Westpac Flexi First Option Home Loan

Rates and Fees verified correct on October 21st, 2016

Enjoy a competitive rate, flexible features and no maintenance fees when you apply for a Westpac Flexi First Option Home Loan

The Westpac Flexi First Option Home Loan combines a basic home loan with a host of features, such as a redraw facility and flexible repayment options. With a competitive variable rate, the loan allows you to make extra repayments at any time to help you pay off your home loan debt quicker.

Important information

Note that the 3.89% p.a. special offer is a limited time offer that applies to new owner occupiers only. This rate includes the 1.03% p.a. discount for two years.

Interest Rate Max Insured LVR Max LVR
3 Years Introductory Special Offer (New Owner Occupier, IO)
3.93% p.a.
Comparison Rate
4.23% p.a.
95% 80%
3 Years Introductory Special Offer (New Owner Occupier, P&I)
3.89% p.a.
Comparison Rate
4.19% p.a.
95% 80%
Standard (Owner Occupier, IO)
4.68% p.a.
Comparison Rate
4.73% p.a.
95% 80%
Standard (Owner Occupier, P&I)
4.64% p.a.
Comparison Rate
4.69% p.a.
95% 80%
Product NameWestpac Flexi First Option Home Loan
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$25,000
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountNo
Mortgage 100% OffsetNo
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableYes
Suitable for InvestmentNo
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$0
Ongoing Fees$0 p.a.


  • There is $0 ongoing fees to pay with this home loan
  • You can borrow up to 95% of the property value


  • Establishment fee of $600 (currently waived by Westpac).
  • No offset account attached.

Things to consider about Westpac Flexi First Option Home Loan

As a full doc loan, the Westpac Flexi First Option Home Loan is Westpac’s basic mortgage option which is available for borrowers who are buying or building a home, or refinancing an existing loan. It is available as a basic package with all the essential features you need to realise your homeownership dreams.

There are also several flexible features that can be added to the loan for an extra cost, including:

  • A home loan increase. This allows you to extend the credit limit on your loan for a fee of .
  • A repayment holiday. Suited for borrowers who need to take a break from making repayments and have made extra repayments towards the loan. This feature does not incur any fees.
  • Repayment reductions. This feature may be ideal if you’re on maternity/paternity leave, for instance, as it allows you to reduce your repayments by up to 50% for six months. This feature costs $95 to activate and could also be used if you’re planning an extensive holiday, undertaking major renovations or taking a career break.
  • Progress draws. These could allow you to pay builders and contractors when building your home. This feature attracts a fee of $95 per draw.

Features of the Westpac Flexi First Option Home Loan

  • Maximum LVR. You can borrow up to 95% of value of the property you are buying with the Westpac Flexi First Option Home Loan; however, loans of more than 80% LVR will require you to pay lenders mortgage insurance (LMI).
  • No loan maintenance fees. There are no ongoing loan maintenance fees charged on the Westpac Flexi First Option Home Loan, saving you money over the life of the loan.
  • Additional repayment flexibility. This loan allows you to make additional repayments at any time without incurring a fee. Making extra repayments allows you to minimise the amount of interest you pay over the life of your loan.
  • Redraw facility. You can access your extra repayments through a redraw facility for a $25 fee.
  • Repayment options. You can choose to pay principal and interest or interest-only with the Westpac Flexi First Option Home Loan. The interest-only option is available for up to 10 years to keep your repayments to a minimum.


There are no ongoing fees with this loan. However, below are some of the fees that may be charged through the life of the loan:

  • Application fee: $600. This fee is charged upon applying for the loan. It is currently waived by Westpac with the current special offer.
  • Redraw fee: $25. You’ll need to pay this fee whenever you want to redraw funds from the extra repayments you have made towards your loan.
  • Portability fee: $350. If you moved house during your loan term and wished to take your home loan with you this fee would be charged.
  • Loan top-up fee: $350. This fee is charged if you want to increase your loan size during the loan term.

How to apply for the Westpac Flexi First Option Home Loan

If you’ve compared your options and decided that the Westpac Flexi First Option Home Loan is right for you, click ‘Apply Now’ on this page to be securely redirected to an online enquiry form. You can fill out this form and receive a call back from a Westpac home loan expert, or you can phone Westpac directly or visit a branch to discuss your borrowing requirements.

Some of the criteria required to be eligible for this loan are:

  • Must be over 18 years of age
  • Must be an Australian citizen or permanent resident
  • Must have a regular source of income, whether you are a PAYG employee or self-employed

To complete the application process you will need to provide:

  • Information about your monthly expenses, including loan repayments and credit card debts
  • Lists of your assets and liabilities
  • Employment information and details of your income
  • Your superannuation balance
  • Proof of savings
  • A contract of sale for the property you wish to purchase (if possible)

There may be other specific requirements depending on your individual situation, including:

  • PAYG employees will need to provide their two most recent payslips and their most recent payment summary or tax return
  • Self-employed applicants will need to provide business and personal tax returns for the past two years
  • Those looking to refinance will need to provide property details and loan statements for the last six months
  • Those who are building a home will need to supply plans, specifications, council approval and the builder’s contract

The Westpac Flexi First Option Home Loan offers a range of flexible features to borrowers; however, you should compare multiple loans before deciding on one home loan that meets your borrowing requirements.

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Westpac Flexi First Option Home Loan Interest Rate History vs RBA Cash Rate Graph

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This page was last modified on 22 September 2016 at 10:20.

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Westpac Flexi First Option Home Loan

  • Interest Rate


  • Comparison Rate


  • App Fee / Annual Service Fee

    $0 / $0

  • Max LVR


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