Head-to-head
Westpac vs ANZ Home Loan
Rates & conditions verified 8 October 2026
Rates can change without notice. Last verified: 8 October 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
| Feature | Westpac Flexi First Option (Online Offer) | ANZ Simplicity PLUS |
|---|---|---|
| Lowest variable rate (p.a.) | 5.99% | 6.39% |
| Comparison rate (p.a.) | 6.00% | 6.39% |
| Rate at highest published LVR | 6.84% at >80% LVR | 7.09% at ≤90% LVR |
| Investment P&I from (p.a.) | 6.14% (≤70% LVR) | Not published |
| 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 8 October 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.