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Westpac launches 85pc no-LMI offer

by Reporter6 minute read

Westpac has offered to pay the mortgage insurance premium for many new owner-occupier home loan applications.

The new offer applies to new owner-occupier home loan applications with LVRs of up to 85 per cent received between 6 July and 31 August 2015, and settled by 30 September 2015.

Tony MacRae, Westpac’s general manager of broker distribution, said the new promotions will provide real savings for owner-occupiers, as well as an opportunity to encourage more Australians into the housing market.

“The third-party distribution network is an integral part of Westpac’s growth strategy, and according to the latest MFAA quarterly figures, well over 50 per cent of mortgage consumers are using a mortgage broker,” he said.

“Westpac wants to remain the number one bank for overall broker service and value, so our purpose here is quite simple – we are helping more Australians own their homes sooner with the help of their mortgage broker, and that’s a key priority and focus for Westpac.”

The new offer comes after St. George Bank, the Bank of Melbourne and BankSA – which are owned by the Westpac Group – all announced cuts to their variable and fixed rates last week.

[Related: AMP Bank offers $1,000 cash back for borrowers]

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