Head-to-head
Westpac vs ANZ Home Loan
Rates & conditions verified 12 July 2026
Rates can change without notice. Last verified: 12 July 2026 (AEST). Please confirm details on the bank’s official page.
Two of the big four on their sharpest owner-occupier variable offers — Westpac's online-only Flexi First pricing against ANZ's Simplicity PLUS special offer. Features are close; the current rate and eligibility conditions decide it.
Westpac Flexi First Option (Online Offer)
Best for borrowers who want a big-four loan at the sharpest advertised rate and are happy to apply online
Condition: Online Offer pricing requires applying online
- Online Offer discount pricing
- No annual package fee on Flexi First
- Full branch network behind it
ANZ Simplicity PLUS
Best for existing ANZ customers who want a no-fee big-four loan with free redraw
Condition: Special offer requires an eligible ANZ transaction or savings account
- No setup or ongoing fees
- Unlimited extra repayments + free redraw
- Big-four branch and phone support
At a glance
| Westpac Flexi First Option (Online Offer) | ANZ Simplicity PLUS | |
|---|---|---|
| Lowest variable rate (p.a.) | 5.99% | 6.39% |
| Condition to earn it | Online Offer pricing requires applying online | Special offer requires an eligible ANZ transaction or savings account |
The verdict
Feature-wise there's little in it — both are the banks' entry-level variable loans with no offset, free extra repayments and big-four support behind them. The decision is the current rate (compare it in the table — big-four pricing moves, and the lead changes hands) and the conditions attached: Westpac's sharpest pricing is online-application only, while ANZ's requires holding an eligible ANZ account. If rate is everything, also compare both against the online lenders in our full comparison — the big four rarely beat them.
FAQs
Is Westpac or ANZ cheaper for a home loan right now?
The current owner-occupier variable rates and comparison rates are in the table above — both banks reprice their offers over time and the big-four lead changes hands. Look at the comparison rate as well as the headline, and note each offer's conditions.
Do these loans include an offset account?
No — both are the banks' no-frills variable products, offering redraw rather than a full offset. Offset accounts at both banks come with packaged loans that carry an annual fee, which changes the cost equation.
Related guides
Information verified 12 July 2026. Rates are variable and subject to change. Confirm current rates and conditions on each provider's website before applying. This is not financial advice.