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.

No reviews yet. Write a review

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Review by

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification.

Expert review

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.

How to apply

To find out more about this loan, or to apply, click the 'Go to site' button below. This will take you to the Westpac website where you can arrange a callback or start an application. To arrange a callback, you'll need to enter your contact details.

Ask an expert

To ask a question simply log in via your email or create an account.

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 6. Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.


    Default Gravatar
    March 16, 2023

    Why is there such a significant difference between the interest rate and the comparison rate on the Westpac Flexi First Option home loan compared to the other institutions. Considering the variable rate for this loan is 4.89% and the comparison rate is 5.22% all based on $150K loan over 25 years and we would want a loan for $500K which would increase the comparison rate yet again I assume?

      March 16, 2023

      Comparison rates vary widely on different loans for a variety of factors. This includes not just loan fees but also factors like the revert rate (on a fixed rate home loan) or rate discounts. Sometimes if a rate is discounted it will revert to a higher rate later, and this is why the comparison rate is higher.

      I hope this helps.

    Default Gravatar
    February 28, 2023

    I’m trying to Refinance my home Loan, I can’t get access. Why??

      March 1, 2023

      Hi Grant, This is a review page on Finder.com.au so the bank won’t see this message.

      You’ll need to contact Westpac directly to discuss your loan and regaining access: 13 20 32.

      Hope this helps!

    Default Gravatar
    February 8, 2022

    What would be the discounted interest rate please?

      February 12, 2022

      Hi Flan,

      For a property to live in (Owner Occupier), the Flexi First Option Home Loan includes a 0.53% p.a. discount and 1.65% p.a. discount for investment properties with interest only repayments for the life of loan.

      It’s worth noting that the offer may be varied or withdrawn at any time and interest rates are subject to change.

      I hope this helps.


    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?

      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,

Go to site