Westpac Flexi First Option Review (2026)
Rates and details verified 18 May 2026
Rates can change without notice. Last verified: 18 May 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, Westpac's Flexi First ties with HSBC's Home Value Loan as the most competitive big-bank variable rate in this comparison. The key difference: Westpac's best rate is available at ≤70% LVR (30% equity), while HSBC requires ≤60% LVR (40% equity).
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 May 2026. Check Westpac's rates page for the latest.
Pros and Cons
Pros
- ✓ Big-four bank — full branch network, strong support
- ✓ 5.99% available at ≤70% LVR (more accessible 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
- ✗ 5.99% — higher than smaller lenders (PMG 5.59%, Macquarie 5.84%)
How It Compares
- Macquarie Basic: 5.84% OO P&I (≤70%)
- HSBC Home Value: 5.99% OO P&I (≤60%)
- Westpac Flexi First: 5.99% OO P&I (≤70%) — more accessible
- ING Mortgage Simplifier: 6.14% OO P&I (≤80%)
- NAB Base Variable: 6.44% OO P&I
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 May 2026. Confirm rates, fees, and eligibility on Westpac's website before applying. This is not financial advice.