Westpac Flexi First Option Review (2026)
Westpac Flexi First Option Review (2026)Rates and details verified 18 August 2026
Rates can change without notice. Last verified: 18 August 2026 (AEST). Please confirm details on the bank’s official page.
OO P&I (≤70% LVR)
5.99%
p.a. variable (comp. 6.00%)
Investment P&I
6.14%
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 5.99% p.a. for ≤70% LVR, the Online Offer now matches the sharpest big-bank variable rates in this comparison, such as HSBC's Home Value Loan — and on more accessible terms: Westpac's best rate applies at ≤70% LVR (30% equity), while HSBC's lowest tier requires ≤60% LVR (40% equity). That makes it the sharpest big-four variable rate in our comparison.
Key Rates and Features
| Rate / Feature | Detail |
|---|---|
| OO P&I (≤70% LVR) | 5.99% p.a. (comp. 6.00%) |
| OO P&I (70–80% LVR) | 6.09% p.a. (comp. 6.10%) |
| OO P&I (>80% LVR) | 6.84% p.a. (comp. 6.85%) |
| Investment P&I (≤70% LVR) | 6.14% p.a. |
| Investment P&I (70–80% LVR) | 6.24% 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 18 August 2026. Check Westpac's rates page for the latest.
Pros and Cons
Pros
- ✓ Sharpest big-four variable rate in our comparison
- ✓ 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
Cons
- ✗ Rate jumps sharply above 80% LVR (6.84% OO, 7.14% investment)
- ✗ Flexi First has limited features vs packaged loans
- ✗ 5.99% — still above the cheapest non-bank lenders (PMG 5.59%)
How It Compares
- Macquarie Bank Basic Home Loan6.09% p.a. — OO P&I (≤70%)
- HSBC Australia Home Value Loan5.99% p.a. — OO P&I (≤60%)
- ING Mortgage Simplifier5.99% p.a. — OO P&I (≤80%)
- Westpac Flexi First Option (Online Offer)Reviewed here5.99% p.a. — OO P&I (≤70%)
- NAB Base Variable Rate Home Loan6.44% p.a. — OO P&I
Compare head-to-head
Related guides
FAQs
What is Westpac's lowest variable rate?
5.99% p.a. OO P&I at ≤70% LVR (comp. 6.00%), 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 — 6.14% p.a. at ≤70% LVR and 6.24% at 70-80% LVR. Above 80% the investment rate is 7.14% p.a.
Comparison rate based on a $150,000 loan over 25 years. Information verified 18 August 2026. Confirm rates, fees, and eligibility on Westpac's website before applying. This is not financial advice.