Westpac Flexi First Option Home Loan

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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

Marc Terrano

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.

Home Loan Offers

Important Information*
Logo for Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)
Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)

Up to $3,000 refinance cashback. A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.

Logo for St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)
St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)

Up to $4,000 refinance cashback. With this competitive variable rate loan from St.George, refinancers borrowing $250,000+ can get up $4,000 cashback and borrow up to 90% of the property's value. (Terms, conditions & exclusions apply).

Logo for Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I
Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I

A competitive variable rate mortgage for owner occupiers $0 application and $0 ongoing fees. This interest rate falls over time as you pay off the loan.

Logo for Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR ≤ 80% (Owner Occupier, P&I)
Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR ≤ 80% (Owner Occupier, P&I)

Get a competitive variable interest rate with no application fee or ongoing fees.

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    Default Gravatar
    December 13, 2017

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

      Avatarfinder Customer Care
      December 19, 2017

      Hi Mumtaz,

      Thanks for your inquiry. Please note that we are not affiliated with Westpac or any company we feature on our site and so we can only offer you general advice.

      If you are inquiring about Westpac Flexi First Option Home Loan, please click on the green ‘Enquire Now’ button on this page to direct you to Westpac.

      Regardless of whether you’re thinking about refinancing to get a better interest rate or as a way to consolidate your debts, refinancing can be quite costly and may end up costing you more in the long run, so it pays to be informed.

      You can get helpful information and other options that you can compare on this page.

      Best regards,

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