Westpac Flexi First Option Home Loan Review | Finder
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Westpac Flexi First Option Home Loan

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Marc Terrano
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Enjoy a competitive, discounted interest 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.

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Expert review

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Review by

Marc Terrano is a lead publisher and growth marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help everyone get value for money.

Expert review

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.

About this loan

What are the features and benefits of the Westpac Flexi First Option Home Loan?

  • Maximum LVR. You can borrow up to 95% of the 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).
  • 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 $0 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 5 years to keep your repayments to a minimum.

What fees and charges come with this loan?

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

  • Application fee: $0 ($600 with interest only repayments). This fee covers the administrative cost of processing your home loan application. This fee is waived on loans with principal and interest repayments.
  • Portability fee: $350. This fee is applicable if you move house during your loan term and wish to take your home loan with you.
  • Loan top-up fee: $350. This fee is charged if you want to increase your loan size during the loan term.

How to apply

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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2 Comments

    Default Gravatar
    mumtaz
    December 13, 2017

    What will be the benefit of refinancing? How many and how much loan can be refinanced and for how long?

    Reply
      Avatarfinder Customer Care
      Rench
      December 19, 2017

      Hi Mumtaz,

      Thanks for your inquiry.

      As stated on our complete guide to refinancing your home loan, the benefits of refinancing depends on your situation but usually refinancing can help you:

      • Save some serious money
      • Repay your mortgage faster
      • Unlock equity
      • Get your finances back on track
      • Unlock better features

      Your loan term and interest would depend on the bank you go with. If you’d like to apply with Westpac, simply press the “Apply Now” on this page to be securely redirected to their online enquiry form. Alternatively, you may refer to our list of refinance home loans to compare your options.

      Please click the name of the lender or the “More info” link to be redirected to our review page and learn more about the lender’s loan offer, rates, and requirements as well as the pros and cons of using their loan service. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Alternatively, you can speak to a mortgage broker who can take your personal circumstance into account and offer you a range of borrowing options.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

      Best regards,
      Rench

      Reply
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