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Westpac announces 0.64pc rate discount

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Huntley Mitchell 1 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.

“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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