.00%

Features
  • Owner Occupier

  • Interest Only

  • Monthly

  • yes - free

  • yes

  • yes - free

  • none

  • yes

  • no

  • none

  • none

  • none

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.

Customer Reviews

How are Westpac home loans rated by the Mozo community?

Overall
6.7/10
Price
6.2/10
Features
6.4/10
Customer service
6.9/10
Convenience
7.6/10
Trust
6.6/10

Latest reviews of Westpac Flexi First Option Home Loan

  • Overall 9/10
    Low fee, no fuss loan. Great Customer Service.

    Our local branch staff were utterly incredible, keeping me in the loop every step of the way. The loan was processed in a timely fashion. Their head office processing centre mucked them around twice, which was annoying. The way the girls handled the issues was exemplary. Post loan follow up was incredible too. I really felt like I was more than just a number.

    Read full review

    Our local branch staff were utterly incredible, keeping me in the loop every step of the way. The loan was processed in a timely fashion. Their head office processing centre mucked them around twice, which was annoying. The way the girls handled the issues was exemplary. Post loan follow up was incredible too. I really felt like I was more than just a number.

    Price
    10/10
    Features
    5/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Karyn, South Australia reviewed 4 months ago
  • Overall 9/10
    Competitive rates, good service.

    I have found them to offer good suitable accounts that suit me and the staff are very helpful.

    Read full review

    I have found them to offer good suitable accounts that suit me and the staff are very helpful.

    Price
    7/10
    Features
    10/10
    Customer service
    8/10
    Convenience
    10/10
    Trust
    8/10
    Less
    Jeanette, Western Australia reviewed 5 months ago
  • Overall 10/10
    Good Home Loan Service

    Westpac have been very easy to deal with and the interest rates are good.

    Read full review

    Westpac have been very easy to deal with and the interest rates are good.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Rochelle, Western Australia reviewed 7 months ago
  • Overall 6/10
    Only do what they have t.

    They only get you a better deal when you ask.

    Read full review

    They only get you a better deal when you ask.

    Price
    5/10
    Features
    4/10
    Customer service
    6/10
    Convenience
    7/10
    Trust
    5/10
    Less
    Laurie, Western Australia reviewed 8 months ago
  • Overall 7/10
    Competitive home rates with personalised service

    I like this bank because they provide special customer service representatives who recommend the best bank product for you. We can go to the representative straight away with any financial changes. The down side is customer service representatives changes often that somewhat waters down the level of personalised services we suppose to get.

    Read full review

    I like this bank because they provide special customer service representatives who recommend the best bank product for you. We can go to the representative straight away with any financial changes. The down side is customer service representatives changes often that somewhat waters down the level of personalised services we suppose to get.

    Price
    6/10
    Features
    7/10
    Customer service
    8/10
    Convenience
    5/10
    Trust
    8/10
    Less
    Angela, Queensland reviewed over 2 years ago
Westpac

About Westpac

As Australia's first bank, Westpac has been serving customers since 1817. Westpac merged with St.George to create Australia's largest financial services company, and customers can enjoy from peace of mind from having the security offered by a major bank behind them. Check out Westpac's range of banking products such as savings accounts, home loans, personal loans, credit cards and other financial services such as its car and home and contents insurance.

See Westpac home loans

loans.com.au

loans.com.au

Smart Home Loan

2.48% p.a. variable

2.50% p.a.

HSBC

HSBC

Fixed Rate Home Loan

2.29% p.a.
fixed 3 years

2.95% p.a.

Athena

Athena

AcceleRATES Variable Home Loan

2.34% p.a. variable

2.34% p.a.

UBank

UBank

UHomeLoan - Discount Offer

2.49% p.a. variable

2.49% p.a.

Suncorp

Suncorp

Back to Basics

2.68% p.a. variable

2.69% p.a.

Bank of Queensland

Bank of Queensland

Economy

2.59% p.a. variable

2.76% p.a.

IMB Bank

IMB Bank

Budget Home Loan

2.61% p.a. variable

2.67% p.a.

AMP Bank

AMP Bank

Variable Rate Loan (Professional Package)

2.59% p.a. variable

3.00% p.a.

loans.com.au

loans.com.au

Smart Home Loan

2.48% p.a. variable

2.50% p.a.

HSBC

HSBC

Fixed Rate Home Loan

2.29% p.a.
fixed 3 years

2.95% p.a.

Athena

Athena

AcceleRATES Variable Home Loan

2.34% p.a. variable

2.34% p.a.

UBank

UBank

UHomeLoan - Discount Offer

2.49% p.a. variable

2.49% p.a.

Suncorp

Suncorp

Fixed Home Loan (Home Package Plus)

2.49% p.a.
fixed 3 years

3.28% p.a.

Bank of Queensland

Bank of Queensland

Economy

2.59% p.a. variable

2.76% p.a.

IMB Bank

IMB Bank

Budget Home Loan

2.61% p.a. variable

2.67% p.a.

AMP Bank

AMP Bank

Variable Rate Loan (Professional Package)

2.59% p.a. variable

3.00% p.a.

loans.com.au

loans.com.au

Smart Home Loan

2.48% p.a.

2.50% p.a.

HSBC

HSBC

Home Value Loan

2.59% p.a.

2.60% p.a.

Athena

Athena

AcceleRATES Variable Home Loan

2.34% p.a.

2.34% p.a.

UBank

UBank

UHomeLoan - Discount Offer

2.49% p.a.

2.49% p.a.

Suncorp

Suncorp

Back to Basics

2.68% p.a.

2.69% p.a.

Bank of Queensland

Bank of Queensland

Economy

2.59% p.a.

2.76% p.a.

IMB Bank

IMB Bank

Budget Home Loan

2.61% p.a.

2.67% p.a.

AMP Bank

AMP Bank

Variable Rate Loan (Professional Package)

2.59% p.a.

3.00% p.a.

loans.com.au

loans.com.au

Fixed Home Loan

n/a

n/a

HSBC

HSBC

Fixed Rate Home Loan

2.29% p.a.
fixed 3 years

2.95% p.a.

Homestar

Homestar

Star Classic Fixed Home Loan

2.06% p.a.
fixed 3 years

2.38% p.a.

UBank

UBank

UHomeLoan (1 Year Fixed)

n/a

n/a

Suncorp

Suncorp

Fixed Home Loan (Home Package Plus)

2.49% p.a.
fixed 3 years

3.28% p.a.

Bank of Queensland

Bank of Queensland

Fixed Rate

2.25% p.a.
fixed 3 years

3.41% p.a.

IMB Bank

IMB Bank

Fixed Home Loan

2.39% p.a.
fixed 3 years

3.08% p.a.

AMP Bank

AMP Bank

Fixed Rate Loan (Professional Package)

2.49% p.a.
fixed 3 years

3.07% p.a.

Yard

Yard

Variable Home Loan Special

2.19% p.a.

2.22% p.a.

$0.00

loans.com.au

loans.com.au

Smart Booster Discount Variable Home Loan

1.99% p.a.variable for 12 months and then 2.48% p.a.

2.47% p.a.

$0.00

Illawarra Credit Union

Illawarra Credit Union

The Works Home Loan

1.99% p.a.variable for 24 months and then 2.50% p.a.

2.93% p.a.

$395.00 yearly

loans.com.au

loans.com.au

Smart Booster Investor Bundle

1.99% p.a.variable for 12 months and then 2.74% p.a.

2.71% p.a.

$0.00

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.