Major bank announces spring rate discounts and rebate offers

by Julia Corderoy01 Sep 2015
To welcome the first day of spring, Westpac has announced a raft of new home loan offers, including rate discounts and cash-back incentives.

In effect from today, Westpac has applied rate discounts across its Flexi First home loan products. The new interest rate on the Flexi First Options Home Loan will be 4.19%, while the new rate on the Flexi First Investment Loan will be 4.46%, representing a 0.64% life of loan discount. The spring-time offer will also waive the $600 establishment fee.

The major bank will also be extending the 80-85% no LMI for new owner occupied lending. To take advantage of this extension, full applications must be submitted and unconditionally approved by 5 October and settle by 31 December 2015. 

Finally, Westpac has announced a $1250 refinance rebate offer for both owner occupied and investment loans. This will be available for full applications conditionally approved by 30 November 2015 and settled by 29 February 2016.

“Customers are the big winners with our Spring Home Loan offers,” Westpac general manager of third party distribution, Tony MacRae said.

“Spring is our key home loan season and our supporting campaigns provide great value for customers, especially those borrowers that are looking to pocket some savings.”
 

COMMENTS

  • by David 1/09/2015 10:00:21 AM

    Does this mean the 0.27% hike I just got hit with on a long-term investment loan and as a customer of 15 years is coming off, or am I now subsidising cuts on new products aimed solely at new business? The ugly cash grab embarked on last month blaming APRA seems to have slid past very quietly. Banks win again

  • by observer 1/09/2015 11:25:48 AM

    Hard to fathom the Westpac group strategy here when St George today has announced their basic home loan is now 4.09%. and ING is now 3.99%

    @David, yes you are funding the increased profitability/bonus pool that will now be accumulating. A recent article I read said that the increase in the investor rate for existing loans (remembering that APRA is only trying to curb the growth in NEW investment lending) was $1m per day.