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- Basic Variable Rate (Flexi First Option) Home Loan
Basic Variable Rate (Flexi First Option) Home Loan
- Owner Occupied
- Variable
- 30% min deposit
- P&I
Interest rate p.a.
6.44%
Comparison rate* p.a.
6.76%
Basic Variable Rate (Flexi First Option) Home Loan
- Owner Occupied
- Variable
- 30% min deposit
- P&I
Interest rate p.a.
6.44%
Comparison rate* p.a.
6.76%
Westpac Intro 24 months Rate Home Loan overview
For Flexi First Option Home Loan (New Customer) (LVR < 70%)
Principal & Interest (P&I)
Loan type
Loan to value ratio
Interest rate
Comparison rate
Interest only
Loan type
Loan to value ratio
Interest rate
Comparison rate
Details
Maximum LVR
70%
Total repayments
Interest rate type
Intro 24 months
Borrowing range
$25k - $100m
Suitable for
Owner Occupiers
Loan term range
1 - 30 years
Repayment type
Principal and Interest
Applicable states
ACT, NSW, NT, QLD, SA, TAS, VIC, WA
Repayment options
Fortnightly, Monthly, Weekly
Target Market Determination
Visit Westpac Banking Corporation Ltd to view Target Market Determination.
Features
Extra repayments
Unlimited
Redraw facility
Redraw fee: $0
Offset account
Split interest facility
Loan portability
Repayment holiday available
Allow guarantors
Available for first home buyers
Other benefits
Includes a a 2.09% p.a. discount for 2 years from loan settlement date reverting to a 1.69% p.a. discount thereafter^.. Applies to new Owner Occupier home loans with Principal and Interest repayments.
Fees
Total estimated upfront fees
$0
Application fee
$0
Legal fee
$0
Valuation fee
$0
Settlement fee
$0
Other upfront fee
$0
Ongoing fee
$0
Discharge fee
$350
RateCity says
"Borrowers with equity of 30% or more may be able to benefit from this discounted interest rate, as well as no upfront or ongoing fees."
Pros and Cons
For Basic Variable Rate (Flexi First Option) Home Loan
Benefits
- No upfront or ongoing fees
- Parents can sign as guarantor
- Extra repayments and redraw facility
- Free redraw facility
- Split account option
Drawbacks
- No offset account
- Higher than average interest rate
- Loan reverts to higher rate after introductory period
- Discharge fee at end of loan
- Maximum loan amount is limited to 70% of the property's value
