In a further signal of competition amongst the big four, a major bank has cut its three year fixed rate for brokers.
Westpac announced yesterday it will cut its fixed rate for three years to 5.14% p.a. under its Premier Advantage Package.
The new offer, which includes a packaged discount of 0.2%, is effective as of tomorrow and represents a cut of 0.05% on the current three year fixed interest rate.
Westpac general manager mortgage distribution Tony MacRae says the cuts will provide a real boost to home owners.
“Westpac understands the important role mortgage brokers play daily in helping many Australians own their home sooner, and we’re pleased to be able demonstrate our commitment to our broker partners and their clients by offering a competitive three year fixed rate for home owners who are looking for an opportunity to get ahead with mortgage repayments or save on the things that will matter the most to them this year,” said MacRae.
Thhe package also offers free loan increases, switching and portability, a range of annual fee-free credit cards, no account keeping fees on deposit accounts and discounts on other products including home and contents insurance.