Westpac Flexi First Option Home Loan

3.88% p.a.variable for 24 months and then 4.59% p.a.

4.47% p.a.

$0.00

4.59% p.a.

4.64% p.a.

$0.00

5.18% p.a.

5.23% p.a.

$0.00

Westpac Flexi First Option Home Loan Review

Rates and fees information correct as at 21 October 2017.

Review published: 22 July 2014

What's hot:

  • Discounted 3.88% 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 3.88% variable rate for the first 2 years, saving you 0.71% 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 features:

Westpac is running an introductory discounted offer which gives you a 0.68% discount off the ongoing rate, so you only pay 3.88% variable, then 4.59% 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 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. 


Who it's 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.

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.

How are Westpac home loans rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
7.3

Based on 893
Westpac home loans reviews

6.8 6.9 7.3 7.7 7.2

Read Westpac home loan reviews by the Mozo community

Latest reviews of Westpac Flexi First Option Home Loan

Westpac

Westpac Flexi First Option Home Loan (2 Year Introductory Rate, Principal & Interest) home loan review

Overall rating   6 / 10

Average overall provider

As a big bank they are inflexible, but the convenience of service outweighs this.

Full review

As a big bank they are inflexible, but the convenience of service outweighs this.

    Price   3 / 10

    Features   / 10

    Customer service   / 10

    Convenience   / 10

    Trust   / 10

Less

Brian (ACT), reviewed 7 months ago

Westpac

Westpac Flexi First Option Home Loan (2 Year Introductory Rate, Principal & Interest) home loan review

Overall rating   8 / 10

Great home loaner

Great home loan, always passes on deductions

Full review

Great home loan, always passes on deductions

    Price   10 / 10

    Features   6 / 10

    Customer service   4 / 10

    Convenience   8 / 10

    Trust   7 / 10

Less

Rachael (NSW), reviewed over 1 year ago

Westpac

Westpac Flexi First Option Home Loan (2 Year Introductory Rate, Principal & Interest) home loan review

Overall rating   5 / 10

Poor customer service at that branch.

Found the bank lending officer extremely arrogant towards my husband who has banked with them since he was young Consequently was knocked back for the loan went with another bank and was approved in a few days

Full review

Found the bank lending officer extremely arrogant towards my husband who has banked with them since he was young Consequently was knocked back for the loan went with another bank and was approved in a few days

    Price   4 / 10

    Features   5 / 10

    Customer service   5 / 10

    Convenience   5 / 10

    Trust   5 / 10

Less

Sharlene (WA), reviewed over 1 year ago

Westpac

Westpac Flexi First Option Home Loan (2 Year Introductory Rate, Principal & Interest) home loan review

Overall rating   10 / 10

Great service and very competitive rates

The loans officer took the time to walk me through every step. As a first home buyer I found this extremely helpful. He did his best to get me the best deal he could.

Full review

The loans officer took the time to walk me through every step. As a first home buyer I found this extremely helpful. He did his best to get me the best deal he could.

    Price   10 / 10

    Features   8 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   9 / 10

Less

Jodi (VIC), reviewed over 1 year ago

Westpac

Westpac Flexi First Option Home Loan (2 Year Introductory Rate, Principal & Interest) home loan review

Overall rating   5 / 10

Inflexible but charming.

Would not reduce the rate even when we suggested going to another bank.

Full review

Would not reduce the rate even when we suggested going to another bank.

    Price   6 / 10

    Features   6 / 10

    Customer service   4 / 10

    Convenience   6 / 10

    Trust   4 / 10

Less

Steena (QLD), reviewed almost 2 years ago

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Currently showing

Rates

  • 4.59% p.a.

  • 3.88% p.a.

  • 24 Months

  • Variable

  • 4.47% 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

  • none

  • $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 - cost is $25 per redraw

  • none

  • yes

  • no

  • none

  • none

Rates

  • 4.59% p.a.

  • n/a

  • 0 Months

  • none

  • 4.64% 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

  • none

  • $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 - cost is $25 per redraw

  • none

  • yes

  • no

  • none

  • none

Rates

  • 5.18% p.a.

  • n/a

  • 0 Months

  • none

  • 5.23% 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

  • none

  • $0.00

  • $350.00

Other financial bits

  • $25,000

  • none

  • none

  • 80.00%

Features

  • Owner Occupier

  • Interest Only

  • Monthly

  • yes - free

  • yes

  • yes - cost is $25 per redraw

  • none

  • yes

  • no

  • none

  • none

About Westpac

As Australia's first bank, Westpac has been serving customers since 1817! Now that Westpac has merged with St George to create Australia's largest financial services company. Westpac customers will benefit from things like being able to use both banks' ATM networks without paying any extra fees. So if you're after the security offered by a major bank, 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.

*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a home loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years, and applies only to this example. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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