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Westpac announces 0.64pc rate discount

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Huntley Mitchell 3 minute read

Westpac is offering a two-year discount of 64 basis points for one of its variable-rate home loans.

The bank’s Flexi First Option product will start at 4.19 per cent (with a comparison rate of 4.72 per cent) before converting to 4.83 per cent after the two-year discount period.

The new introductory offer applies to loan applications processed with conditional approval by Monday 31 August, and coincides with Westpac’s 85 per cent no-LMI offer for new owner-occupier home loan applications, which was announced last week.

Tony MacRae, Westpac’s general manager of third-party distribution, said both promotions provide the ideal solution for home owners or purchasers that simply want a basic, no-frills loan with a redraw facility, no establishment fee and no ongoing monthly or annual fees.

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“We keenly understand from daily conversations brokers have with their clients that great value and service are critical factors to home ownership aspirations. That’s why we’re offering new customers a great discounted rate on our Flexi First Option product,” he said.

“This offer provides real savings for local owner-occupiers wanting to achieve their dream of home ownership by taking advantage of the discounted two-year variable rate, alongside unlimited additional repayments permitted on variable-rate accounts.

“We are encouraging and supporting more Australians into the housing market to own their homes sooner with the expertise of their mortgage broker, and that remains a key priority and focus for Westpac.”

[Related: Three banks slash variable and fixed rates]

 

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