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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
2.09% p.a.variable for 24 months and then 2.59% p.a.
Comparison Rate
2.52% p.a.
Service fee
$0.00
Upfront fee
$0
Rate
1.99% p.a.variable for 24 months and then 2.49% p.a.
Comparison Rate
2.42% p.a.
Service fee
$0.00
Upfront fee
$0
Rate
2.59% p.a.
Comparison Rate
2.60% p.a.
Service fee
$0.00
Upfront fee
$0
Rate
2.49% p.a.
Comparison Rate
2.50% p.a.
Service fee
$0.00
Upfront fee
$0
Rate
3.99% p.a.
Comparison Rate
4.00% p.a.
Service fee
$0.00
Upfront fee
$0
Rate
3.93% p.a.
Comparison Rate
3.94% p.a.
Service fee
$0.00
Upfront fee
$0
Rate
3.89% p.a.
Comparison Rate
3.90% p.a.
Service fee
$0.00
Upfront fee
$0

Mozo editorial review Westpac Flexi First Option Home Loan - last updated: 24 August 2021

binocular icon
What's hot
  • Discounted 2.09% variable interest rate for 2 years (2.52% comparison rate*)
  • Zero ongoing service fee
  • Extra repayments, redraws and repayment holidays available
  • 2021 Mozo Experts Choice Award winner
What's not
  • No offset account
Mozo snapshot

If you're an owner occupier looking for a home loan with a major bank, it's hard to look past some of the features available with the Flexi First Option Home Loan from Westpac. First up there's the discounted 2.29% variable rate for the first 2 years which will save you 0.50% p.a. on the standard interest rate, plus there are no loan ongoing fees and a number of useful features. This home loan also picked up a 2021 Mozo Experts Choice Award for Best First Home Buyer Loan. 

key icon
Key features

Westpac is running a discounted introductory offer which gives owner occupier borrowers a 0.50% discount off the normal variable rate. That means, depending on your deposit, you'll be able to snag a variable rate as low as:

  • 1.99% for 24 months, then 2.49% (2.42% comparison rate*) afterwards for borrowers with a loan-to-value ratio (LVR) below 70%

  • 2.09% for 24 months, then 2.59% (2.52% comparison rate*) afterwards for borrowers with a loan-to-value ratio (LVR) between 70% and 95%

Just bear in mind that while you will be able to borrow up to 95% of the property value with the Westpac Flexi First Option Home Loan, borrowers with an LVR over 80% may be required to take out lenders mortgage insurance

As the name suggests, the Flexi First Option is also about giving borrowers a bit of extra flexibility. You'll be able to make repayments on a schedule which suits your pay cycle (with weekly, fortnightly and monthly options available), plus you can make extra repayments at any time and there's a redraw facility at hand should you need to dip into them.

And while there's no one-off service fee, or any ongoing fees to worry about, borrowers will want to remember that there's a $350 discharge fee on the loan.


snapshot
Who is it good for

The Flexi First Option Home Loan could be a good match for owner occupier borrowers who are looking for a basic home loan from a major bank which has a number of flexible features available.

question icon
Any catches

Just remember that the introductory rate will revert after 2 years, so after that period it may be worth comparing your rate to make sure it stacks up agains tother variable home loan offers. 

Details

Rates and fees information correct as at 22 October 2021. 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

2.59% p.a.

2.09% p.a.

24 Months

Variable

2.52% 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 $3,000 refinance cashback, min $250k loan and LVR <90% with a Flexi First Option loan or a Premier Advantage Package (excludes refinances from Westpac Group), apply by 30 November 2021 and settle by 28 February 2022.

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 22 October 2021. 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

2.49% p.a.

1.99% p.a.

24 Months

Variable

2.42% 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 $3,000 refinance cashback, min $250k loan and LVR <90% with a Flexi First Option loan or a Premier Advantage Package (excludes refinances from Westpac Group), apply by 30 November 2021 and settle by 28 February 2022.

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 22 October 2021. 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

2.59% p.a.

n/a

n/a

n/a

2.60% 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 $3,000 refinance cashback, min $250k loan and LVR <90% with a Flexi First Option loan or a Premier Advantage Package (excludes refinances from Westpac Group), apply by 30 November 2021 and settle by 28 February 2022.

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 22 October 2021. 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

2.49% p.a.

n/a

n/a

n/a

2.50% 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 $3,000 refinance cashback, min $250k loan and LVR <90% with a Flexi First Option loan or a Premier Advantage Package (excludes refinances from Westpac Group), apply by 30 November 2021 and settle by 28 February 2022.

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 22 October 2021. 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

4.00% 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%

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 22 October 2021. 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

3.94% 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

95.00%

Features

Owner Occupier

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

yes

yes - free

none

yes

no

none

none

Receive $3,000 refinance cashback, min $250k loan and LVR <90% with a Flexi First Option loan or a Premier Advantage Package (excludes refinances from Westpac Group), apply by 30 November 2021 and settle by 28 February 2022.

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 22 October 2021. 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

3.90% 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

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.

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About Westpac

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.