Westpac Flexi First Option Home Loan
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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- 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.
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: . 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.