Auswide unveils new variable rate with offset feature

“We encourage home owners to take the time to look at their current home loan and reassess their situation,” Auswide Bank managing director Martin Barrett said.

“With interest rates constantly changing, it is important for borrowers to make sure they are getting the best deal possible,” Mr Barrett said. “It could save them thousands of dollars over the lifetime of their loan.”

The offer is available for owner-occupier purchases, construction and refinance purposes on new principal and interest home loans of $200,000 for LVRs up to 90 per cent and comes with a fully featured home loan and package of benefits.

The offer is available until 16 November 2015.

Auswide’s limited offer comes after Heritage Bank last week revealed its new discounted rate for owner-occupiers.

The bank has reduced its discount variable home loan rate by six basis points to 4.08 per cent. The offer applies to new owner-occupier home loans of more than $150,000. The cut is one of a number of reductions made to the interest rates on several of Heritage’s home loan products.

Heritage Bank head of branch and third-party channels David Ure said the new discount variable rate was one of the best on offer in the country.

“Heritage offers extremely competitive rates, along with a great range of products and outstanding service,” Mr Ure said.

“On top of cutting our interest rates, we are currently waiving application fees on new standard variable, discount variable and fixed rate home loans until 30 November 2015. That alone could save customers $600."

[Related: Heritage cuts discount variable rate]