Westpac's new 'Flexi First Option' digital mortgage will be available in the final quarter of 2022 for those refinancing, before being expanded to more customers throughout 2023.

Westpac notes the offer will initially be available for new and existing customers looking to refinance their owner-occupied variable-rate home loan to Westpac’s Flexi First Option through the Westpac website or banking app.

Customers will be required to have 20% equity in the property and receive a PAYG income, with further details including interest and comparison rates to come once the new product becomes live.

The launch of Westpac's 'Flexi First Option' home loan signals Westpac's intention to become a digital-first bank.

Westpac Group CEO Peter King said the changes are being driven by customers who want banking services that are fast, secure, and personalised to meet their needs.

"What we are announcing today is a step towards our future banking network and service model," Mr King said

"We are investing to create a digital first bank, where customers can choose to interact with us through online channels from start to finish."

Westpac aims to replicate the likes of digital lender Nano with a digital mortgage process where customers can gain unconditional approval for refinancing in as little as 10 minutes. 

The launch of Westpac's new digital home loan follows the trend for emerging lenders, with Up Bank, Unloan and OneTwo all launching home loan refinance products over the past few months. 

Further, lending indicator data released earlier this month by the ABS revealed mortgage refinance numbers increased significantly from April for both owner occupiers and investors completing internal and external refinances. 

Westpac to integrate sub-brands into branch network

Alongside the launch of Westpac's new digital home loan product, the major bank revealed St.George, BankSA and Bank of Melbourne customers will be able to complete cash transactions at any Westpac branch for the first time.

Westpac customers will also be able to bank at any regional Westpac Group branch. 

"The co-location approach enables us to move two branches into one single location in cases where the two buildings are located very close together," Mr King said.

"This maintains a physical presence for customers and signals a long-term investment in communities, while reducing footprint duplication in the same location.”


Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
Principal & Interest
Featured Online ExclusiveUp To $4K Cashback
  • Immediate cashback upon settlement
  • $2,000 for loans up to $700,000
  • $4,000 for loans over $700,000
5.99% p.a.
5.90% p.a.
Principal & Interest
Featured Apply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.14% p.a.
6.16% p.a.
Principal & Interest
Featured Unlimited Redraws
  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

Image by Westpac. 

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