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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 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 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 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 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 80%
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

Availability Loan type LVR Min loan amount Max loan amount
Owner Occupier Principal & Interest < 70% $25,000
Owner Occupier Principal & Interest 70%-80% $25,000
Owner Occupier Principal & Interest 80%-95% $25,000
Owner Occupier Principal & Interest < 70% $25,000
Owner Occupier Principal & Interest 70%-80% $25,000
Owner Occupier Principal & Interest 80%-95% $25,000
Owner Occupier Interest Only 70%-80% $25,000
Owner Occupier Interest Only < 70% $25,000
  • Owner Occupier (Principal & Interest)
    LVR < 70%
    Loan: $25,000
  • Owner Occupier (Principal & Interest)
    LVR 70%-80%
    Loan: $25,000
  • Owner Occupier (Principal & Interest)
    LVR 80%-95%
    Loan: $25,000
  • Owner Occupier (Principal & Interest)
    LVR < 70%
    Loan: $25,000
  • Owner Occupier (Principal & Interest)
    LVR 70%-80%
    Loan: $25,000
  • Owner Occupier (Principal & Interest)
    LVR 80%-95%
    Loan: $25,000
  • Owner Occupier (Interest Only)
    LVR 70%-80%
    Loan: $25,000
  • Owner Occupier (Interest Only)
    LVR < 70%
    Loan: $25,000
Rate
6.44% p.a.variable for 24 months and then 6.84% p.a.
Comparison Rate
6.76% p.a.
Service fee
$0.00
Upfront fee
$0
Rate
6.54% p.a.variable for 24 months and then 6.94% p.a.
Comparison Rate
6.86% p.a.
Service fee
$0.00
Upfront fee
$0
Rate
6.84% p.a.variable for 24 months and then 7.24% p.a.
Comparison Rate
7.16% p.a.
Service fee
$0.00
Upfront fee
$0
Rate
8.08% p.a.
Comparison Rate
8.13% p.a.
Service fee
$0.00
Upfront fee
$600
Rate
8.18% p.a.
Comparison Rate
8.18% p.a.
Service fee
$0.00
Upfront fee
$0
Rate
8.48% p.a.
Comparison Rate
8.48% p.a.
Service fee
$0.00
Upfront fee
$0
Rate
8.77% p.a.
Comparison Rate
8.77% p.a.
Service fee
$0.00
Upfront fee
$0
Rate
8.67% p.a.
Comparison Rate
8.67% p.a.
Service fee
$0.00
Upfront fee
$0

Mozo editorial review Westpac Flexi First Option Home Loan - last updated: 23 May 2024

binocular icon
What's hot
  • Variable interest rates from 6.44% p.a. (6.76% p.a. comparison rate*)
  • Extra repayments, redraws and repayment holidays available
What's not
  • No offset account
  • $8 loan account fee, charged monthly
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.

key icon
Key features

Westpac offers a low starting variable rate of 6.44% p.a. (6.76% p.a. comparison rate*) for the first two years which is pretty great as far home loan rates go. 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

There are different rates depending on the LVR tier you're on. The tiers are:

  • Up to 70% LVR
  • 70.01% - 80% LVR
  • More than 80.01% LVR

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 are no one-off fees borrowers should remember that there's an $8 loan account fee, which is charged monthly, and a $350 loan discharge fee.

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

There’s no offset account attached to the loan, which may be an essential feature for many borrowers. 

Details

Rates and fees information correct as at 29 May 2024. 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

6.84% p.a.

6.44% p.a.

24 Months

Variable

6.76% 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

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 29 May 2024. 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

6.94% p.a.

6.54% p.a.

24 Months

Variable

6.86% 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

Principal & Interest

Weekly, Fortnightly, 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 29 May 2024. 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

7.24% p.a.

6.84% p.a.

24 Months

Variable

7.16% 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

80.00%

95.00%

Features

Owner Occupier

Principal & Interest

Weekly, Fortnightly, 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 29 May 2024. 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

8.08% p.a.

n/a

n/a

n/a

8.13% 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

Principal & Interest

Weekly, Fortnightly, 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 29 May 2024. 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

8.18% p.a.

n/a

n/a

n/a

8.18% 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

Principal & Interest

Weekly, Fortnightly, 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 29 May 2024. 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

8.48% p.a.

n/a

n/a

n/a

8.48% 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

80.00%

95.00%

Features

Owner Occupier

Principal & Interest

Weekly, Fortnightly, 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 29 May 2024. 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

8.77% p.a.

n/a

n/a

n/a

8.77% 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 29 May 2024. 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

8.67% p.a.

n/a

n/a

n/a

8.67% 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.

Customer Reviews

How are Westpac home loans rated by the Mozo community?

Overall
7.3/10
Price
6.2/10
Features
6.4/10
Customer service
6.8/10
Convenience
7.5/10
Trust
6.6/10
Based on 3370 Westpac home loan reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.

Latest reviews of Westpac Flexi First Option Home Loan

About Westpac

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Unloan

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5.99% p.a. variable

5.90% p.a.

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Macquarie

Basic Home Loan (Fixed)

6.25% p.a.
fixed 3 years

6.20% p.a.

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Heritage Bank

Discount Variable Home Loan

5.99% p.a. variable

6.01% p.a.

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HSBC

Home Value Loan

6.09% p.a. variable

6.09% p.a.

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Unloan

Variable

6.29% p.a. variable

6.20% p.a.

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ANZ

Fixed Rate

6.59% p.a.
fixed 3 years

7.06% p.a.

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Macquarie

Basic Home Loan

6.14% p.a. variable

6.16% p.a.

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ING

Mortgage Simplifier

6.14% p.a. variable

6.17% p.a.

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Unloan

Variable

5.99% p.a. variable

5.90% p.a.

Thumbnail icon for Macquarie
Macquarie

Basic Home Loan

6.14% p.a. variable

6.16% p.a.

Thumbnail icon for Heritage Bank
Heritage Bank

Discount Variable Home Loan

5.99% p.a. variable

6.01% p.a.

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Unloan

Variable

6.29% p.a. variable

6.20% p.a.

Thumbnail icon for ubank
ubank

Flex Home Loan

6.24% p.a. variable

6.48% p.a.

Thumbnail icon for Aussie
Aussie

Elevate

6.09% p.a. variable

6.20% p.a.

Thumbnail icon for ING
ING

Fixed Rate Loan (with Orange Advantage)

5.99% p.a.
fixed 3 years

6.12% p.a.

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Macquarie

Offset Home Loan (Package)

6.14% p.a. variable

6.39% p.a.

Thumbnail icon for Unloan
Unloan

Variable

5.99% p.a.

5.90% p.a.

Thumbnail icon for Macquarie
Macquarie

Basic Home Loan

6.14% p.a.

6.16% p.a.

Thumbnail icon for Heritage Bank
Heritage Bank

Discount Variable Home Loan

5.99% p.a.

6.01% p.a.

Thumbnail icon for Aussie
Aussie

Elevate

6.09% p.a.

6.20% p.a.

Thumbnail icon for ING
ING

Mortgage Simplifier

6.14% p.a.

6.17% p.a.

Thumbnail icon for Macquarie
Macquarie

Offset Home Loan (Package)

6.14% p.a.

6.39% p.a.

Thumbnail icon for loans.com.au
loans.com.au

Variable Home Loan 90

6.04% p.a.

6.06% p.a.

Thumbnail icon for Bendigo Bank
Bendigo Bank

Express Home Loan (Fixed)

6.04% p.a.
fixed 3 years

6.15% p.a.

Thumbnail icon for Macquarie
Macquarie

Basic Home Loan (Fixed)

6.25% p.a.
fixed 3 years

6.20% p.a.

Thumbnail icon for Bendigo Bank
Bendigo Bank

Express Home Loan (Fixed)

6.54% p.a.
fixed 3 years

6.38% p.a.

Thumbnail icon for ubank
ubank

Flex Home Loan Fixed

5.99% p.a.
fixed 3 years

6.41% p.a.

Thumbnail icon for ING
ING

Fixed Rate Loan (with Orange Advantage)

5.99% p.a.
fixed 3 years

6.12% p.a.

Thumbnail icon for Macquarie
Macquarie

Basic Home Loan (Fixed)

6.35% p.a.
fixed 3 years

6.26% p.a.

Thumbnail icon for Bendigo Bank
Bendigo Bank

Express Home Loan (Fixed)

6.54% p.a.
fixed 3 years

6.38% p.a.

Thumbnail icon for ANZ
ANZ

Fixed Rate

6.59% p.a.
fixed 3 years

7.06% p.a.

Thumbnail icon for Unloan
Unloan

Variable

5.99% p.a.

5.90% p.a.

$0.00

Thumbnail icon for Heritage Bank
Heritage Bank

Discount Variable Home Loan

5.99% p.a.

6.01% p.a.

$0.00

Thumbnail icon for HSBC
HSBC

Home Value Loan

6.09% p.a.

6.09% p.a.

$0.00

Thumbnail icon for Unloan
Unloan

Variable

6.29% p.a.

6.20% p.a.

$0.00

Thumbnail icon for Macquarie
Macquarie

Basic Home Loan

6.14% p.a.

6.16% p.a.

$0.00

Thumbnail icon for ING
ING

Mortgage Simplifier

6.14% p.a.

6.17% p.a.

$0.00

Thumbnail icon for Macquarie
Macquarie

Offset Home Loan (Package)

6.14% p.a.

6.39% p.a.

$248.00 yearly

Thumbnail icon for loans.com.au
loans.com.au

Variable Home Loan 90

6.04% p.a.

6.06% 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.

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