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Jessica Darnbrough
Proving competition between Australia’s majors is hotter than ever, one of the big four has slashed the interest rate on its home loan products.
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Effective yesterday, Westpac is now offering an additional 21 basis point discount on its Flexi First Option base interest rate for all new Flexi First Option Home Loans and Flexi First Option Investment Property Loans.
This discount will remain for the life of the loan and reduces the Flexi First Variable Interest rate from 5.86 per cent per annum to 5.65 per cent per annum.
In addition, the lender has said it will waive the $600 establishment fee for new Flexi First Option Home Loan and Flexi First Option Investment Loan applications.
The offer, available for a limited time only, is just one of several things the lender is doing to enhance its position in the market.
Last week, Westpac’s general manager for mortgage broker distribution, Tony MacRae, said the lender was currently implementing a “number of initiatives” to improve its overall broker business proposition, including a ‘best banker’ training program for its BDMs.
“We have recently launched the ‘best banker’ training program for our BDMs,” he said. “The program was designed to equip our broker BDMs with the further skills required to undertake strategic business planning and realise the potential from both new and existing broker relationships.”
Mr MacRae said the training program was the first of its kind and would ultimately build better relationships between brokers and BDMs.
He added that the bank’s focus for the next 12 months would be on ensuring the lender was easy to deal with on all fronts.
“Over the past 18 months, Westpac increased its focus on reducing customer service 'pain points'. Moreover, we continue to improve our business so that we are less complex, simpler and easier to deal with. Over the next 12 months, we will continue this key focus throughout our mortgage area,” he said.
