Westpac Flexi First Option Home Loan

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 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 80%

Choose the version of loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 95%

    Loan: $25,000

  • Owner Occupier (Principal & Interest)

    LVR < 95%

    Loan: $25,000

  • Owner Occupier (Interest Only)

    LVR < 80%

    Loan: $25,000

3.59% p.a.variable for 24 months and then 4.59% p.a.

4.42% p.a.

$0.00

Westpac Flexi First Option Home Loan

3.59% p.a.variable for 24 months and then 4.59% p.a.

4.42% p.a.

$0.00

4.59% p.a.

4.64% p.a.

$0.00

Westpac Flexi First Option Home Loan

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

5.18% p.a.

5.23% p.a.

$0.00

Mozo Review   Westpac Flexi First Option Home Loan Review

Last updated: 7 August 2018.

What's hot:
  • Discounted 3.59% 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 3.59% variable rate for the first 2 years, saving you 1.00% 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 1.00% discount off the ongoing rate, so you only pay 3.59% 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 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. 


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.

Details

Rates and fees information correct as at 18 August 2018.

Rates
  • 4.59% p.a.

  • 3.59% p.a.

  • 24 Months

  • Variable

  • 4.42% 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

  • 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

Details

Rates and fees information correct as at 18 August 2018.

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

Details

Rates and fees information correct as at 18 August 2018.

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

Customer Reviews

How are Westpac home loans rated by the Mozo community?

Overall customer rating
7.3/10
Price
6.8/10
Features
6.9/10
Customer service
7.3/10
Convenience
7.7/10
Trust
7.2/10

Latest reviews of Westpac Flexi First Option Home Loan

  • Overall
    7/10
    Competitive home rates with personalised service

    I like this bank because they provide special customer service representatives who recommend the...

    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

    Angela | QLD

    22 Feb 2018

  • Overall
    7/10
    Not bad

    Look about there are better deals out there

    Look about there are better deals out there

    Price
    8/10
    Features
    4/10
    Customer service
    6/10
    Convenience
    10/10
    Trust
    7/10

    Peter | TAS

    08 Dec 2017

  • Overall
    6/10
    Average overall provider

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

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

    Price
    3/10
    Features
    -
    Customer service
    -
    Convenience
    -
    Trust
    -

    Brian | ACT

    16 Mar 2017

  • Overall
    8/10
    Great home loaner

    Great home loan, always passes on deductions

    Great home loan, always passes on deductions

    Price
    10/10
    Features
    6/10
    Customer service
    4/10
    Convenience
    8/10
    Trust
    7/10

    Rachael | NSW

    24 Jun 2016

  • Overall
    5/10
    Poor customer service at that branch.

    Found the bank lending officer extremely arrogant towards my husband who has banked with them...

    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

    Sharlene | WA

    22 Mar 2016

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

*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.