What is Westpac's lowest variable home loan rate?

Westpac's lowest variable home loan rate is 6.44% p.a. (comp. 6.45% p.a.) on the Flexi First Option Online Offer for owner-occupied P&I loans at up to 70% LVR.

Does Westpac offer investment home loans?

Yes. Westpac's Flexi First Option investment P&I rate is 6.74% p.a. at up to 70% LVR, and 6.84% p.a. at 70-80% LVR. The rate jumps significantly above 80% LVR.

What is the Westpac Flexi First Option Online Offer?

It is Westpac's discounted variable rate for customers who apply online. It offers lower rates than Westpac's standard variable products but lacks the features of their packaged loans.

Westpac Flexi First Option Review (2026)

Rates and details verified 24 June 2026

Rates can change without notice. Last verified: 24 June 2026 (AEST). Please confirm details on the bank’s official page.

OO P&I (≤70% LVR)

6.44%

p.a. variable (comp. 6.45%)

Investment P&I

6.74%

p.a. ≤70% LVR

Lender

Westpac

Big-four bank

About the Westpac Flexi First Option

The Westpac Flexi First Option is Westpac's entry-level variable rate home loan. The "Online Offer" pricing applies when you apply online and represents Westpac's most competitive variable rate — lower than their packaged Rocket Repay product. Westpac is one of Australia's big four banks, offering full branch and phone support nationally.

At 6.44% p.a. for ≤70% LVR, Westpac's Flexi First sits above the sharpest big-bank variable rates in this comparison, such as HSBC's Home Value Loan. Westpac's best rate is available at ≤70% LVR (30% equity), while HSBC's lowest tier requires ≤60% LVR (40% equity).

Key Rates and Features

Rate / Feature	Detail
OO P&I (≤70% LVR)	6.44% p.a. (comp. 6.45%)
OO P&I (70–80% LVR)	6.54% p.a. (comp. 6.55%)
OO P&I (>80% LVR)	6.84% p.a. (comp. 6.85%)
Investment P&I (≤70% LVR)	6.74% p.a.
Investment P&I (70–80% LVR)	6.84% p.a.
Investment P&I (>80% LVR)	7.14% p.a.
Interest-only (IO)	Available — contact lender
Application	Online (Online Offer pricing)

Rates as at 24 June 2026. Check Westpac's rates page for the latest.

Pros and Cons

Pros

✓ Big-four bank — full branch network, strong support
✓ Best rate available at ≤70% LVR (more accessible tier than HSBC's ≤60%)
✓ Investment P&I rates published and competitive
✓ Online Offer pricing — easy to access

Cons

✗ Rate jumps sharply above 80% LVR (6.84% OO, 7.14% investment)
✗ Flexi First has limited features vs packaged loans
✗ 6.44% — higher than smaller lenders (PMG 5.59%, Macquarie 6.09%)

How It Compares

Macquarie Bank Basic Home Loan
6.09% p.a. — OO P&I (≤70%)
HSBC Australia Home Value Loan
5.99% p.a. — OO P&I (≤60%)
ING Mortgage Simplifier
5.99% p.a. — OO P&I (≤80%)
Westpac Flexi First Option (Online Offer)Reviewed here
6.44% p.a. — OO P&I (≤70%)
NAB Base Variable Rate Home Loan
6.44% p.a. — OO P&I

→ Compare all home loans

Compare head-to-head

→ CommBank vs Westpac

Related guides

FAQs

What is Westpac's lowest variable rate?

6.44% p.a. OO P&I at ≤70% LVR (comp. 6.45%), on the Flexi First Option Online Offer.

What happens above 80% LVR?

The rate jumps to 6.84% p.a. OO P&I (comp. 6.85%) — a significant increase. Borrowers near 80% LVR should check if they can reduce their LVR before applying.

Is investment lending available?

Yes — 6.74% p.a. at ≤70% LVR and 6.84% at 70-80% LVR. Above 80% the investment rate is 7.14% p.a.

View Westpac Home Loan Rates →

Comparison rate based on a $150,000 loan over 25 years. Information verified 24 June 2026. Confirm rates, fees, and eligibility on Westpac's website before applying. This is not financial advice.