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
| Availability | Loan type | LVR | Min loan amount | Max loan amount | |
|---|---|---|---|---|---|
| | Owner Occupier | Principal & Interest | < 95% | $25,000 | |
| | Owner Occupier | Principal & Interest | < 95% | $25,000 | |
| | Owner Occupier | Interest Only | < 80% | $25,000 |
-
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
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
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
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?
Latest reviews of Westpac Flexi First Option Home Loan
- Overall7/10
Competitive home rates with personalised service
I like this bank because they provide special customer service representatives who recommend the...
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.
Price6/10Features7/10Customer service8/10Convenience5/10Trust8/10Less
Angela | QLD
22 Feb 2018
- Overall7/10
Not bad
Look about there are better deals out there
Read full review
Look about there are better deals out there
Price8/10Features4/10Customer service6/10Convenience10/10Trust7/10Less
Peter | TAS
08 Dec 2017
- Overall6/10
Average overall provider
As a big bank they are inflexible, but the convenience of service outweighs this.
Read full review
As a big bank they are inflexible, but the convenience of service outweighs this.
Price3/10Features-Customer service-Convenience-Trust-Less
Brian | ACT
16 Mar 2017
- Overall8/10
Great home loaner
Great home loan, always passes on deductions
Read full review
Great home loan, always passes on deductions
Price10/10Features6/10Customer service4/10Convenience8/10Trust7/10Less
Rachael | NSW
24 Jun 2016
- Overall5/10
Poor customer service at that branch.
Found the bank lending officer extremely arrogant towards my husband who has banked with them...
Read 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
Price4/10Features5/10Customer service5/10Convenience5/10Trust5/10Less
Sharlene | WA
22 Mar 2016
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.
