One of Australia's biggest banks has announced rate cuts of up to 80 basis points off one of its products.
Westpac informed its aggregation and broker partners last night that it would increase the standard variable rate discount on some of its selected home loans taken as part of the lender’s Premier Advantage Package.
Effective immediately, the lender will slash 75 basis points on loans ranging between $250,000 and $500,000.
Customers with a loan greater than $500,000 will enjoy a 0.8 per cent discount on their Premier Advantage loan.
In addition, Westpac has announced it will waive the requirement of having lenders mortgage insurance for loans taken as part of Premier Advantage Package between 80 and 85 per cent LVR.
Westpac’s general manager mortgage broker distribution Huw Bough said the changes, which are available to all of the major’s accredited brokers, were designed to help more borrowers into their home.
“By having a clear customer focused agenda we place them at the centre of everything we do and as a result build our products and decisions around responsibly meeting the needs of our customers; we believe these recent changes will help more of them fulfill the great Australian dream of owning a home,” Mr Bough told The Adviser.
“It is also important we respect the customer's right to choose their channel of origination and are committed to respecting their choice. “
Mr Bough said the mortgage industry had become increasingly competitive of late and Westpac was determined not to be left behind.
“These changes will ensure that we continue to offer choice and flexibility to ensure our customers get the best product to suit their varied individual circumstances.”
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