Westpac Flexi First Option Home Loan

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.

Interest Rate Max Insured LVR Max LVR
Standard (Investor, P&I)
4.88% p.a.
Comparison Rate
4.93% p.a.
95% 80%
Special Offer (New Investor, IO)
4.43% p.a.
Comparison Rate
4.44% p.a.
95% 80%
Special Offer (New Investor, P&I)
4.08% p.a.
Comparison Rate
4.09% p.a.
95% 80%
Special Offer (New Owner Occupier, P&I)
3.58% p.a.
Comparison Rate
3.59% p.a.
95% 80%
Standard (Owner Occupier, P&I)
4.33% p.a.
Comparison Rate
4.38% 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%
Loan Redraw 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$600
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.

Details 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.

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

  • 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 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. Progress draws 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 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).
  • 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 5 years to keep your repayments to a minimum.


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: $600. This fee covers the administrative cost of processing your home loan application.
  • 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. 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 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.

Enquire about this home loan
Was this content helpful to you? No  Yes

Related Posts

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

2 Responses

  1. Default Gravatar
    mumtazDecember 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
      RenchDecember 19, 2017Staff

      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,

Westpac Flexi First Option Home Loan

  • Interest Rate


  • Comparison Rate


  • App Fee / Annual Service Fee

    $600 / $0

  • Max LVR


Ask a question
Go to site