Major bank announces home loan rebate offer

by Julia Corderoy21 Aug 2015
A major bank has announced it will be running a home loan rebate campaign, which could save consumers over $1,000 on new owner-occupied loans.

From Monday 24 August, Westpac will be running its home loan rebate campaign to celebrate the popular Chinese Mid-Autumn Festival, which falls on Sunday 27th September.

As a part of this promotion, eligible customers will be entitled to receive a $1,088 rebate after applying for a new owner-occupied home loan with the major bank’s Premiere Advantage Package. Customers must receive conditional approval by Wednesday 30 September 2015.

The rebate figure of $1,088 was chosen because the number 8 is a lucky number in Chinese culture. According to Westpac, auction numbers on the 8th of August – the eighth day of the eighth month –were up 51% in Melbourne when compared to the same weekend last year.

With Chinese foreign buyers now accounting for about one in six new properties sold in NSW and VIC, Westpac general manager of third party distribution, Tony MacRae says this is an opportunity for the major bank to celebrate cultural diversity and the Australian Chinese community.

"Undoubtedly the Chinese community is the largest Asian migrant segment in Australia and we pride ourselves in supporting this key segment,” he said. 

“Promoting cultural celebrations such as the Mid-Autumn Moon festival helps Westpac to deepen relationships with brokers supporting our Chinese and migrant customers.”